NGL Energy Partners (NYSE:NGL) Shares Gap Down – Time to Sell?

NGL Energy Partners LP (NYSE:NGL)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $16.28, but opened at $15.55. NGL Energy Partners shares last traded at $17.0350, with a volume of 53,717 shares traded.

Wall Street Analyst Weigh In

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

NGL Energy Partners Stock Up 3.7%

The stock has a 50 day simple moving average of $14.65 and a two-hundred day simple moving average of $12.03. The stock has a market capitalization of $2.09 billion, a P/E ratio of 422.23 and a beta of 0.58.

NGL Energy Partners declared that its Board of Directors has approved a stock buyback program on Thursday, April 9th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the oil and gas company to repurchase up to 6.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NGL. ING Groep NV boosted its stake in shares of NGL Energy Partners by 229.7% during the 3rd quarter. ING Groep NV now owns 4,931,803 shares of the oil and gas company’s stock worth $29,591,000 after acquiring an additional 3,436,000 shares during the period. Angelo Gordon & CO. L.P. boosted its stake in shares of NGL Energy Partners by 291.7% during the 3rd quarter. Angelo Gordon & CO. L.P. now owns 2,504,447 shares of the oil and gas company’s stock worth $15,027,000 after acquiring an additional 1,865,003 shares during the period. Bank of America Corp DE boosted its stake in shares of 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 worth $70,373,000 after acquiring an additional 1,843,849 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of 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 acquiring an additional 651,779 shares during the period. Finally, BNP Paribas Financial Markets boosted its stake in shares of NGL Energy Partners by 2,963.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 292,261 shares of the oil and gas company’s stock worth $1,754,000 after acquiring an additional 282,721 shares during the period. 40.62% of the stock is currently owned by institutional investors.

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.