NGL Energy Partners (NYSE:NGL) Shares Gap Up – Here’s What Happened

Shares of NGL Energy Partners LP (NYSE:NGL) 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.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut shares of NGL Energy Partners from a “buy” rating to a “hold” rating in a report on Monday, April 21st.

NGL Energy Partners Trading Up 11.0%

The company has a market cap of $586.12 million, a P/E ratio of -10.83 and a beta of 0.39. The stock’s 50 day moving average is $4.22 and its 200-day moving average is $4.15.

NGL Energy Partners (NYSE:NGL) last posted its earnings results on Thursday, August 7th. The oil and gas company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.16). The company had revenue of $622.16 million for the quarter, compared to the consensus estimate of $983.50 million. NGL Energy Partners had a net margin of 2.19% and a negative return on equity of 45.06%. As a group, sell-side analysts forecast that NGL Energy Partners LP will post -0.22 EPS for the current year.

Institutional Investors Weigh In On NGL Energy Partners

Several hedge funds and other institutional investors have recently made changes to their positions in NGL. Raymond James Financial Inc. purchased a new stake in NGL Energy Partners in the 4th quarter worth approximately $55,000. Invesco Ltd. increased its holdings in NGL Energy Partners by 0.4% in the 4th quarter. Invesco Ltd. now owns 19,647,133 shares of the oil and gas company’s stock worth $98,039,000 after acquiring an additional 85,000 shares in the last quarter. XTX Topco Ltd increased its holdings in NGL Energy Partners by 174.6% in the 4th quarter. XTX Topco Ltd now owns 27,933 shares of the oil and gas company’s stock worth $139,000 after acquiring an additional 17,759 shares in the last quarter. Two Sigma Securities LLC purchased a new stake in NGL Energy Partners in the 4th quarter worth approximately $59,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in NGL Energy Partners in the 4th quarter worth approximately $79,000. Hedge funds and other institutional investors own 40.62% of the company’s stock.

NGL Energy Partners Company Profile

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.