NGL Energy Partners (NYSE:NGL) Shares Down 5.6% – Here’s What Happened

NGL Energy Partners LP (NYSE:NGL) dropped 5.6% during trading on Tuesday . The company traded as low as $17.94 and last traded at $17.91. Approximately 82,863 shares traded hands during trading, a decline of 72% from the average daily volume of 296,887 shares. The stock had previously closed at $18.97.

Wall Street Analyst Weigh In

NGL has been the subject of several research reports. Zacks Research upgraded shares of NGL Energy Partners from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Weiss Ratings reissued a “hold (c-)” rating on shares of NGL Energy Partners in a research report on Tuesday. Finally, Wall Street Zen raised NGL Energy Partners from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy”.

NGL Energy Partners Trading Up 2.0%

The stock has a fifty day moving average price of $16.37 and a 200 day moving average price of $14.99. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of -6.59 and a beta of 0.66.

NGL Energy Partners (NYSE:NGL) last issued its quarterly earnings data on Tuesday, August 4th. The oil and gas company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.37. NGL Energy Partners had a negative net margin of 3.76% and a negative return on equity of 39.51%. The business had revenue of $989.99 million during the quarter, compared to analysts’ expectations of $346.13 million. On average, sell-side analysts forecast that NGL Energy Partners LP will post 1.38 EPS for the current year.

Insider Activity at NGL Energy Partners

In other news, Director James M. Collingsworth acquired 10,808 shares of the stock in a transaction dated Tuesday, August 25th. The shares were acquired at an average cost of $16.82 per share, for a total transaction of $181,790.56. Following the completion of the transaction, the director owned 764,308 shares in the company, valued at approximately $12,855,660.56. This trade represents a 1.43% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO H Michael Krimbill sold 300,000 shares of the stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $17.00, for a total transaction of $5,100,000.00. Following the completion of the transaction, the chief executive officer owned 3,378,615 shares of the company’s stock, valued at approximately $57,436,455. This represents a 8.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders purchased a total of 339,923 shares of company stock worth $5,750,003 in the last ninety days. 7.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On NGL Energy Partners

Several large investors have recently made changes to their positions in NGL. Bank of America Corp DE increased its holdings in NGL Energy Partners by 18.7% during the 3rd quarter. Bank of America Corp DE now owns 11,728,872 shares of the oil and gas company’s stock valued at $70,373,000 after purchasing an additional 1,843,849 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in NGL Energy Partners by 9.5% during the 4th 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. Angelo Gordon & CO. L.P. bought a new stake in shares of NGL Energy Partners during the second quarter worth $2,730,000. BNP Paribas Financial Markets increased its position in NGL Energy Partners by 2,963.5% in the third quarter. BNP Paribas Financial Markets now owns 292,261 shares of the oil and gas company’s stock worth $1,754,000 after purchasing an additional 282,721 shares during the period. Finally, ING Groep NV lifted its position in NGL Energy Partners by 4.9% during the 4th quarter. ING Groep NV now owns 5,174,803 shares of the oil and gas company’s stock valued at $51,748,000 after purchasing an additional 243,000 shares during the period. 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.