NGL Energy Partners (NYSE:NGL) Sets New 12-Month High – Should You Buy?

NGL Energy Partners LP (NYSE:NGL) shares hit a new 52-week high during trading on Monday . The stock traded as high as $16.70 and last traded at $16.70, with a volume of 131654 shares trading hands. The stock had previously closed at $16.33.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Zacks Research raised NGL Energy Partners from a “strong sell” rating to a “hold” rating in a research note on Friday, April 10th. Weiss Ratings restated a “hold (c)” rating on shares of NGL Energy Partners in a report on Monday, April 27th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold”.

NGL Energy Partners Stock Up 2.4%

The stock has a market capitalization of $2.07 billion, a P/E ratio of 418.13 and a beta of 0.58. The business’s 50 day simple moving average is $12.97 and its two-hundred day simple moving average is $10.94.

NGL Energy Partners announced that its board has authorized a share buyback program 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 buy up to 6.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On NGL Energy Partners

A number of hedge funds have recently added to or reduced their stakes in the stock. ING Groep NV raised its stake in shares of NGL Energy Partners by 229.7% in the third quarter. ING Groep NV now owns 4,931,803 shares of the oil and gas company’s stock worth $29,591,000 after purchasing an additional 3,436,000 shares during the last quarter. Angelo Gordon & CO. L.P. boosted its position in shares of NGL Energy Partners by 291.7% during the third quarter. Angelo Gordon & CO. L.P. now owns 2,504,447 shares of the oil and gas company’s stock valued at $15,027,000 after buying an additional 1,865,003 shares during the last quarter. Bank of America Corp DE grew its holdings in NGL Energy Partners by 18.7% during the third 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 buying an additional 1,843,849 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in NGL Energy Partners by 9.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 7,522,370 shares of the oil and gas company’s stock worth $75,224,000 after buying an additional 651,779 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its position in NGL Energy Partners by 2,963.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 292,261 shares of the oil and gas company’s stock valued at $1,754,000 after buying an additional 282,721 shares during the last quarter. Institutional investors and hedge funds 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.