NGL Energy Partners LP (NGL) Downgraded by Zacks Investment Research
NGL Energy Partners LP (NYSE:NGL) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Wednesday.
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. “
Other equities analysts have also issued research reports about the company. Stifel Nicolaus increased their price target on NGL Energy Partners from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, August 5th. FBR & Co started coverage on NGL Energy Partners in a research report on Friday, September 9th. They issued a “market perform” rating and a $21.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $14.44.
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NGL Energy Partners (NYSE:NGL) opened at 18.92 on Wednesday. The firm has a 50-day moving average price of $18.30 and a 200-day moving average price of $16.07. NGL Energy Partners has a 12-month low of $5.57 and a 12-month high of $21.98. The stock’s market cap is $2.00 billion.
NGL Energy Partners (NYSE:NGL) last released its quarterly earnings results on Thursday, August 4th. The company reported $1.38 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.12) by $1.50. The company earned $2.72 billion during the quarter, compared to analyst estimates of $2.48 billion. Analysts forecast that NGL Energy Partners will post $2.56 EPS for the current fiscal year.
In other news, CEO H Michael Krimbill purchased 20,000 shares of the business’s stock in a transaction dated Thursday, September 15th. The stock was bought at an average cost of $17.31 per share, with a total value of $346,200.00. Following the purchase, the chief executive officer now directly owns 789,417 shares of the company’s stock, valued at $13,664,808.27. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Large investors have recently bought and sold shares of the company. HITE Hedge Asset Management LLC increased its stake in NGL Energy Partners by 865.4% in the second quarter. HITE Hedge Asset Management LLC now owns 1,071,778 shares of the company’s stock worth $20,707,000 after buying an additional 960,759 shares during the period. Alps Advisors Inc. purchased a new stake in NGL Energy Partners during the second quarter worth $113,909,000. Bank of Montreal Can purchased a new stake in NGL Energy Partners during the second quarter worth $7,674,000. Acadian Asset Management LLC purchased a new stake in NGL Energy Partners during the second quarter worth $4,683,000. Finally, Hollencrest Securities LLC purchased a new stake in NGL Energy Partners during the second quarter worth $1,532,000.
NGL Energy Partners Company Profile
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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