NGL Energy Partners (NYSE:NGL) Shares Gap Down – Should You Sell?

NGL Energy Partners LP (NYSE:NGL)’s share price gapped down before the market opened on Monday . The stock had previously closed at $16.39, but opened at $15.00. NGL Energy Partners shares last traded at $15.8320, with a volume of 38,227 shares changing hands.

Analyst Upgrades and Downgrades

NGL has been the subject of a number of recent research reports. Weiss Ratings downgraded NGL Energy Partners from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 4th. Zacks Research raised shares of NGL Energy Partners from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy”.

NGL Energy Partners Stock Down 1.8%

The firm’s 50-day simple moving average is $15.90 and its 200-day simple moving average is $13.97. The firm has a market capitalization of $2.01 billion, a PE ratio of -4.89 and a beta of 0.63.

NGL Energy Partners (NYSE:NGL) last released its quarterly earnings data on Thursday, May 28th. The oil and gas company reported ($0.71) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.89). NGL Energy Partners had a negative return on equity of 47.64% and a negative net margin of 4.51%.The company had revenue of $949.51 million during the quarter, compared to analysts’ expectations of $941.52 million. On average, equities research analysts forecast that NGL Energy Partners LP will post 0.82 earnings per share for the current year.

NGL Energy Partners declared that its board has initiated a stock repurchase program on Thursday, April 9th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the oil and gas company to purchase up to 6.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of NGL Energy Partners

Several hedge funds and other institutional investors have recently bought and sold shares of NGL. Bank of America Corp DE boosted its stake in shares of 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 purchasing an additional 1,843,849 shares during the period. Goldman Sachs Group Inc. increased 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 worth $75,224,000 after buying an additional 651,779 shares during the period. ING Groep NV raised its holdings in 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. raised its holdings in 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. purchased a new stake in NGL Energy Partners during the 2nd quarter valued at $2,730,000. Institutional investors own 40.62% of the company’s stock.

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.