Zacks Investment Research upgraded shares of NGL Energy Partners (NYSE:NGL) from a hold rating to a buy rating in a research note published on Tuesday, Zacks.com reports. Zacks Investment Research currently has $12.00 price target on the oil and gas company’s stock.
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 research analysts have also weighed in on NGL. Piper Jaffray Companies assumed coverage on NGL Energy Partners in a report on Wednesday, July 17th. They issued a neutral rating and a $17.00 price objective for the company. UBS Group lowered NGL Energy Partners from a buy rating to a neutral rating and decreased their price objective for the stock from $17.00 to $13.50 in a report on Tuesday, October 8th. ValuEngine lowered NGL Energy Partners from a sell rating to a strong sell rating in a report on Tuesday. Finally, Raymond James reissued an outperform rating and issued a $15.00 price objective (down previously from $17.00) on shares of NGL Energy Partners in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $14.79.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, November 7th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 15.43%. The ex-dividend date of this dividend was Wednesday, November 6th. NGL Energy Partners’s dividend payout ratio (DPR) is currently -123.81%.
In related news, Director James M. Collingsworth bought 6,250 shares of the business’s stock in a transaction on Monday, August 19th. The stock was acquired at an average price of $13.25 per share, for a total transaction of $82,812.50. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Invesco Ltd. boosted its stake in NGL Energy Partners by 11,053.5% in the 2nd 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 period. Alps Advisors Inc. boosted its stake in NGL Energy Partners by 38.4% in the 3rd 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 period. JPMorgan Chase & Co. boosted its stake in NGL Energy Partners by 5.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,278,498 shares of the oil and gas company’s stock worth $47,768,000 after purchasing an additional 170,262 shares during the period. Bank of Montreal Can boosted its stake in NGL Energy Partners by 0.8% in the 2nd quarter. Bank of Montreal Can now owns 2,046,259 shares of the oil and gas company’s stock worth $30,223,000 after purchasing an additional 15,659 shares during the period. Finally, Infrastructure Capital Advisors LLC boosted its stake in NGL Energy Partners by 2.0% in the 2nd quarter. Infrastructure Capital Advisors LLC now owns 936,531 shares of the oil and gas company’s stock worth $13,898,000 after purchasing an additional 17,936 shares during the period. Institutional investors and hedge funds own 63.92% 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for NGL Energy Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NGL Energy Partners and related companies with MarketBeat.com's FREE daily email newsletter.