NGL Energy Partners (NYSE:NGL) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

NGL Energy Partners LP (NYSE:NGL) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $12.28 and traded as high as $15.89. NGL Energy Partners shares last traded at $15.3230, with a volume of 217,207 shares trading hands.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NGL. Weiss Ratings downgraded NGL Energy Partners from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday. Zacks Research raised NGL Energy Partners from a “strong sell” rating to a “hold” rating in a report on Friday, April 10th. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, NGL Energy Partners has an average rating of “Hold”.

NGL Energy Partners Stock Down 4.2%

The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of -4.67 and a beta of 0.58. The company has a fifty day moving average price of $15.14 and a two-hundred day moving average price of $12.28.

NGL Energy Partners (NYSE:NGL) last issued its quarterly earnings results on Thursday, May 28th. The oil and gas company reported ($0.71) earnings per share 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 for the quarter, compared to analyst estimates of $941.52 million. On average, equities analysts anticipate that NGL Energy Partners LP will post 0.82 earnings per share for the current fiscal year.

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

Institutional Investors Weigh In On NGL Energy Partners

Several hedge funds have recently modified their holdings of the stock. Quartz Partners LLC raised its position in NGL Energy Partners by 6.8% in the first quarter. Quartz Partners LLC now owns 16,504 shares of the oil and gas company’s stock worth $203,000 after acquiring an additional 1,052 shares in the last quarter. Everpar Advisors LLC raised its position in NGL Energy Partners by 6.5% in the fourth quarter. Everpar Advisors LLC now owns 24,500 shares of the oil and gas company’s stock worth $245,000 after acquiring an additional 1,500 shares in the last quarter. Wells Fargo & Company MN raised its position in NGL Energy Partners by 9.4% in the fourth quarter. Wells Fargo & Company MN now owns 34,800 shares of the oil and gas company’s stock worth $348,000 after acquiring an additional 3,000 shares in the last quarter. XTX Topco Ltd raised its position in NGL Energy Partners by 9.0% in the fourth quarter. XTX Topco Ltd now owns 37,579 shares of the oil and gas company’s stock worth $376,000 after acquiring an additional 3,103 shares in the last quarter. Finally, Massar Capital Management LP raised its position in NGL Energy Partners by 23.2% in the second quarter. Massar Capital Management LP now owns 28,143 shares of the oil and gas company’s stock worth $120,000 after acquiring an additional 5,295 shares in the last quarter. 40.62% of the stock is owned by institutional investors and hedge funds.

NGL Energy Partners Company Profile

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.