NGL Energy Partners (NYSE:NGL) Shares Gap Down – Here’s Why

NGL Energy Partners LP (NYSE:NGL)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $4.68, but opened at $4.50. NGL Energy Partners shares last traded at $4.66, with a volume of 168,749 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of NGL Energy Partners from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th.

NGL Energy Partners Stock Performance

The stock has a market cap of $613.20 million, a P/E ratio of -1.84 and a beta of 1.73. The firm has a 50-day moving average price of $4.93 and a 200-day moving average price of $4.71.

NGL Energy Partners (NYSE:NGL) last announced its quarterly earnings data on Monday, February 10th. The oil and gas company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.25). NGL Energy Partners had a negative net margin of 3.57% and a negative return on equity of 29.77%. On average, research analysts predict that NGL Energy Partners LP will post -0.22 earnings per share for the current year.

Insider Activity

In other NGL Energy Partners news, CEO H Michael Krimbill acquired 15,000 shares of NGL Energy Partners stock in a transaction that occurred on Thursday, February 13th. The stock was bought at an average cost of $4.49 per share, for a total transaction of $67,350.00. Following the acquisition, the chief executive officer now owns 603,000 shares of the company’s stock, valued at $2,707,470. This represents a 2.55 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. XTX Topco Ltd purchased a new stake in NGL Energy Partners in the third quarter worth approximately $46,000. Raymond James Financial Inc. bought a new position in shares of NGL Energy Partners during the 4th quarter valued at $55,000. one8zero8 LLC purchased a new position in shares of NGL Energy Partners in the 4th quarter worth $58,000. Two Sigma Securities LLC purchased a new position in shares of NGL Energy Partners in the 4th quarter worth $59,000. Finally, Mercer Global Advisors Inc. ADV bought a new position in NGL Energy Partners in the fourth quarter valued at about $61,000. 40.62% of the stock is owned by hedge funds and other 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.