NGL Energy Partners (NYSE:NGL) Shares Down 4.6% – Here’s What Happened

NGL Energy Partners LP (NYSE:NGL)’s share price dropped 4.6% during trading on Tuesday . The stock traded as low as $9.30 and last traded at $9.2330. Approximately 171,426 shares were traded during trading, a decline of 65% from the average daily volume of 496,509 shares. The stock had previously closed at $9.68.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of NGL Energy Partners in a report on Friday, October 31st. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Hold”.

NGL Energy Partners Stock Down 3.8%

The company has a 50-day moving average of $7.26 and a 200 day moving average of $5.40. The stock has a market capitalization of $1.17 billion, a PE ratio of -22.66 and a beta of 0.25.

NGL Energy Partners (NYSE:NGL) last released its earnings results on Tuesday, November 4th. The oil and gas company reported $0.02 earnings per share (EPS) for the quarter. The business had revenue of $674.68 million during the quarter, compared to analyst estimates of $508.49 million. NGL Energy Partners had a net margin of 2.19% and a negative return on equity of 43.75%. As a group, equities analysts predict that NGL Energy Partners LP will post -0.22 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director James M. Collingsworth bought 100,000 shares of the company’s stock in a transaction on Friday, September 12th. The stock was bought at an average cost of $5.80 per share, for a total transaction of $580,000.00. Following the acquisition, the director directly owned 729,500 shares in the company, valued at $4,231,100. This represents a 15.89% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Institutional Investors Weigh In On NGL Energy Partners

Hedge funds have recently modified their holdings of the company. CIBC Private Wealth Group LLC acquired a new stake in NGL Energy Partners during the third quarter worth about $70,000. CIBC Bancorp USA Inc. acquired a new stake in shares of NGL Energy Partners during the third quarter valued at about $70,000. Mariner LLC raised its position in NGL Energy Partners by 17.9% in the third quarter. Mariner LLC now owns 230,502 shares of the oil and gas company’s stock valued at $1,383,000 after purchasing an additional 35,000 shares during the period. Bank of America Corp DE lifted its stake in NGL Energy Partners by 18.7% during the 3rd quarter. Bank of America Corp DE now owns 11,728,872 shares of the oil and gas company’s stock worth $70,373,000 after acquiring an additional 1,843,849 shares in the last quarter. Finally, Angelo Gordon & CO. L.P. grew its holdings in shares of NGL Energy Partners by 291.7% in the third quarter. Angelo Gordon & CO. L.P. now owns 2,504,447 shares of the oil and gas company’s stock valued at $15,027,000 after purchasing an additional 1,865,003 shares in the last quarter. Hedge funds and other institutional investors own 40.62% of the company’s stock.

NGL Energy Partners Company Profile

NGL Energy Partners LP engages in the transportation, storage, blending, and marketing of crude oil, natural gas liquids, refined products / renewables, and water solutions. The company operates in three segments: Water Solutions, Crude Oil Logistics, and Liquids Logistics. The Water Solutions segment transports, treats, recycles, and disposes produced and flowback water generated from oil and natural gas production; aggregates and sells recovered crude oil; disposes solids, such as tank bottoms, and drilling fluid and muds, as well as performs truck and frac tank washouts; and sells produced water for reuse and recycle, and brackish non-potable water.