NGL Energy Partners (NGL) Upgraded to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of NGL Energy Partners (NYSE:NGL) from a sell rating to a hold rating in a research note published 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. “
A number of other research firms have also recently commented on NGL. Royal Bank of Canada reiterated an outperform rating and set a $16.00 price objective (up previously from $14.00) on shares of NGL Energy Partners in a research report on Tuesday, November 7th. ValuEngine upgraded NGL Energy Partners from a sell rating to a hold rating in a research report on Wednesday, January 3rd. Stifel Nicolaus reiterated a hold rating and set a $10.00 price objective on shares of NGL Energy Partners in a research report on Sunday, October 29th. Finally, Credit Suisse Group assumed coverage on NGL Energy Partners in a report on Thursday, January 4th. They set an outperform rating and a $16.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $15.40.
NGL Energy Partners (NYSE:NGL) traded up $0.15 during trading on Tuesday, reaching $16.60. The company had a trading volume of 940,569 shares, compared to its average volume of 1,550,000. The stock has a market capitalization of $2,020.00, a PE ratio of -7.90 and a beta of 0.69. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.99 and a current ratio of 1.56. NGL Energy Partners has a 12 month low of $8.57 and a 12 month high of $25.80.
In related news, CFO Robert W. Karlovich III purchased 10,000 shares of the business’s stock in a transaction on Tuesday, November 21st. The stock was acquired at an average price of $11.66 per share, with a total value of $116,600.00. Following the completion of the acquisition, the chief financial officer now owns 99,320 shares of the company’s stock, valued at approximately $1,158,071.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
A number of large investors have recently added to or reduced their stakes in NGL. Oppenheimer & Co. Inc. grew its holdings in NGL Energy Partners by 32.0% during the second quarter. Oppenheimer & Co. Inc. now owns 14,450 shares of the oil and gas company’s stock valued at $202,000 after purchasing an additional 3,500 shares during the period. Oppenheimer Asset Management Inc. boosted its stake in shares of NGL Energy Partners by 44.4% in the second quarter. Oppenheimer Asset Management Inc. now owns 19,950 shares of the oil and gas company’s stock worth $279,000 after acquiring an additional 6,131 shares during the period. Wells Fargo & Company MN boosted its stake in shares of NGL Energy Partners by 2.4% in the second quarter. Wells Fargo & Company MN now owns 239,687 shares of the oil and gas company’s stock worth $3,355,000 after acquiring an additional 5,538 shares during the period. Alliancebernstein L.P. boosted its stake in shares of NGL Energy Partners by 5.9% in the second quarter. Alliancebernstein L.P. now owns 22,077 shares of the oil and gas company’s stock worth $309,000 after acquiring an additional 1,236 shares during the period. Finally, HAP Trading LLC bought a new position in shares of NGL Energy Partners in the second quarter worth about $221,000. 63.82% of the stock is owned by institutional investors and hedge funds.
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About NGL Energy Partners
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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