Commonwealth Equity Services Inc Takes Position in Ngl Energy Partners Lp (NGL)
Commonwealth Equity Services Inc purchased a new position in Ngl Energy Partners Lp (NYSE:NGL) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,215 shares of the oil and gas company’s stock, valued at approximately $117,000.
A number of other institutional investors and hedge funds also recently modified their holdings of NGL. Alliancebernstein L.P. grew its position in shares of Ngl Energy Partners by 40.6% during the first quarter. Alliancebernstein L.P. now owns 20,841 shares of the oil and gas company’s stock worth $471,000 after purchasing an additional 6,018 shares in the last quarter. US Bancorp DE grew its position in shares of Ngl Energy Partners by 7.8% during the second quarter. US Bancorp DE now owns 18,669 shares of the oil and gas company’s stock worth $261,000 after purchasing an additional 1,350 shares in the last quarter. Duff & Phelps Investment Management Co. grew its position in shares of Ngl Energy Partners by 86.8% during the second quarter. Duff & Phelps Investment Management Co. now owns 1,560,000 shares of the oil and gas company’s stock worth $21,840,000 after purchasing an additional 725,000 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Ngl Energy Partners during the second quarter worth about $1,764,000. Finally, Alps Advisors Inc. grew its position in shares of Ngl Energy Partners by 5.5% during the second quarter. Alps Advisors Inc. now owns 8,150,982 shares of the oil and gas company’s stock worth $114,114,000 after purchasing an additional 427,126 shares in the last quarter. Institutional investors and hedge funds own 63.84% of the company’s stock.
In other news, CFO Robert W. Karlovich III purchased 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The stock was bought at an average cost of $11.66 per share, with a total value of $116,600.00. Following the completion of the purchase, the chief financial officer now owns 99,320 shares in the company, valued at $1,158,071.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO H Michael Krimbill purchased 75,000 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The shares were purchased at an average cost of $8.86 per share, with a total value of $664,500.00. Following the completion of the purchase, the chief executive officer now owns 814,417 shares of the company’s stock, valued at approximately $7,215,734.62. The disclosure for this purchase can be found here.
Several research firms recently issued reports on NGL. Stifel Nicolaus increased their target price on Ngl Energy Partners from $10.00 to $12.00 and gave the stock a “hold” rating in a research report on Tuesday, November 21st. Zacks Investment Research upgraded Ngl Energy Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, September 19th. Royal Bank Of Canada reiterated an “outperform” rating and set a $16.00 target price (up previously from $14.00) on shares of Ngl Energy Partners in a research report on Tuesday, November 7th. Finally, TheStreet cut Ngl Energy Partners from a “c-” rating to a “d+” rating in a research report on Tuesday, August 15th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $17.83.
Shares of Ngl Energy Partners Lp (NGL) traded down $0.55 during trading on Wednesday, reaching $12.30. The company had a trading volume of 349,816 shares, compared to its average volume of 962,696. Ngl Energy Partners Lp has a 52 week low of $8.57 and a 52 week high of $25.80. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.56 and a quick ratio of 0.99.
Ngl Energy Partners declared that its Board of Directors has approved a share repurchase plan on Tuesday, August 29th that permits the company to buyback $15.00 million in shares. This buyback authorization permits the oil and gas company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Tuesday, November 14th. Investors of record on Monday, November 6th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 12.68%. The ex-dividend date of this dividend was Friday, November 3rd. Ngl Energy Partners’s payout ratio is presently -74.29%.
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Ngl Energy Partners Profile
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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