NGL Energy Partners (NYSE:NGL) Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of NGL Energy Partners (NYSE:NGL) from a strong-buy rating to a hold rating in a report released on Tuesday morning,Zacks reports.

Several other brokerages have also recently issued reports on NGL. Wall Street Zen raised NGL Energy Partners from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Weiss Ratings downgraded NGL Energy Partners from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, September 29th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce”.

NGL Energy Partners Trading Up 0.3%

Shares of NGL stock opened at $15.28 on Tuesday. NGL Energy Partners has a 12-month low of $6.02 and a 12-month high of $19.06. The stock’s 50-day moving average price is $16.80 and its 200-day moving average price is $15.82. The stock has a market capitalization of $1.91 billion, a price-to-earnings ratio of -5.38 and a beta of 0.84.

NGL Energy Partners (NYSE:NGL) last posted its earnings results on Tuesday, August 4th. The oil and gas company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.37. The company had revenue of $989.99 million for the quarter, compared to the consensus estimate of $346.13 million. NGL Energy Partners had a negative return on equity of 39.51% and a negative net margin of 3.76%. As a group, research analysts predict that NGL Energy Partners will post 1.38 EPS for the current fiscal year.

Insider Activity at NGL Energy Partners

In other NGL Energy Partners news, CEO H. Krimbill sold 300,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $17.00, for a total transaction of $5,100,000.00. Following the sale, the chief executive officer directly owned 3,378,615 shares of the company’s stock, valued at $57,436,455. The trade was a 8.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John T. Raymond acquired 300,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The shares were bought at an average price of $16.98 per share, for a total transaction of $5,094,000.00. Following the completion of the transaction, the director owned 376,626 shares of the company’s stock, valued at approximately $6,395,109.48. This trade represents a 391.51% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders acquired 339,923 shares of company stock valued at $5,750,003. Insiders own 7.30% of the company’s stock.

Hedge Funds Weigh In On NGL Energy Partners

A number of institutional investors and hedge funds have recently modified their holdings of NGL. Cetera Investment Advisers increased its position in shares of NGL Energy Partners by 2.6% during the 1st quarter. Cetera Investment Advisers now owns 250,049 shares of the oil and gas company’s stock valued at $3,083,000 after purchasing an additional 6,380 shares during the last quarter. Tidal Investments LLC lifted its position in NGL Energy Partners by 4.9% in the second quarter. Tidal Investments LLC now owns 94,443 shares of the oil and gas company’s stock worth $1,504,000 after buying an additional 4,440 shares during the last quarter. Carter Financial Group INC. lifted its position in NGL Energy Partners by 3.1% in the second quarter. Carter Financial Group INC. now owns 66,889 shares of the oil and gas company’s stock worth $1,066,000 after buying an additional 2,000 shares during the last quarter. Redwood Family Wealth LLC purchased a new position in NGL Energy Partners during the fourth quarter worth $549,000. Finally, State of Wyoming boosted its stake in NGL Energy Partners by 156.2% during the first quarter. State of Wyoming now owns 44,173 shares of the oil and gas company’s stock worth $545,000 after buying an additional 26,930 shares during the period. Hedge funds and other 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 energy services in the United States. The company’s operations support producers, refiners, marketers and other participants in the energy industry through the transportation, handling, storage and disposal of crude oil, produced water and other energy-related liquids.

NGL’s Water Solutions business gathers, transports, treats, recycles and disposes of produced water generated during oil and natural gas production.