NGL Energy Partners (NYSE:NGL) Stock Price Passes Above 200 Day Moving Average – Here’s Why

NGL Energy Partners LP (NYSE:NGL)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-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.

Wall Street Analysts Forecast Growth

NGL has been the topic of several recent research reports. Weiss Ratings lowered NGL Energy Partners from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 4th. Zacks Research upgraded NGL Energy Partners from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company. According to MarketBeat, NGL Energy Partners has an average rating of “Buy”.

NGL Energy Partners Stock Down 0.4%

The company has a market cap of $2.01 billion, a P/E ratio of -4.90 and a beta of 0.60. The firm has a fifty day moving average price of $16.15 and a 200 day moving average price of $13.71.

NGL Energy Partners (NYSE:NGL) last announced its earnings results on Thursday, May 28th. The oil and gas company reported ($0.71) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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, sell-side analysts anticipate that NGL Energy Partners LP will post 0.82 earnings per share for the current year.

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

Institutional Investors Weigh In On NGL Energy Partners

Hedge funds and other institutional investors have recently made changes to their positions in the company. CIBC Private Wealth Group LLC bought a new position in NGL Energy Partners in the third quarter valued at about $70,000. CIBC Bancorp USA Inc. bought a new stake in NGL Energy Partners during the 3rd quarter worth about $70,000. LPL Financial LLC bought a new stake in NGL Energy Partners during the 4th quarter worth about $120,000. Royal Bank of Canada lifted its position in NGL Energy Partners by 71.2% during the 4th quarter. Royal Bank of Canada now owns 14,454 shares of the oil and gas company’s stock valued at $145,000 after purchasing an additional 6,009 shares during the period. Finally, Quartz Partners LLC lifted its position in NGL Energy Partners by 6.8% during the 1st quarter. Quartz Partners LLC now owns 16,504 shares of the oil and gas company’s stock valued at $203,000 after purchasing an additional 1,052 shares during the period. 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.