NGL Energy Partners (NYSE:NGL) Trading Down 7% – What’s Next?

NGL Energy Partners LP (NYSE:NGL) shares were down 7% during mid-day trading on Wednesday . The company traded as low as $9.25 and last traded at $9.0850. Approximately 172,023 shares changed hands during trading, an increase of 27% from the average daily volume of 135,633 shares. The stock had previously closed at $9.77.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of NGL Energy Partners in a report on Friday, October 31st. One analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of “Hold”.

NGL Energy Partners Stock Performance

The stock has a market cap of $1.14 billion, a P/E ratio of -50.69 and a beta of 0.29. The business has a 50 day simple moving average of $9.44 and a 200-day simple moving average of $6.72.

NGL Energy Partners (NYSE:NGL) last issued its quarterly earnings results on Tuesday, November 4th. The oil and gas company reported $0.02 earnings per share for the quarter. The company had revenue of $674.68 million for the quarter, compared to the consensus estimate of $508.49 million. NGL Energy Partners had a net margin of 3.29% and a negative return on equity of 53.56%. On average, sell-side analysts predict that NGL Energy Partners LP will post -0.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NGL Energy Partners

Several large investors have recently modified their holdings of the stock. Bank of America Corp DE raised its holdings in shares of 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 worth $70,373,000 after purchasing an additional 1,843,849 shares during the period. Goldman Sachs Group Inc. increased its position in NGL Energy Partners by 3.3% in 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 buying an additional 165,249 shares during the last quarter. ING Groep NV raised its stake in shares of 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 buying an additional 3,436,000 shares during the period. Angelo Gordon & CO. L.P. lifted its position 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 valued at $15,027,000 after buying an additional 1,865,003 shares during the last quarter. Finally, Prescott Group Capital Management L.L.C. grew its stake in shares of NGL Energy Partners by 713.1% during the 2nd quarter. Prescott Group Capital Management L.L.C. now owns 990,638 shares of the oil and gas company’s stock worth $4,230,000 after acquiring an additional 868,800 shares during the period. Hedge funds and other institutional investors own 40.62% of the company’s stock.

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.