NGL Energy Partners (NYSE:NGL) Hits New 12-Month High - Here's Why

Key Points

• 52-week high: NGL Energy Partners shares traded as high as $14.87 (last $14.73) in mid‑day trading and were up about 4.5% on the session with ~11,375 shares changing hands.
• $100 million stock repurchase plan: The board authorized a buyback that can repurchase up to 6.1% of outstanding shares, a move management says often signals they view the stock as undervalued.
• Analyst stance and financials: The consensus rating is “Hold”; the company recently missed EPS ($0.10 vs. $0.16 expected) while beating revenue, has a market cap ~ $1.87 billion and an elevated P/E (378.34) alongside negative return on equity.

NGL Energy Partners LP (NYSE:NGL - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $14.87 and last traded at $14.7310, with a volume of 11375 shares traded. The stock had previously closed at $14.48.

Wall Street Analysts Forecast Growth

NGL has been the topic of a number of research analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of NGL Energy Partners in a report on Wednesday, January 28th. Zacks Research raised shares of NGL Energy Partners from a "strong sell" rating to a "hold" rating in a report on Friday, April 10th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of "Hold".

NGL Energy Partners Trading Up 4.5%

The business's fifty day simple moving average is $12.49 and its 200 day simple moving average is $10.52. The stock has a market cap of $1.87 billion, a P/E ratio of 378.34 and a beta of 0.39.

NGL Energy Partners (NYSE:NGL - Get Free Report) last issued its quarterly earnings data on Tuesday, February 3rd. The oil and gas company reported $0.10 EPS for the quarter, missing analysts' consensus estimates of $0.16 by ($0.06). The company had revenue of $909.82 million for the quarter, compared to the consensus estimate of $700.76 million. NGL Energy Partners had a negative return on equity of 66.52% and a net margin of 5.01%. On average, analysts predict that NGL Energy Partners LP will post 0.03 earnings per share for the current fiscal year.

NGL Energy Partners declared that its Board of Directors has initiated a stock repurchase plan on Thursday, April 9th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the oil and gas company to buy up to 6.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of NGL. Goldman Sachs Group Inc. boosted its stake in shares of NGL Energy Partners by 3.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,248,614 shares of the oil and gas company's stock valued at $23,829,000 after purchasing an additional 165,249 shares during the last quarter. Jump Financial LLC boosted its stake in shares of NGL Energy Partners by 223.4% in the 2nd quarter. Jump Financial LLC now owns 224,779 shares of the oil and gas company's stock valued at $960,000 after purchasing an additional 155,279 shares during the last quarter. Angelo Gordon & CO. L.P. bought a new position in shares of NGL Energy Partners in the 2nd quarter valued at about $2,730,000. Bank of America Corp DE boosted its stake in shares of NGL Energy Partners by 8.8% in the 2nd quarter. Bank of America Corp DE now owns 9,885,023 shares of the oil and gas company's stock valued at $42,209,000 after purchasing an additional 797,895 shares during the last quarter. Finally, Massar Capital Management LP boosted its stake in shares of 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 valued at $120,000 after purchasing an additional 5,295 shares during the last quarter. Institutional investors own 40.62% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.