NGL ENERGY PARTNERS LP (NGL) Expected to Post Quarterly Sales of $3.22 Billion
Wall Street analysts expect NGL ENERGY PARTNERS LP (NYSE:NGL) to announce $3.22 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for NGL ENERGY PARTNERS’s earnings. The lowest sales estimate is $2.84 billion and the highest is $3.59 billion. NGL ENERGY PARTNERS reported sales of $3.05 billion in the same quarter last year, which would suggest a positive year over year growth rate of 5.6%. The business is scheduled to issue its next earnings results on Friday, November 3rd.
According to Zacks, analysts expect that NGL ENERGY PARTNERS will report full year sales of $3.22 billion for the current financial year, with estimates ranging from $14.43 billion to $15.36 billion. For the next year, analysts expect that the company will post sales of $14.27 billion per share, with estimates ranging from $13.39 billion to $15.44 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow NGL ENERGY PARTNERS.
NGL ENERGY PARTNERS (NYSE:NGL) last issued its quarterly earnings results on Thursday, August 3rd. The oil and gas company reported ($0.59) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.38) by ($0.21). The company had revenue of $3.78 billion for the quarter, compared to analyst estimates of $2.59 billion. NGL ENERGY PARTNERS had a negative return on equity of 5.00% and a negative net margin of 0.73%.
A number of research firms have issued reports on NGL. BidaskClub cut NGL ENERGY PARTNERS from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. UBS AG decreased their target price on NGL ENERGY PARTNERS from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, August 4th. Zacks Investment Research cut NGL ENERGY PARTNERS from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 2nd. TheStreet cut NGL ENERGY PARTNERS from a “c-” rating to a “d+” rating in a research report on Tuesday, August 15th. Finally, Stifel Nicolaus decreased their target price on NGL ENERGY PARTNERS from $13.00 to $10.00 and set a “hold” rating on the stock in a research report on Wednesday, August 16th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. NGL ENERGY PARTNERS presently has an average rating of “Hold” and a consensus target price of $18.57.
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In other news, CEO H Michael Krimbill purchased 75,000 shares of NGL ENERGY PARTNERS stock in a transaction dated Monday, September 11th. The shares were bought at an average cost of $8.86 per share, for a total transaction of $664,500.00. Following the completion of the acquisition, the chief executive officer now owns 814,417 shares in the company, valued at approximately $7,215,734.62. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.
Large investors have recently added to or reduced their stakes in the company. Atlantic Trust Group LLC grew its holdings in shares of NGL ENERGY PARTNERS by 83.0% during the first quarter. Atlantic Trust Group LLC now owns 2,195,432 shares of the oil and gas company’s stock worth $49,617,000 after purchasing an additional 995,432 shares during the last quarter. Morgan Stanley grew its holdings in shares of NGL ENERGY PARTNERS by 4.4% during the first quarter. Morgan Stanley now owns 3,980,011 shares of the oil and gas company’s stock worth $89,948,000 after purchasing an additional 169,522 shares during the last quarter. California Public Employees Retirement System grew its holdings in shares of NGL ENERGY PARTNERS by 2.0% during the first quarter. California Public Employees Retirement System now owns 253,900 shares of the oil and gas company’s stock worth $5,738,000 after purchasing an additional 5,100 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of NGL ENERGY PARTNERS by 115.7% during the second quarter. Bank of Montreal Can now owns 2,116,200 shares of the oil and gas company’s stock worth $29,627,000 after purchasing an additional 1,134,957 shares during the last quarter. Finally, US Bancorp DE grew its holdings in shares of NGL ENERGY PARTNERS by 272.5% during the first quarter. US Bancorp DE now owns 17,319 shares of the oil and gas company’s stock worth $392,000 after purchasing an additional 12,669 shares during the last quarter. Institutional investors own 70.19% of the company’s stock.
NGL ENERGY PARTNERS (NYSE NGL) opened at 10.20 on Monday. NGL ENERGY PARTNERS has a 12 month low of $8.57 and a 12 month high of $25.80. The firm’s market cap is $1.24 billion. The company’s 50-day moving average is $9.93 and its 200 day moving average is $15.19.
NGL ENERGY PARTNERS declared that its board has initiated a share buyback plan on Tuesday, August 29th that allows the company to repurchase $15.00 million in outstanding shares. This repurchase authorization allows the oil and gas company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
About NGL ENERGY PARTNERS
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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