NGL Energy Partners (NYSE:NGL) Shares Gap Down on Disappointing Earnings

NGL Energy Partners LP (NYSE:NGL)’s stock price gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $5.50, but opened at $4.99. NGL Energy Partners shares last traded at $4.84, with a volume of 127,829 shares changing hands.

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%.

Institutional Trading of NGL Energy Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in shares of 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 valued at $22,539,000 after purchasing an additional 154,098 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new position in NGL Energy Partners in the third quarter valued at approximately $900,000. Citigroup Inc. boosted 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 acquiring an additional 333,531 shares during the last quarter. International Assets Investment Management LLC grew its holdings in NGL Energy Partners by 350.0% during the 3rd quarter. International Assets Investment Management LLC now owns 12,600 shares of the oil and gas company’s stock worth $57,000 after acquiring an additional 9,800 shares during the period. Finally, Tidal Investments LLC raised its position in shares of NGL Energy Partners by 33.3% during the 3rd quarter. Tidal Investments LLC now owns 35,527 shares of the oil and gas company’s stock valued at $160,000 after acquiring an additional 8,877 shares during the last quarter. 40.62% of the stock is currently owned by institutional investors and hedge funds.

NGL Energy Partners Trading Down 20.6 %

The company has a market cap of $576.36 million, a price-to-earnings ratio of -1.88 and a beta of 1.71. The stock has a 50 day moving average price of $5.07 and a two-hundred day moving average price of $4.61.

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.