NGL Energy Partners (NYSE:NGL) Reaches New 52-Week High – Should You Buy?

NGL Energy Partners LP (NYSE:NGL)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $18.24 and last traded at $18.4950, with a volume of 17043 shares traded. The stock had previously closed at $17.84.

Analyst Upgrades and Downgrades

NGL has been the subject of a number of recent research reports. Zacks Research upgraded shares of NGL Energy Partners from a “strong sell” rating to a “hold” rating in a report on Friday, April 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of NGL Energy Partners in a report on Monday, April 27th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, NGL Energy Partners currently has a consensus rating of “Hold”.

NGL Energy Partners Price Performance

The stock has a market capitalization of $2.16 billion, a P/E ratio of 436.61 and a beta of 0.58. The stock’s fifty day moving average is $13.80 and its 200-day moving average is $11.54.

NGL Energy Partners announced that its Board of Directors has initiated a share buyback program on Thursday, April 9th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the oil and gas company to repurchase up to 6.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On NGL Energy Partners

A number of hedge funds have recently bought and sold shares of NGL. ING Groep NV boosted its holdings in NGL Energy Partners by 229.7% during the third quarter. ING Groep NV now owns 4,931,803 shares of the oil and gas company’s stock valued at $29,591,000 after acquiring an additional 3,436,000 shares during the period. Angelo Gordon & CO. L.P. boosted its holdings in NGL Energy Partners by 291.7% during the third 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 acquiring an additional 1,865,003 shares during the period. Bank of America Corp DE boosted its holdings in NGL Energy Partners by 18.7% during the third quarter. Bank of America Corp DE now owns 11,728,872 shares of the oil and gas company’s stock valued at $70,373,000 after acquiring an additional 1,843,849 shares during the period. Goldman Sachs Group Inc. boosted its holdings in NGL Energy Partners by 9.5% during 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 acquiring an additional 651,779 shares during the period. Finally, BNP Paribas Financial Markets boosted its holdings in NGL Energy Partners by 2,963.5% during the third quarter. BNP Paribas Financial Markets now owns 292,261 shares of the oil and gas company’s stock valued at $1,754,000 after acquiring an additional 282,721 shares during the period. 40.62% of the stock is currently owned by 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.