NGL Energy Partners (NYSE:NGL) Shares Gap Up - What's Next?

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)'s stock price 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 traded.

Analyst Upgrades and Downgrades

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

NGL Energy Partners Price Performance

The firm has a fifty day simple moving average of $4.20 and a 200-day simple moving average of $4.16. The firm has a market cap of $567.00 million, a P/E ratio of -7.28 and a beta of 0.39.

NGL Energy Partners (NYSE:NGL - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The oil and gas company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.06. NGL Energy Partners had a net margin of 0.75% and a negative return on equity of 47.87%. The business had revenue of $971.07 million for the quarter, compared to analysts' expectations of $1.05 billion. On average, equities analysts predict that NGL Energy Partners LP will post -0.22 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NGL. Prescott Group Capital Management L.L.C. lifted its holdings in NGL Energy Partners by 713.1% during the second quarter. Prescott Group Capital Management L.L.C. now owns 990,638 shares of the oil and gas company's stock valued at $4,230,000 after purchasing an additional 868,800 shares during the last quarter. ELCO Management Co. LLC increased its stake in NGL Energy Partners by 26.2% in the second quarter. ELCO Management Co. LLC now owns 197,580 shares of the oil and gas company's stock valued at $844,000 after acquiring an additional 40,960 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in shares of NGL Energy Partners by 37.5% during the 2nd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 275,000 shares of the oil and gas company's stock valued at $1,174,000 after buying an additional 75,000 shares in the last quarter. Windsor Advisory Group LLC purchased a new position in shares of NGL Energy Partners during the first quarter worth approximately $45,000. Finally, Goldman Sachs Group Inc. raised its position in 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 worth $23,829,000 after purchasing an additional 165,249 shares during the period. 40.62% of the stock is owned by institutional investors.

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.

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