NGL Energy Partners LP (NYSE:NGL) was the target of a significant decline in short interest in December. As of December 31st, there was short interest totalling 6,430,000 shares, a decline of 8.5% from the December 15th total of 7,030,000 shares. Approximately 5.6% of the company’s stock are sold short. Based on an average daily trading volume, of 1,030,000 shares, the days-to-cover ratio is currently 6.2 days.
Several equities research analysts recently weighed in on the company. Zacks Investment Research cut NGL Energy Partners from a “buy” rating to a “hold” rating in a research note on Thursday. UBS Group cut NGL Energy Partners from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $17.00 to $13.50 in a research note on Tuesday, October 8th. ValuEngine upgraded NGL Energy Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, January 7th. Wells Fargo & Co restated a “hold” rating on shares of NGL Energy Partners in a research note on Monday, December 9th. Finally, Raymond James restated an “outperform” rating and set a $15.00 target price (down previously from $17.00) on shares of NGL Energy Partners in a research note on Monday, November 11th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $13.90.
NYSE NGL traded up $0.10 on Thursday, reaching $11.98. The stock had a trading volume of 276,510 shares, compared to its average volume of 842,139. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.94 and a current ratio of 1.18. NGL Energy Partners has a 12-month low of $9.23 and a 12-month high of $15.71. The business’s 50-day moving average price is $11.01 and its 200 day moving average price is $12.58. The stock has a market cap of $1.53 billion, a P/E ratio of -9.51 and a beta of 1.04.
In other NGL Energy Partners news, Director James M. Collingsworth bought 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average price of $10.11 per share, for a total transaction of $505,500.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO H Michael Krimbill bought 30,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were acquired at an average price of $9.95 per share, with a total value of $298,500.00. Following the purchase, the chief executive officer now owns 1,193,672 shares of the company’s stock, valued at $11,877,036.40. The disclosure for this purchase can be found here.
Hedge funds and other institutional investors have recently modified their holdings of the business. Invesco Ltd. raised its stake in shares of NGL Energy Partners by 11,053.5% during the second quarter. Invesco Ltd. now owns 21,007,430 shares of the oil and gas company’s stock worth $310,279,000 after purchasing an additional 20,819,081 shares during the last quarter. Alps Advisors Inc. raised its stake in shares of NGL Energy Partners by 38.4% during the third quarter. Alps Advisors Inc. now owns 14,063,184 shares of the oil and gas company’s stock worth $195,619,000 after purchasing an additional 3,900,561 shares during the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of NGL Energy Partners by 1,667.7% during the third quarter. CIBC Private Wealth Group LLC now owns 342,757 shares of the oil and gas company’s stock worth $4,768,000 after purchasing an additional 323,367 shares during the last quarter. Biltmore Capital Advisors LLC raised its stake in shares of NGL Energy Partners by 100.0% during the third quarter. Biltmore Capital Advisors LLC now owns 400,000 shares of the oil and gas company’s stock worth $5,564,000 after purchasing an additional 200,000 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new stake in shares of NGL Energy Partners during the third quarter worth approximately $546,000. Institutional investors own 60.53% of the company’s stock.
About NGL Energy Partners
NGL Energy Partners LP, together with its subsidiaries, engages in the crude oil logistics, water solutions, liquids, retail propane, and refined products and renewables businesses. The Crude Oil Logistics segment purchases crude oil from producers and transports it to refineries for resale at pipeline injection stations, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs; and provides storage, terminaling, trucking, marine, and pipeline transportation services.
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