Bank of America Corp DE Sells 2,065,788 Shares of NGL Energy Partners LP $NGL

Key Points

• Bank of America cut its NGL Energy Partners stake by 20% in the first quarter, selling 2.07 million shares. It retained 8.28 million shares, representing about 6.68% of NGL and valued at approximately $102 million.
• NGL shares opened at $16.97, near the upper end of their 52-week range of $4.22 to $18.80. The company recently reported adjusted earnings of $0.48 per share, exceeding analysts’ $0.11 estimate, while revenue reached $989.99 million.
• Analyst sentiment is generally positive: Zacks Research and Wall Street Zen upgraded the stock, while Weiss Ratings maintained a hold-equivalent view. Based on available coverage, NGL has an average rating of “Buy.”

Bank of America Corp DE reduced its stake in NGL Energy Partners LP (NYSE:NGL - Free Report) by 20.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,275,036 shares of the oil and gas company's stock after selling 2,065,788 shares during the quarter. Bank of America Corp DE owned approximately 6.68% of NGL Energy Partners worth $102,031,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. CIBC Private Wealth Group LLC purchased a new position in NGL Energy Partners during the third quarter valued at approximately $70,000. CIBC Bancorp USA Inc. purchased a new position in shares of NGL Energy Partners during the 3rd quarter valued at $70,000. LPL Financial LLC purchased a new position in shares of NGL Energy Partners during the 4th quarter valued at $120,000. Massar Capital Management LP boosted its holdings in NGL Energy Partners by 23.2% in the 2nd quarter. Massar Capital Management LP now owns 28,143 shares of the oil and gas company's stock worth $120,000 after buying an additional 5,295 shares during the period. Finally, State of Wyoming increased its stake in NGL Energy Partners by 184.0% in the 2nd quarter. State of Wyoming now owns 32,202 shares of the oil and gas company's stock worth $138,000 after buying an additional 20,864 shares in the last quarter. 40.62% of the stock is currently owned by hedge funds and other institutional investors.

NGL Energy Partners Stock Performance

NGL stock opened at $16.97 on Friday. NGL Energy Partners LP has a one year low of $4.22 and a one year high of $18.80. The firm has a 50-day simple moving average of $15.83 and a two-hundred day simple moving average of $14.18. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of -5.97 and a beta of 0.63.

NGL Energy Partners (NYSE:NGL - Get Free Report) last issued its earnings results on Tuesday, August 4th. The oil and gas company reported $0.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.37. The company had revenue of $989.99 million during the quarter, compared to analyst estimates of $346.13 million. NGL Energy Partners had a negative return on equity of 39.51% and a negative net margin of 3.76%. As a group, equities analysts predict that NGL Energy Partners LP will post 0.82 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on NGL shares. Zacks Research raised shares of NGL Energy Partners from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 14th. Wall Street Zen upgraded shares of NGL Energy Partners from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, 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 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.com, the stock has an average rating of "Buy".

NGL Energy Partners 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.

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