NGL Energy Partners (NYSE:NGL) Shares Gap Down on Disappointing Earnings

Shares of NGL Energy Partners LP (NYSE:NGL) gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $11.89, but opened at $10.06. NGL Energy Partners shares last traded at $11.6640, with a volume of 209,110 shares changing hands.

The oil and gas company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.06). NGL Energy Partners had a negative return on equity of 53.56% and a net margin of 3.29%.The firm had revenue of $909.82 million for the quarter, compared to analyst estimates of $700.76 million.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NGL. Weiss Ratings reissued a “hold (c)” rating on shares of NGL Energy Partners in a report on Wednesday, January 28th. Zacks Research upgraded shares of NGL Energy Partners from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 13th. One analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy”.

Hedge Funds Weigh In On NGL Energy Partners

Institutional investors have recently modified their holdings of the company. Lee Financial Co bought a new stake in NGL Energy Partners in the 3rd quarter valued at $678,000. AlphaCore Capital LLC increased its position in shares of NGL Energy Partners by 28.0% during the second quarter. AlphaCore Capital LLC now owns 160,000 shares of the oil and gas company’s stock worth $683,000 after acquiring an additional 35,000 shares in the last quarter. Prescott Group Capital Management L.L.C. raised its holdings in shares of NGL Energy Partners by 713.1% in the second quarter. Prescott Group Capital Management L.L.C. now owns 990,638 shares of the oil and gas company’s stock valued at $4,230,000 after purchasing an additional 868,800 shares during the last quarter. ELCO Management Co. LLC increased its position in shares of NGL Energy Partners by 26.2% during the 2nd quarter. ELCO Management Co. LLC now owns 197,580 shares of the oil and gas company’s stock worth $844,000 after purchasing an additional 40,960 shares during the last quarter. Finally, Carter Financial Group INC. bought a new position in shares of NGL Energy Partners in the 2nd quarter valued at about $277,000. Institutional investors own 40.62% of the company’s stock.

NGL Energy Partners Stock Down 2.6%

The firm has a 50 day simple moving average of $10.05 and a 200-day simple moving average of $7.58. The stock has a market cap of $1.46 billion, a P/E ratio of -64.19 and a beta of 0.31.

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.