NGL Energy Partners (NYSE:NGL) Shares Gap Up - Here's What Happened

Key Points

• NGL Energy Partners shares experienced a significant increase, gapping up from a previous close of $4.00 to an opening price of $4.47, before settling at $4.35 with a trading volume of 260,494 shares.
• In a notable downgrade, Wall Street Zen changed its rating for NGL Energy Partners from "buy" to "hold" earlier this week, indicating a cautious outlook for the stock.
• The company reported quarterly earnings of $0.07 per share, surpassing estimates, but its revenue of $971.07 million fell short of the projected $1.05 billion.

NGL Energy Partners LP (NYSE:NGL - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $4.00, but opened at $4.47. NGL Energy Partners shares last traded at $4.35, with a volume of 260,494 shares changing hands.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded NGL Energy Partners from a "buy" rating to a "hold" rating in a report on Monday, April 21st.

NGL Energy Partners Stock Up 4.3%

The business has a fifty day simple moving average of $4.24 and a two-hundred day simple moving average of $4.14. The company has a market capitalization of $618.67 million, a price-to-earnings ratio of -11.80 and a beta of 0.39.

NGL Energy Partners (NYSE:NGL - Get Free Report) last announced its earnings results on Thursday, August 7th. The oil and gas company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.16). The business had revenue of $622.16 million during the quarter, compared to analyst estimates of $983.50 million. NGL Energy Partners had a negative return on equity of 43.75% and a net margin of 2.19%. As a group, equities analysts predict that NGL Energy Partners LP will post -0.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Invesco Ltd. lifted its holdings in NGL Energy Partners by 0.4% during the 4th quarter. Invesco Ltd. now owns 19,647,133 shares of the oil and gas company's stock worth $98,039,000 after buying an additional 85,000 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of NGL Energy Partners by 27.3% in the 4th quarter. Bank of America Corp DE now owns 6,812,752 shares of the oil and gas company's stock valued at $33,996,000 after purchasing an additional 1,461,754 shares during the period. Goldman Sachs Group Inc. lifted 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 period. Citigroup Inc. lifted its stake in shares of NGL Energy Partners by 8.2% in the 1st quarter. Citigroup Inc. now owns 2,624,890 shares of the oil and gas company's stock valued at $11,917,000 after purchasing an additional 199,770 shares during the period. Finally, ING Groep NV lifted its stake in shares of NGL Energy Partners by 8.4% in the 1st quarter. ING Groep NV now owns 1,325,803 shares of the oil and gas company's stock valued at $6,019,000 after purchasing an additional 103,000 shares during the period. Institutional investors and hedge funds own 40.62% of the company's stock.

About NGL Energy Partners

NGL Energy Partners LP engages in the transportation, storage, blending, and marketing of crude oil, natural gas liquids, refined products / renewables, and water solutions. The company operates in three segments: Water Solutions, Crude Oil Logistics, and Liquids Logistics. The Water Solutions segment transports, treats, recycles, and disposes produced and flowback water generated from oil and natural gas production; aggregates and sells recovered crude oil; disposes solids, such as tank bottoms, and drilling fluid and muds, as well as performs truck and frac tank washouts; and sells produced water for reuse and recycle, and brackish non-potable water.