NGL Energy Partners (NYSE:NGL) Raised to Strong-Buy at Zacks Research

NGL Energy Partners (NYSE:NGL) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Separately, Weiss Ratings lowered NGL Energy Partners from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy”.

NGL Energy Partners Trading Down 0.8%

Shares of NGL opened at $15.24 on Tuesday. The firm’s 50-day moving average price is $16.27 and its 200-day moving average price is $13.47. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of -4.65 and a beta of 0.60. NGL Energy Partners has a 1-year low of $3.94 and a 1-year high of $18.80.

NGL Energy Partners (NYSE:NGL) last released its quarterly earnings results on Thursday, May 28th. The oil and gas company reported ($0.71) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.89). NGL Energy Partners had a negative return on equity of 47.64% and a negative net margin of 4.51%.The company had revenue of $949.51 million during the quarter, compared to the consensus estimate of $941.52 million. On average, research analysts forecast that NGL Energy Partners will post 0.82 EPS for the current fiscal year.

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

Hedge Funds Weigh In On NGL Energy Partners

Several institutional investors and hedge funds have recently modified their holdings of the stock. CIBC Private Wealth Group LLC purchased a new stake in NGL Energy Partners during the 3rd quarter valued at about $70,000. CIBC Bancorp USA Inc. bought a new position in shares of NGL Energy Partners in the third quarter worth approximately $70,000. LPL Financial LLC bought a new position in shares of NGL Energy Partners in the fourth quarter worth approximately $120,000. Royal Bank of Canada grew its holdings in shares of NGL Energy Partners by 71.2% during the fourth quarter. Royal Bank of Canada now owns 14,454 shares of the oil and gas company’s stock valued at $145,000 after buying an additional 6,009 shares during the last quarter. Finally, Quartz Partners LLC grew its holdings in shares of NGL Energy Partners by 6.8% during the first quarter. Quartz Partners LLC now owns 16,504 shares of the oil and gas company’s stock valued at $203,000 after buying an additional 1,052 shares during the last quarter. 40.62% of the stock is currently 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.