Ngl Energy Partners Lp (NGL) Raised to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Ngl Energy Partners Lp (NYSE:NGL) from a sell rating to a hold rating in a research report sent to investors on Tuesday.
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. “
Other analysts also recently issued reports about the company. Stifel Nicolaus restated a hold rating and set a $13.00 target price (down from $15.00) on shares of Ngl Energy Partners Lp in a research note on Friday, June 16th. TheStreet downgraded Ngl Energy Partners Lp from a c- rating to a d+ rating in a research note on Tuesday, August 15th. BidaskClub downgraded Ngl Energy Partners Lp from a sell rating to a strong sell rating in a research note on Thursday, July 27th. FBR & Co lowered their target price on Ngl Energy Partners Lp from $22.00 to $19.00 and set a mkt perform rating for the company in a research note on Thursday, June 8th. Finally, UBS AG lowered their target price on Ngl Energy Partners Lp from $18.00 to $14.00 and set a buy rating for the company in a research note on Friday, August 4th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $18.57.
Ngl Energy Partners Lp (NYSE NGL) opened at 11.00 on Tuesday. The firm’s market capitalization is $1.34 billion. Ngl Energy Partners Lp has a 1-year low of $8.57 and a 1-year high of $25.80. The company’s 50-day moving average price is $9.79 and its 200 day moving average price is $14.91.
Ngl Energy Partners Lp (NYSE:NGL) last released its quarterly earnings data on Thursday, August 3rd. The oil and gas company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.21). Ngl Energy Partners Lp had a negative net margin of 0.73% and a negative return on equity of 5.00%. The company had revenue of $3.78 billion during the quarter, compared to analysts’ expectations of $2.59 billion. On average, equities analysts anticipate that Ngl Energy Partners Lp will post $0.14 EPS for the current year.
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Ngl Energy Partners Lp declared that its board has approved a share buyback program on Tuesday, August 29th that permits the company to repurchase $15.00 million in shares. This repurchase authorization permits the oil and gas company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
In other news, CEO H Michael Krimbill purchased 75,000 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The stock was acquired at an average cost of $8.86 per share, for a total transaction of $664,500.00. Following the completion of the purchase, the chief executive officer now owns 814,417 shares of the company’s stock, valued at $7,215,734.62. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
A number of large investors have recently bought and sold shares of the stock. OppenheimerFunds Inc. grew its stake in Ngl Energy Partners Lp by 15.5% in the first quarter. OppenheimerFunds Inc. now owns 15,197,205 shares of the oil and gas company’s stock worth $343,457,000 after purchasing an additional 2,042,480 shares in the last quarter. Alps Advisors Inc. grew its stake in Ngl Energy Partners Lp by 5.5% in the second quarter. Alps Advisors Inc. now owns 8,150,982 shares of the oil and gas company’s stock worth $114,114,000 after purchasing an additional 427,126 shares in the last quarter. Morgan Stanley grew its stake in Ngl Energy Partners Lp by 4.4% in the first quarter. Morgan Stanley now owns 3,980,011 shares of the oil and gas company’s stock worth $89,948,000 after purchasing an additional 169,522 shares in the last quarter. Eagle Global Advisors LLC grew its stake in Ngl Energy Partners Lp by 0.5% in the second quarter. Eagle Global Advisors LLC now owns 3,153,949 shares of the oil and gas company’s stock worth $44,155,000 after purchasing an additional 15,910 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in Ngl Energy Partners Lp by 20.2% in the second quarter. Goldman Sachs Group Inc. now owns 3,073,412 shares of the oil and gas company’s stock worth $43,028,000 after purchasing an additional 515,730 shares in the last quarter. Institutional investors and hedge funds own 70.19% of the company’s stock.
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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