NGL Energy Partners (NYSE:NGL) Upgraded by Zacks Research to Strong-Buy Rating

Key Points

• Zacks Research upgraded NGL Energy Partners from a “hold” to a “strong-buy” rating, while Weiss Ratings separately lowered its view to “hold (c-)”. Overall, MarketBeat shows the stock with an average “Buy” rating.
• The company’s latest earnings were weak: NGL reported EPS of -$0.71, missing expectations, even though revenue of $949.51 million slightly topped estimates. The company also posted negative return on equity and net margin.
• NGL Energy Partners has authorized a $100 million share buyback, allowing repurchases of up to 6.1% of outstanding shares. The move may signal management believes the stock is undervalued.

NGL Energy Partners (NYSE:NGL - Get Free Report) was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Tuesday,Zacks.com reports.

Separately, Weiss Ratings downgraded NGL Energy Partners from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, NGL Energy Partners currently has an average rating of "Buy".

NGL Energy Partners Stock Performance

Shares of NYSE NGL opened at $15.24 on Tuesday. NGL Energy Partners has a fifty-two week low of $3.94 and a fifty-two week high of $18.80. The stock has a market cap of $1.90 billion, a PE ratio of -4.65 and a beta of 0.60. The stock has a fifty day moving average of $16.27 and a 200-day moving average of $13.47.

NGL Energy Partners (NYSE:NGL - Get Free Report) last issued its earnings results on Thursday, May 28th. The oil and gas company reported ($0.71) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.89). The company had revenue of $949.51 million during the quarter, compared to the consensus estimate of $941.52 million. NGL Energy Partners had a negative return on equity of 47.64% and a negative net margin of 4.51%. On average, sell-side analysts predict that NGL Energy Partners will post 0.82 EPS for the current year.

NGL Energy Partners declared that its Board of Directors has approved a stock buyback 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 leadership believes its stock is undervalued.

Institutional Trading of NGL Energy Partners

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE raised its position in shares of NGL Energy Partners by 18.7% in the 3rd 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 position in NGL Energy Partners by 9.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 7,522,370 shares of the oil and gas company's stock worth $75,224,000 after purchasing an additional 651,779 shares during the last quarter. Angelo Gordon & CO. L.P. purchased a new stake in NGL Energy Partners during the 2nd quarter worth approximately $2,730,000. BNP Paribas Financial Markets increased its stake in NGL Energy Partners by 2,963.5% during the 3rd 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 in the last quarter. Finally, ING Groep NV increased its stake in NGL Energy Partners by 4.9% during the 4th quarter. ING Groep NV now owns 5,174,803 shares of the oil and gas company's stock valued at $51,748,000 after purchasing an additional 243,000 shares in the last quarter. 40.62% of the stock is currently owned by institutional investors.

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.

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