Ngl Energy Partners Lp (NGL) Shares Gap Down Following Analyst Downgrade
Shares of Ngl Energy Partners Lp (NYSE:NGL) gapped down before the market opened on Thursday after FBR & Co lowered their price target on the stock from $29.00 to $28.00. The stock had previously closed at $25.15, but opened at $24.15. FBR & Co currently has an outperform rating on the stock. Ngl Energy Partners Lp shares last traded at $23.25, with a volume of 4,103,155 shares.
A number of other brokerages have also recently issued reports on NGL. Bank of America Corporation raised Ngl Energy Partners Lp from a “neutral” rating to a “buy” rating and set a $22.00 price objective on the stock in a report on Tuesday, December 6th. Stifel Nicolaus increased their price objective on Ngl Energy Partners Lp from $19.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, December 21st. Zacks Investment Research cut Ngl Energy Partners Lp from a “buy” rating to a “hold” rating in a report on Wednesday, February 8th. TheStreet raised Ngl Energy Partners Lp from a “d+” rating to a “c-” rating in a report on Thursday, January 19th. Finally, Raymond James Financial, Inc. raised Ngl Energy Partners Lp from a “market perform” rating to an “outperform” rating and set a $24.00 price objective on the stock in a report on Thursday, January 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $19.67.
Several hedge funds have recently added to or reduced their stakes in NGL. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Ngl Energy Partners Lp during the second quarter valued at $618,000. Burnham Asset Management Corp NY boosted its stake in Ngl Energy Partners Lp by 37.4% in the second quarter. Burnham Asset Management Corp NY now owns 43,716 shares of the company’s stock valued at $845,000 after buying an additional 11,900 shares during the last quarter. Bridgecreek Investment Management LLC boosted its stake in Ngl Energy Partners Lp by 9.6% in the second quarter. Bridgecreek Investment Management LLC now owns 353,960 shares of the company’s stock valued at $6,839,000 after buying an additional 30,955 shares during the last quarter. Advisory Research Inc. boosted its stake in Ngl Energy Partners Lp by 16.1% in the second quarter. Advisory Research Inc. now owns 1,945,933 shares of the company’s stock valued at $37,595,000 after buying an additional 270,530 shares during the last quarter. Finally, Harvest Fund Advisors LLC boosted its stake in Ngl Energy Partners Lp by 35.8% in the second quarter. Harvest Fund Advisors LLC now owns 4,767,360 shares of the company’s stock valued at $92,105,000 after buying an additional 1,257,166 shares during the last quarter. 68.69% of the stock is currently owned by hedge funds and other institutional investors.
The firm’s market cap is $2.56 billion. The firm’s 50 day moving average is $23.21 and its 200-day moving average is $19.65.
Ngl Energy Partners Lp (NYSE:NGL) last issued its quarterly earnings data on Tuesday, February 7th. The company reported ($0.07) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by $0.48. Ngl Energy Partners Lp had a positive return on equity of 9.99% and a negative net margin of 0.85%. The firm earned $3.41 billion during the quarter, compared to the consensus estimate of $3.09 billion. Equities analysts forecast that Ngl Energy Partners Lp will post $1.90 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 14th. Investors of record on Friday, February 3rd were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 6.71%. The ex-dividend date of this dividend was Wednesday, February 1st. Ngl Energy Partners Lp’s payout ratio is currently -112.23%.
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Ngl Energy Partners Lp Company Profile
NGL Energy Partners LP owns and operates a vertically integrated energy business. The Company’s segments are crude oil logistics, water solutions, liquids, retail propane, refined products and renewables, and corporate and other. Its crude oil logistics segment includes owned and leased crude oil storage terminals, and owned and leased pipeline injection stations.
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