NGL Energy Partners (NYSE:NGL) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of NGL Energy Partners (NYSE:NGL) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday,Zacks.com reports.

Separately, Weiss Ratings lowered NGL Energy Partners from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy”.

NGL Energy Partners Stock Performance

NGL Energy Partners stock opened at $15.24 on Tuesday. The stock has a 50-day simple moving average of $16.27 and a 200 day simple moving average of $13.47. The stock has a market capitalization of $1.90 billion, a P/E ratio of -4.65 and a beta of 0.60. NGL Energy Partners has a 52 week low of $3.94 and a 52 week high of $18.80.

NGL Energy Partners (NYSE:NGL) last released its quarterly earnings data 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). NGL Energy Partners had a negative net margin of 4.51% and a negative return on equity of 47.64%. The business had revenue of $949.51 million during the quarter, compared to the consensus estimate of $941.52 million. Research analysts forecast that NGL Energy Partners will post 0.82 earnings per share for the current year.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. lifted its position in NGL Energy Partners by 3.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,248,614 shares of the oil and gas company’s stock worth $23,829,000 after acquiring an additional 165,249 shares during the last quarter. Jump Financial LLC grew its position in shares of NGL Energy Partners by 223.4% in the second quarter. Jump Financial LLC now owns 224,779 shares of the oil and gas company’s stock valued at $960,000 after purchasing an additional 155,279 shares during the last quarter. Angelo Gordon & CO. L.P. acquired a new position in shares of NGL Energy Partners in the second quarter valued at approximately $2,730,000. Bank of America Corp DE increased its stake in shares of NGL Energy Partners by 8.8% during the second quarter. Bank of America Corp DE now owns 9,885,023 shares of the oil and gas company’s stock worth $42,209,000 after purchasing an additional 797,895 shares during the period. Finally, Massar Capital Management LP increased its stake in shares of 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 purchasing an additional 5,295 shares during the period. Institutional investors and hedge funds own 40.62% of the company’s stock.

About NGL Energy Partners

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.