NGL Energy Partners (NYSE:NGL) Trading 9.5% Higher – Here’s What Happened

NGL Energy Partners LP (NYSE:NGL) traded up 9.5% during trading on Thursday . The company traded as high as $4.60 and last traded at $4.61. 634,282 shares changed hands during mid-day trading, an increase of 41% from the average session volume of 450,013 shares. The stock had previously closed at $4.21.

NGL Energy Partners Price Performance

The stock has a market cap of $594.71 million, a price-to-earnings ratio of -1.94 and a beta of 1.71. The firm has a 50 day simple moving average of $5.06 and a two-hundred day simple moving average of $4.61.

NGL Energy Partners (NYSE:NGL) last announced its quarterly earnings results on Monday, February 10th. The oil and gas company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.25). NGL Energy Partners had a negative net margin of 2.87% and a positive return on equity of 77.15%. On average, sell-side analysts expect that NGL Energy Partners LP will post 0.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NGL Energy Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in NGL. Citigroup Inc. lifted its stake in NGL Energy Partners by 15.9% in the third quarter. Citigroup Inc. now owns 2,427,108 shares of the oil and gas company’s stock valued at $10,922,000 after buying an additional 333,531 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new stake in NGL Energy Partners in the 3rd quarter valued at $900,000. JPMorgan Chase & Co. boosted its stake in NGL Energy Partners by 3.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,008,565 shares of the oil and gas company’s stock worth $22,539,000 after purchasing an additional 154,098 shares during the period. Prescott Group Capital Management L.L.C. increased its holdings in NGL Energy Partners by 282.7% during the 4th quarter. Prescott Group Capital Management L.L.C. now owns 121,838 shares of the oil and gas company’s stock worth $608,000 after purchasing an additional 90,000 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of 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 valued at $98,039,000 after purchasing an additional 85,000 shares during the period. 40.62% of the stock is owned by 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.