Ngl Energy Partners Lp (NGL) to Issue Quarterly Dividend of $0.39 on November 14th
Ngl Energy Partners Lp (NYSE:NGL) declared a quarterly dividend on Friday, October 20th, Wall Street Journal reports. Shareholders of record on Monday, November 6th will be given a dividend of 0.39 per share by the oil and gas company on Tuesday, November 14th. This represents a $1.56 dividend on an annualized basis and a yield of 13.39%. The ex-dividend date is Friday, November 3rd.
Ngl Energy Partners Lp has decreased its dividend payment by an average of 2.4% per year over the last three years. Ngl Energy Partners Lp has a dividend payout ratio of -346.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Ngl Energy Partners Lp to earn $0.36 per share next year, which means the company may not be able to cover its $1.56 annual dividend with an expected future payout ratio of 433.3%.
Ngl Energy Partners Lp (NYSE:NGL) last posted its earnings results on Thursday, August 3rd. The oil and gas company reported ($0.59) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.38) by ($0.21). Ngl Energy Partners Lp had a negative return on equity of 5.00% and a negative net margin of 0.73%. The firm had revenue of $3.78 billion during the quarter, compared to the consensus estimate of $2.59 billion.
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NGL has been the topic of several analyst reports. Stifel Nicolaus reaffirmed a “hold” rating and issued a $13.00 target price on shares of Ngl Energy Partners Lp in a report on Wednesday, July 19th. BidaskClub lowered shares of Ngl Energy Partners Lp from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Wells Fargo & Company lowered shares of Ngl Energy Partners Lp from an “outperform” rating to a “market perform” rating in a report on Monday, July 17th. Zacks Investment Research raised shares of Ngl Energy Partners Lp from a “sell” rating to a “hold” rating in a report on Tuesday, September 19th. Finally, Royal Bank Of Canada lowered their target price on shares of Ngl Energy Partners Lp from $20.00 to $14.00 and set an “outperform” rating on the stock in a report on Friday, August 4th. Two analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $17.17.
Ngl Energy Partners Lp announced that its board has authorized a stock buyback program on Tuesday, August 29th that permits the company to repurchase $15.00 million in outstanding shares. This repurchase authorization permits the oil and gas company to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
In related news, CEO H Michael Krimbill acquired 75,000 shares of the firm’s stock in a transaction on Monday, September 11th. The shares were purchased at an average price of $8.86 per share, with a total value of $664,500.00. Following the acquisition, the chief executive officer now directly owns 814,417 shares in the company, valued at $7,215,734.62. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link.
A hedge fund recently raised its stake in Ngl Energy Partners Lp stock. Northern Trust Corp grew its holdings in Ngl Energy Partners Lp (NYSE:NGL) by 3.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 43,224 shares of the oil and gas company’s stock after purchasing an additional 1,515 shares during the quarter. Northern Trust Corp’s holdings in Ngl Energy Partners Lp were worth $605,000 at the end of the most recent reporting period. 68.85% of the stock is currently owned by institutional investors and hedge funds.
About Ngl Energy Partners Lp
NGL Energy Partners LP owns and operates a vertically integrated energy business. The Company’s segments are crude oil logistics, water solutions, liquids, retail propane, refined products and renewables, and corporate and other. Its crude oil logistics segment includes owned and leased crude oil storage terminals, and owned and leased pipeline injection stations.
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