$3.96 Billion in Sales Expected for NGL Energy Partners LP (NGL) This Quarter
Analysts forecast that NGL Energy Partners LP (NYSE:NGL) will report sales of $3.96 billion for the current quarter, according to Zacks. Two analysts have provided estimates for NGL Energy Partners’ earnings, with estimates ranging from $3.76 billion to $4.16 billion. NGL Energy Partners posted sales of $3.41 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 16.1%. The business is scheduled to issue its next earnings results on Tuesday, February 6th.
According to Zacks, analysts expect that NGL Energy Partners will report full-year sales of $3.96 billion for the current fiscal year, with estimates ranging from $14.43 billion to $16.09 billion. For the next financial year, analysts expect that the business will report sales of $14.59 billion per share, with estimates ranging from $13.41 billion to $16.38 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for NGL Energy Partners.
Several equities research analysts have commented on the stock. Credit Suisse Group assumed coverage on shares of NGL Energy Partners in a research note on Thursday. They issued an “outperform” rating and a $16.00 price objective for the company. Stifel Nicolaus increased their price objective on shares of NGL Energy Partners from $10.00 to $12.00 and gave the company a “hold” rating in a research note on Tuesday, November 21st. ValuEngine upgraded shares of NGL Energy Partners from a “sell” rating to a “hold” rating in a research note on Wednesday. Zacks Investment Research upgraded shares of NGL Energy Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, September 19th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $16.00 price objective (up previously from $14.00) on shares of NGL Energy Partners in a research note on Tuesday, November 7th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. NGL Energy Partners has an average rating of “Hold” and a consensus price target of $16.83.
In related news, CFO Robert W. Karlovich III bought 10,000 shares of NGL Energy Partners stock in a transaction dated Tuesday, November 21st. The stock was purchased at an average cost of $11.66 per share, with a total value of $116,600.00. Following the transaction, the chief financial officer now directly owns 99,320 shares of the company’s stock, valued at $1,158,071.20. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Several institutional investors have recently added to or reduced their stakes in NGL. HITE Hedge Asset Management LLC boosted its holdings in NGL Energy Partners by 414.8% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 2,818,082 shares of the oil and gas company’s stock worth $32,549,000 after buying an additional 2,270,714 shares during the period. JPMorgan Chase & Co. boosted its holdings in NGL Energy Partners by 34.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,352,179 shares of the oil and gas company’s stock worth $25,874,000 after buying an additional 599,612 shares during the period. ING Groep NV bought a new position in NGL Energy Partners in the 3rd quarter worth approximately $6,272,000. Goldman Sachs Group Inc. boosted its holdings in NGL Energy Partners by 20.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 3,073,412 shares of the oil and gas company’s stock worth $43,028,000 after buying an additional 515,730 shares during the period. Finally, Harvest Fund Advisors LLC boosted its holdings in NGL Energy Partners by 6.8% in the 3rd quarter. Harvest Fund Advisors LLC now owns 7,090,961 shares of the oil and gas company’s stock worth $81,901,000 after buying an additional 449,855 shares during the period. 63.82% of the stock is owned by hedge funds and other institutional investors.
ILLEGAL ACTIVITY WARNING: “$3.96 Billion in Sales Expected for NGL Energy Partners LP (NGL) This Quarter” was first reported by Marea Informative and is the sole property of of Marea Informative. If you are reading this article on another site, it was illegally copied and reposted in violation of U.S. and international copyright and trademark legislation. The correct version of this article can be viewed at https://www.mareainformativa.com/2018/01/30/3-96-billion-in-sales-expected-for-ngl-energy-partners-lp-ngl-this-quarter-updated-updated-updated.html.
NGL Energy Partners Company 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.
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.