Zacks Investment Research lowered shares of Ngl Energy Partners Lp (NYSE:NGL) from a hold rating to a sell rating in a research note released on Friday morning.
According to Zacks, “NGL Energy Partners LP is a limited partnership operating a vertically-integrated propane business with three operating segments: retail propane; wholesale supply and marketing; and midstream. The Retail Propane segment engages in retail marketing, sale, and distribution of propane, including the sale and lease of propane tanks, equipment, and supplies to residential, agricultural, commercial, and industrial customers through customer service locations. The Wholesale Supply and Marketing segment supplies propane and other natural gas liquids, as well as provides related storage to retailers, wholesalers, and refiners. The Midstream segment involves in the delivery of propane from pipelines or trucks to propane terminals and transfers the propane to third-party transport trucks for delivery to retailers, wholesalers, or other consumers. NGL Energy Partners LP is headquartered in Tulsa, Oklahoma. “
Several other equities analysts have also recently issued reports on the company. Royal Bank Of Canada reaffirmed an outperform rating and issued a $16.00 price objective (up from $14.00) on shares of Ngl Energy Partners Lp in a research report on Tuesday, November 7th. Stifel Nicolaus reaffirmed a hold rating and issued a $10.00 price objective on shares of Ngl Energy Partners Lp in a research report on Sunday, October 29th. TheStreet cut Ngl Energy Partners Lp from a c- rating to a d+ rating in a research report on Tuesday, August 15th. UBS AG decreased their target price on shares of Ngl Energy Partners Lp from $18.00 to $14.00 and set a buy rating for the company in a research note on Friday, August 4th. Finally, BidaskClub lowered shares of Ngl Energy Partners Lp from a sell rating to a strong sell rating in a research note on Thursday, July 27th. Three analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Ngl Energy Partners Lp currently has an average rating of Hold and a consensus target price of $17.50.
Shares of Ngl Energy Partners Lp (NYSE NGL) opened at $12.26 on Friday. The company has a current ratio of 1.56, a quick ratio of 0.99 and a debt-to-equity ratio of 1.69. Ngl Energy Partners Lp has a 12-month low of $8.57 and a 12-month high of $25.80.
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Ngl Energy Partners Lp announced that its Board of Directors has initiated a share buyback program on Tuesday, August 29th that allows the company to repurchase $15.00 million in shares. This repurchase authorization allows the oil and gas company to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 14th. Stockholders of record on Monday, November 6th will be paid a $0.39 dividend. The ex-dividend date is Friday, November 3rd. This represents a $1.56 annualized dividend and a dividend yield of 12.73%. Ngl Energy Partners Lp’s dividend payout ratio (DPR) is -74.29%.
In other Ngl Energy Partners Lp news, CEO H Michael Krimbill purchased 75,000 shares of the business’s stock in a transaction on Monday, September 11th. The stock was acquired at an average price of $8.86 per share, for a total transaction of $664,500.00. Following the purchase, the chief executive officer now owns 814,417 shares of the company’s stock, valued at approximately $7,215,734.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
A number of hedge funds have recently modified their holdings of the business. Wells Fargo & Company MN increased its stake in Ngl Energy Partners Lp by 155.4% in the 3rd quarter. Wells Fargo & Company MN now owns 612,210 shares of the oil and gas company’s stock worth $7,071,000 after buying an additional 372,523 shares in the last quarter. HITE Hedge Asset Management LLC boosted its holdings in shares of Ngl Energy Partners Lp by 414.8% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 2,818,082 shares of the oil and gas company’s stock valued at $32,549,000 after purchasing an additional 2,270,714 shares during the last quarter. Evergreen Capital Management LLC boosted its holdings in shares of Ngl Energy Partners Lp by 28.3% during the 3rd quarter. Evergreen Capital Management LLC now owns 761,200 shares of the oil and gas company’s stock valued at $8,792,000 after purchasing an additional 168,110 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Ngl Energy Partners Lp by 2.9% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 2,346,190 shares of the oil and gas company’s stock valued at $27,098,000 after purchasing an additional 66,536 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Ngl Energy Partners Lp by 34.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,352,179 shares of the oil and gas company’s stock valued at $25,874,000 after purchasing an additional 599,612 shares during the last quarter. Institutional investors and hedge funds own 61.19% of the company’s stock.
Ngl Energy Partners Lp Company Profile
NGL Energy Partners LP owns and operates a vertically integrated energy business. The Company’s segments are crude oil logistics, water solutions, liquids, retail propane, refined products and renewables, and corporate and other. Its crude oil logistics segment includes owned and leased crude oil storage terminals, and owned and leased pipeline injection stations.
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