NGL Energy Partners (NYSE:NGL) Stock Passes Above 200-Day Moving Average – Here’s Why

NGL Energy Partners LP (NYSE:NGL)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $13.71 and traded as high as $16.20. NGL Energy Partners shares last traded at $16.0830, with a volume of 43,215 shares traded.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Weiss Ratings downgraded NGL Energy Partners from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, June 4th. Zacks Research upgraded shares of NGL Energy Partners from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy”.

NGL Energy Partners Stock Down 3.4%

The stock’s 50 day moving average is $16.10 and its 200-day moving average is $13.73. The company has a market cap of $1.94 billion, a PE ratio of -4.74 and a beta of 0.60.

NGL Energy Partners (NYSE:NGL) last posted its earnings results on Thursday, May 28th. The oil and gas company reported ($0.71) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.89). NGL Energy Partners had a negative return on equity of 47.64% and a negative net margin of 4.51%.The business had revenue of $949.51 million during the quarter, compared to the consensus estimate of $941.52 million. On average, analysts anticipate that NGL Energy Partners LP will post 0.82 EPS for the current fiscal year.

NGL Energy Partners announced that its Board of Directors has initiated a share repurchase plan on Thursday, April 9th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the oil and gas company to purchase up to 6.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On NGL Energy Partners

Several large investors have recently modified their holdings of the stock. Bank of America Corp DE lifted its position in NGL Energy Partners by 18.7% in the third 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 buying an additional 1,843,849 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of NGL Energy Partners by 9.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 7,522,370 shares of the oil and gas company’s stock worth $75,224,000 after acquiring an additional 651,779 shares during the last quarter. ING Groep NV boosted its stake in shares of NGL Energy Partners by 4.9% during the 4th quarter. ING Groep NV now owns 5,174,803 shares of the oil and gas company’s stock worth $51,748,000 after purchasing an additional 243,000 shares during the period. JPMorgan Chase & Co. grew its holdings in NGL Energy Partners by 0.9% during the 4th quarter. JPMorgan Chase & Co. now owns 3,069,571 shares of the oil and gas company’s stock valued at $30,696,000 after purchasing an additional 28,659 shares during the last quarter. Finally, Angelo Gordon & CO. L.P. purchased a new stake in NGL Energy Partners in the 2nd quarter worth about $2,730,000. Institutional investors own 40.62% of the company’s stock.

About NGL Energy Partners

NGL Energy Partners LP is a publicly traded master limited partnership that provides midstream infrastructure and marketing services for the energy industry. The company focuses on the transportation, storage, fractionation and marketing of natural gas liquids (NGLs) and refined petroleum products. Through its integrated operations, NGL Energy Partners serves producers, processors, refiners and industrial customers across key U.S. energy-producing regions.

The partnership’s asset base includes pipelines, storage terminals, fractionation plants, and distribution facilities.