Greenwich Investment Management Inc. cut its holdings in NGL Energy Partners LP (NYSE:NGL) by 85.8% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 28,950 shares of the oil and gas company’s stock after selling 174,896 shares during the quarter. Greenwich Investment Management Inc.’s holdings in NGL Energy Partners were worth $428,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Marshall Wace North America L.P. boosted its stake in NGL Energy Partners by 96.4% in the first quarter. Marshall Wace North America L.P. now owns 300,715 shares of the oil and gas company’s stock valued at $4,219,000 after buying an additional 147,586 shares in the last quarter. RR Advisors LLC boosted its stake in NGL Energy Partners by 6.1% in the first quarter. RR Advisors LLC now owns 2,890,000 shares of the oil and gas company’s stock valued at $40,544,000 after buying an additional 167,000 shares in the last quarter. Raymond James & Associates boosted its stake in NGL Energy Partners by 14.9% in the first quarter. Raymond James & Associates now owns 145,211 shares of the oil and gas company’s stock valued at $2,037,000 after buying an additional 18,838 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in NGL Energy Partners in the first quarter valued at about $2,916,000. Finally, Arrow Investment Advisors LLC boosted its stake in NGL Energy Partners by 17.6% in the first quarter. Arrow Investment Advisors LLC now owns 51,422 shares of the oil and gas company’s stock valued at $721,000 after buying an additional 7,706 shares in the last quarter. 60.48% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director John T. Raymond sold 176,634 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $14.88, for a total transaction of $2,628,313.92. Following the completion of the transaction, the director now directly owns 50,000 shares in the company, valued at $744,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO H Michael Krimbill acquired 25,000 shares of the stock in a transaction dated Wednesday, June 12th. The shares were bought at an average price of $14.53 per share, with a total value of $363,250.00. Following the completion of the transaction, the chief executive officer now directly owns 1,141,417 shares of the company’s stock, valued at $16,584,789.01. The disclosure for this purchase can be found here.
NGL Energy Partners (NYSE:NGL) last issued its quarterly earnings data on Thursday, August 8th. The oil and gas company reported ($0.96) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.89). NGL Energy Partners had a negative return on equity of 1.12% and a net margin of 1.54%. The company had revenue of $6.64 billion for the quarter, compared to the consensus estimate of $5.40 billion. The business’s revenue for the quarter was up 13.6% compared to the same quarter last year. On average, research analysts predict that NGL Energy Partners LP will post 0.79 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Tuesday, August 6th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 11.49%. NGL Energy Partners’s dividend payout ratio (DPR) is -123.81%.
Several analysts recently weighed in on NGL shares. Piper Jaffray Companies initiated coverage on NGL Energy Partners in a research note on Wednesday, July 17th. They issued a “neutral” rating and a $17.00 price objective on the stock. UBS Group lifted their price target on NGL Energy Partners from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Monday. ValuEngine lowered NGL Energy Partners from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Zacks Investment Research lowered NGL Energy Partners from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Finally, Raymond James set a $18.00 price target on NGL Energy Partners and gave the company a “buy” rating in a research note on Friday, May 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $15.44.
NGL Energy Partners Company Profile
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.
Further Reading: Outstanding Shares and The Effect on Share Price
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