NGL Energy Partners (NYSE:NGL) Hits New 1-Year High – Here’s What Happened

NGL Energy Partners LP (NYSE:NGL)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $14.12 and last traded at $14.0310, with a volume of 58169 shares traded. The stock had previously closed at $13.79.

Wall Street Analysts Forecast Growth

NGL has been the topic of several analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of NGL Energy Partners in a research report on Wednesday, January 28th. Zacks Research raised NGL Energy Partners from a “strong sell” rating to a “hold” rating in a research report on Friday, April 10th. Two equities research 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 Up 1.5%

The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of 349.99 and a beta of 0.39. The company has a 50-day moving average price of $12.25 and a 200-day moving average price of $10.23.

NGL Energy Partners (NYSE:NGL) last issued its quarterly earnings results on Tuesday, February 3rd. The oil and gas company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.06). The business had revenue of $909.82 million during the quarter, compared to analyst estimates of $700.76 million. NGL Energy Partners had a net margin of 5.01% and a negative return on equity of 66.52%. Equities analysts expect that NGL Energy Partners LP will post 0.03 EPS for the current fiscal year.

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

Institutional Investors Weigh In On NGL Energy Partners

Hedge funds have recently made changes to their positions in the stock. CIBC Private Wealth Group LLC bought a new stake in shares of NGL Energy Partners in the third quarter valued at about $70,000. CIBC Bancorp USA Inc. bought a new stake in shares of NGL Energy Partners in the third quarter valued at about $70,000. LPL Financial LLC bought a new stake in shares of NGL Energy Partners in the fourth quarter valued at about $120,000. Royal Bank of Canada lifted its stake in shares of NGL Energy Partners by 71.2% in the fourth quarter. Royal Bank of Canada now owns 14,454 shares of the oil and gas company’s stock valued at $145,000 after buying an additional 6,009 shares during the period. Finally, State of Wyoming bought a new stake in shares of NGL Energy Partners in the fourth quarter valued at about $172,000. 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.