Share Buyback Plan Authorized by NGL Energy Partners (NYSE:NGL)

NGL Energy Partners (NYSE:NGL) declared that its Board of Directors has authorized a share buyback program on Thursday, April 9th, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization permits the oil and gas company to buy up to 6.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Weiss Ratings restated a “hold (c)” rating on shares of NGL Energy Partners in a research note on Wednesday, January 28th. Zacks Research cut NGL Energy Partners from a “hold” rating to a “strong sell” rating in a research report on Thursday, March 12th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce”.

NGL Energy Partners Stock Performance

NGL opened at $13.27 on Friday. NGL Energy Partners has a 52-week low of $2.64 and a 52-week high of $13.92. The firm has a market cap of $1.64 billion, a P/E ratio of 331.71 and a beta of 0.39. The business’s fifty day moving average is $12.06 and its 200-day moving average is $9.83.

NGL Energy Partners (NYSE:NGL) last announced its quarterly earnings data on Tuesday, February 3rd. The oil and gas company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.06). NGL Energy Partners had a net margin of 5.01% and a negative return on equity of 66.52%. The firm had revenue of $909.82 million for the quarter, compared to analyst estimates of $700.76 million. On average, research analysts predict that NGL Energy Partners will post -0.22 earnings per share for the current fiscal year.

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.