NGL Energy Partners (NYSE:NGL) Shares Down 5.6% – What’s Next?

Shares of NGL Energy Partners LP (NYSE:NGL) dropped 5.6% on Friday . The company traded as low as $15.38 and last traded at $15.2850. Approximately 91,198 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 325,308 shares. The stock had previously closed at $16.20.

Analysts Set New Price Targets

NGL has been the topic of a number of recent research reports. Zacks Research upgraded NGL Energy Partners from a “strong sell” rating to a “hold” rating in a report on Friday, April 10th. Weiss Ratings restated a “hold (c)” rating on shares of NGL Energy Partners in a report on Monday. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, NGL Energy Partners has an average rating of “Hold”.

NGL Energy Partners Trading Down 7.0%

The firm has a 50-day moving average price of $12.73 and a 200-day moving average price of $10.66. The stock has a market capitalization of $1.86 billion, a PE ratio of 376.54 and a beta of 0.39.

NGL Energy Partners (NYSE:NGL) last issued its quarterly earnings results on Tuesday, February 3rd. The oil and gas company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.06). The company had revenue of $909.82 million during the quarter, compared to analysts’ expectations of $700.76 million. NGL Energy Partners had a negative return on equity of 66.52% and a net margin of 5.01%. Sell-side analysts expect that NGL Energy Partners LP will post 0.03 earnings per share for the current fiscal year.

NGL Energy Partners declared that its Board of Directors has authorized a share buyback program on Thursday, April 9th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase up to 6.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On NGL Energy Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE boosted its holdings in shares of NGL Energy Partners by 18.7% in 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 buying an additional 1,843,849 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of NGL Energy Partners by 9.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 7,522,370 shares of the oil and gas company’s stock valued at $75,224,000 after buying an additional 651,779 shares during the period. ING Groep NV lifted its position 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 valued at $51,748,000 after buying an additional 243,000 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of 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 buying an additional 28,659 shares during the last quarter. Finally, Angelo Gordon & CO. L.P. lifted its position in shares of NGL Energy Partners by 291.7% during the 3rd 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 buying an additional 1,865,003 shares during the last quarter. 40.62% of the stock is owned by hedge funds and other institutional investors.

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.