NGL Energy Partners (NYSE:NGL) Stock Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

NGL Energy Partners LP (NYSE:NGL) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $13.71 and traded as high as $16.20. NGL Energy Partners shares last traded at $16.0830, with a volume of 43,215 shares changing hands.

Analyst Upgrades and Downgrades

NGL has been the topic of a number of recent research reports. 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. Weiss Ratings cut shares of NGL Energy Partners from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy”.

NGL Energy Partners Stock Performance

The firm’s fifty day simple moving average is $16.15 and its 200 day simple moving average is $13.71. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of -4.90 and a beta of 0.60.

NGL Energy Partners (NYSE:NGL) last released 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 net margin of 4.51% and a negative return on equity of 47.64%. The company had revenue of $949.51 million during the quarter, compared to analyst estimates of $941.52 million. Analysts forecast that NGL Energy Partners LP will post 0.82 earnings per share for the current year.

NGL Energy Partners announced that its board has approved a stock repurchase plan on Thursday, April 9th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase up to 6.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On NGL Energy Partners

A number of large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE increased its holdings in NGL Energy Partners by 18.7% during the 3rd quarter. Bank of America Corp DE now owns 11,728,872 shares of the oil and gas company’s stock worth $70,373,000 after purchasing an additional 1,843,849 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings 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 valued at $75,224,000 after purchasing an additional 651,779 shares in the last quarter. ING Groep NV boosted its position in shares of NGL Energy Partners by 4.9% during the fourth quarter. ING Groep NV now owns 5,174,803 shares of the oil and gas company’s stock worth $51,748,000 after buying an additional 243,000 shares during the period. JPMorgan Chase & Co. boosted its position in shares of NGL Energy Partners by 0.9% during the fourth quarter. JPMorgan Chase & Co. now owns 3,069,571 shares of the oil and gas company’s stock worth $30,696,000 after buying an additional 28,659 shares during the period. Finally, Angelo Gordon & CO. L.P. bought a new position in shares of NGL Energy Partners during the second quarter worth about $2,730,000. Institutional investors own 40.62% of the company’s stock.

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.