NGL Energy Partners (NYSE:NGL) Hits New 52-Week High – Here’s What Happened

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

Wall Street Analyst Weigh In

NGL has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of NGL Energy Partners in a research report on Monday, April 27th. Zacks Research upgraded shares of NGL Energy Partners from a “strong sell” rating to a “hold” rating in a research note on Friday, April 10th. Two analysts have 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 Up 2.4%

The firm has a market cap of $2.07 billion, a PE ratio of 418.13 and a beta of 0.58. The company has a 50-day simple moving average of $12.97 and a two-hundred day simple moving average of $10.94.

NGL Energy Partners announced that its board has approved 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 stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of NGL Energy Partners

A number of large investors have recently added to or reduced their stakes in the stock. ING Groep NV raised its position 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 worth $29,591,000 after acquiring an additional 3,436,000 shares during the period. Angelo Gordon & CO. L.P. raised its holdings in shares of NGL Energy Partners by 291.7% in the 3rd quarter. Angelo Gordon & CO. L.P. now owns 2,504,447 shares of the oil and gas company’s stock worth $15,027,000 after purchasing an additional 1,865,003 shares during the period. Bank of America Corp DE lifted its stake in NGL Energy Partners by 18.7% in the third 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. grew its holdings 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 valued at $75,224,000 after purchasing an additional 651,779 shares during the period. Finally, BNP Paribas Financial Markets grew its holdings in NGL Energy Partners by 2,963.5% during 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 purchasing an additional 282,721 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.