NGL Energy Partners (NYSE:NGL) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

NGL Energy Partners LP (NYSE:NGL)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $12.28 and traded as high as $15.89. NGL Energy Partners shares last traded at $15.3230, with a volume of 217,207 shares changing hands.

Analyst Ratings Changes

Several equities analysts recently weighed in on NGL shares. 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 downgraded NGL Energy Partners from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has an average rating of “Hold”.

NGL Energy Partners Stock Performance

The stock has a market cap of $1.91 billion, a PE ratio of -4.67 and a beta of 0.58. The business has a 50-day moving average of $15.14 and a 200 day moving average of $12.28.

NGL Energy Partners (NYSE:NGL) last released its quarterly earnings results on Thursday, May 28th. The oil and gas company reported ($0.71) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.89). The firm had revenue of $949.51 million for the quarter, compared to analyst estimates of $941.52 million. NGL Energy Partners had a negative return on equity of 47.64% and a negative net margin of 4.51%. Equities analysts expect that NGL Energy Partners LP will post 0.82 EPS for the current fiscal year.

NGL Energy Partners announced that its Board of Directors has initiated a share buyback program on Thursday, April 9th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the oil and gas company to reacquire up to 6.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Institutional Trading of NGL Energy Partners

Hedge funds have recently bought and sold shares of the company. CIBC Bancorp USA Inc. acquired a new stake in NGL Energy Partners during the third quarter worth approximately $70,000. CIBC Private Wealth Group LLC acquired a new stake in NGL Energy Partners during the third quarter worth approximately $70,000. Massar Capital Management LP boosted its position in NGL Energy Partners by 23.2% during the second quarter. Massar Capital Management LP now owns 28,143 shares of the oil and gas company’s stock worth $120,000 after acquiring an additional 5,295 shares during the last quarter. LPL Financial LLC acquired a new stake in NGL Energy Partners during the fourth quarter worth approximately $120,000. Finally, State of Wyoming boosted its position in NGL Energy Partners by 184.0% during the second quarter. State of Wyoming now owns 32,202 shares of the oil and gas company’s stock worth $138,000 after acquiring an additional 20,864 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.