NGL Energy Partners (NYSE:NGL) Sets New 52-Week High – What’s Next?

NGL Energy Partners LP (NYSE:NGL) shares hit a new 52-week high during trading on Monday . The company traded as high as $16.70 and last traded at $16.70, with a volume of 131654 shares traded. The stock had previously closed at $16.33.

Analyst Upgrades and Downgrades

A number of research analysts have commented 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 MarketBeat, the stock has a consensus rating of “Hold”.

NGL Energy Partners Price Performance

The firm has a market capitalization of $2.08 billion, a PE ratio of 419.48 and a beta of 0.58. The stock has a 50-day moving average price of $13.33 and a 200-day moving average price of $11.22.

NGL Energy Partners announced that its Board of Directors has initiated a share buyback program on Thursday, April 9th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the oil and gas company to purchase up to 6.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Institutional Trading of NGL Energy Partners

Hedge funds and other institutional investors have recently bought and sold shares of the company. Lee Financial Co acquired a new position in NGL Energy Partners in the third quarter valued at approximately $678,000. Angelo Gordon & CO. L.P. boosted 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 period. ING Groep NV boosted its stake in NGL Energy Partners by 229.7% in the third quarter. ING Groep NV now owns 4,931,803 shares of the oil and gas company’s stock valued at $29,591,000 after acquiring an additional 3,436,000 shares during the period. Osaic Holdings Inc. boosted its stake in NGL Energy Partners by 186.2% in the fourth quarter. Osaic Holdings Inc. now owns 20,348 shares of the oil and gas company’s stock valued at $203,000 after acquiring an additional 13,238 shares during the period. Finally, State of Wyoming boosted its stake in NGL Energy Partners by 184.0% in the second quarter. State of Wyoming now owns 32,202 shares of the oil and gas company’s stock valued at $138,000 after acquiring an additional 20,864 shares during the period. 40.62% of the stock is owned by institutional investors.

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.