NGL Energy Partners (NYSE:NGL) Downgraded to “Hold” at Zacks Investment Research
According to Zacks, “NGL Energy Partners LP is a limited partnership operating a vertically-integrated propane business with three operating segments: retail propane; wholesale supply and marketing; and midstream. The Retail Propane segment engages in retail marketing, sale, and distribution of propane, including the sale and lease of propane tanks, equipment, and supplies to residential, agricultural, commercial, and industrial customers through customer service locations. The Wholesale Supply and Marketing segment supplies propane and other natural gas liquids, as well as provides related storage to retailers, wholesalers, and refiners. The Midstream segment involves in the delivery of propane from pipelines or trucks to propane terminals and transfers the propane to third-party transport trucks for delivery to retailers, wholesalers, or other consumers. NGL Energy Partners LP is headquartered in Tulsa, Oklahoma. “
NGL has been the subject of a number of other research reports. UBS Group cut shares of NGL Energy Partners from a buy rating to a neutral rating and dropped their target price for the stock from $17.00 to $13.50 in a report on Tuesday, October 8th. Piper Jaffray Companies initiated coverage on shares of NGL Energy Partners in a report on Wednesday, July 17th. They issued a neutral rating and a $17.00 target price for the company. Finally, ValuEngine raised shares of NGL Energy Partners from a strong sell rating to a sell rating in a report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $15.64.
NGL Energy Partners (NYSE:NGL) last announced its quarterly earnings data on Thursday, August 8th. The oil and gas company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.89). The firm had revenue of $6.64 billion for the quarter, compared to analyst estimates of $5.40 billion. NGL Energy Partners had a negative return on equity of 1.15% and a net margin of 1.54%. The company’s revenue for the quarter was up 13.6% compared to the same quarter last year. On average, sell-side analysts expect that NGL Energy Partners will post 1.03 earnings per share for the current year.
In related news, CEO H Michael Krimbill bought 60,000 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was purchased at an average price of $12.72 per share, with a total value of $763,200.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James M. Collingsworth acquired 6,250 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was acquired at an average price of $13.25 per share, with a total value of $82,812.50. The disclosure for this purchase can be found here.
A number of hedge funds and other institutional investors have recently modified their holdings of NGL. Invesco Ltd. raised its holdings in NGL Energy Partners by 11,053.5% in the 2nd quarter. Invesco Ltd. now owns 21,007,430 shares of the oil and gas company’s stock valued at $310,279,000 after buying an additional 20,819,081 shares during the last quarter. CIBC Private Wealth Group LLC raised its holdings in NGL Energy Partners by 1,667.7% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 342,757 shares of the oil and gas company’s stock valued at $4,768,000 after buying an additional 323,367 shares during the last quarter. Wells Fargo & Company MN raised its holdings in NGL Energy Partners by 69.2% in the 2nd quarter. Wells Fargo & Company MN now owns 706,442 shares of the oil and gas company’s stock valued at $10,435,000 after buying an additional 288,954 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in NGL Energy Partners by 5.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,278,498 shares of the oil and gas company’s stock valued at $47,768,000 after buying an additional 170,262 shares during the last quarter. Finally, Marshall Wace North America L.P. raised its holdings in NGL Energy Partners by 96.4% in the 1st quarter. Marshall Wace North America L.P. now owns 300,715 shares of the oil and gas company’s stock valued at $4,219,000 after buying an additional 147,586 shares during the last quarter. Institutional investors and hedge funds own 60.91% of the company’s stock.
NGL Energy Partners Company Profile
NGL Energy Partners LP, together with its subsidiaries, engages in the crude oil logistics, water solutions, liquids, retail propane, and refined products and renewables businesses. The Crude Oil Logistics segment purchases crude oil from producers and transports it to refineries for resale at pipeline injection stations, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs; and provides storage, terminaling, trucking, marine, and pipeline transportation services.
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