NGL Energy Partners (NGL) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of NGL Energy Partners (NYSE:NGL) from a strong sell rating to a hold rating in a report published on Thursday.
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 topic of a number of other reports. Credit Suisse Group began coverage on shares of NGL Energy Partners in a report on Thursday, October 11th. They issued an outperform rating and a $15.00 target price on the stock. Wells Fargo & Co dropped their target price on shares of NGL Energy Partners from $15.00 to $14.00 and set a market perform rating on the stock in a report on Thursday, September 13th. Bank of America set a $15.00 target price on shares of NGL Energy Partners and gave the stock a buy rating in a report on Wednesday, November 7th. ValuEngine upgraded shares of NGL Energy Partners from a sell rating to a hold rating in a report on Sunday, September 30th. Finally, Stifel Nicolaus boosted their target price on shares of NGL Energy Partners from $12.00 to $13.00 and gave the stock a hold rating in a report on Tuesday, August 14th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. NGL Energy Partners presently has a consensus rating of Hold and a consensus target price of $14.00.
NGL Energy Partners (NYSE:NGL) last released its quarterly earnings results on Thursday, November 8th. The oil and gas company reported ($0.63) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.64). NGL Energy Partners had a negative return on equity of 1.57% and a net margin of 1.40%. The company had revenue of $6.65 billion for the quarter, compared to the consensus estimate of $4.83 billion. On average, research analysts expect that NGL Energy Partners will post -0.81 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 14th. Investors of record on Thursday, November 8th were issued a $0.39 dividend. The ex-dividend date of this dividend was Wednesday, November 7th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 16.15%. NGL Energy Partners’s payout ratio is currently -229.41%.
In other news, CEO H Michael Krimbill bought 20,000 shares of the company’s stock in a transaction dated Friday, August 31st. The shares were acquired at an average cost of $11.65 per share, with a total value of $233,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John T. Raymond bought 50,000 shares of the company’s stock in a transaction dated Friday, September 14th. The stock was purchased at an average cost of $11.04 per share, for a total transaction of $552,000.00. Following the completion of the transaction, the director now owns 50,000 shares of the company’s stock, valued at $552,000. The disclosure for this purchase can be found here.
Several institutional investors have recently added to or reduced their stakes in NGL. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of NGL Energy Partners in the second quarter worth approximately $22,363,000. RR Advisors LLC increased its position in shares of NGL Energy Partners by 175.3% in the third quarter. RR Advisors LLC now owns 2,635,000 shares of the oil and gas company’s stock worth $30,573,000 after acquiring an additional 1,678,000 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of NGL Energy Partners by 43.6% in the third quarter. JPMorgan Chase & Co. now owns 3,455,392 shares of the oil and gas company’s stock worth $40,083,000 after acquiring an additional 1,049,863 shares in the last quarter. OppenheimerFunds Inc. increased its position in shares of NGL Energy Partners by 6.0% in the second quarter. OppenheimerFunds Inc. now owns 17,121,298 shares of the oil and gas company’s stock worth $214,016,000 after acquiring an additional 968,983 shares in the last quarter. Finally, Virtus ETF Advisers LLC purchased a new position in shares of NGL Energy Partners in the third quarter worth approximately $11,207,000. 63.78% of the stock is currently owned by institutional investors and hedge funds.
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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