Zacks Research Downgrades NGL Energy Partners (NYSE:NGL) to Strong Sell

NGL Energy Partners (NYSE:NGL) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Thursday,Zacks.com reports.

Separately, Weiss Ratings restated a “hold (c)” rating on shares of NGL Energy Partners in a research note on Wednesday, January 28th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce”.

NGL Energy Partners Trading Up 2.0%

Shares of NGL opened at $11.22 on Thursday. The business’s 50-day moving average price is $11.20 and its 200 day moving average price is $8.96. The stock has a market capitalization of $1.39 billion, a P/E ratio of 280.57 and a beta of 0.34. NGL Energy Partners has a 1-year low of $2.64 and a 1-year high of $13.00.

NGL Energy Partners (NYSE:NGL) last released its quarterly earnings data on Tuesday, February 3rd. The oil and gas company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.06). The company had revenue of $909.82 million during the quarter, compared to analyst estimates of $700.76 million. NGL Energy Partners had a net margin of 5.01% and a negative return on equity of 66.52%. On average, research analysts predict that NGL Energy Partners will post -0.22 earnings per share for the current year.

Hedge Funds Weigh In On NGL Energy Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in NGL. ING Groep NV lifted its holdings in NGL Energy Partners by 229.7% during the third 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 in the last quarter. Angelo Gordon & CO. L.P. lifted its stake in NGL Energy Partners by 291.7% in the third quarter. Angelo Gordon & CO. L.P. now owns 2,504,447 shares of the oil and gas company’s stock valued at $15,027,000 after acquiring an additional 1,865,003 shares during the last quarter. Bank of America Corp DE lifted its stake in NGL Energy Partners by 18.7% in 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 during the last quarter. Goldman Sachs Group Inc. increased its position in NGL Energy Partners by 9.5% during the fourth 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 during the last quarter. Finally, BNP Paribas Financial Markets raised its stake 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 valued at $1,754,000 after buying an additional 282,721 shares during the period. 40.62% of the stock is 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.