With the current price of $4.81, the stock of NGL Energy Partners LP (NYSE:NGL) concluded the trading session seeing its price rise by 0.09 points or at a gain of 1.91% compared to its previous day’s closing price of $4.72. About 1.297 million shares of the stock changed hands on the day. The trading volume of NGL’s shares during the past session compares with the stock’s average daily trading volume of 1.59 million shares. On the other hand, a float of 123 million shares and a weekly performance of -1.26% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $4.58 for NGL’s share which suggests that the stock, price of which is currently buoying between $4.42 and $4.73, is prone to a loss of -4.78%.
The latest data released on July 31, 2020 shows that the short float in the NGL Energy Partners LP’s stock is trending downward as short interest in NGL shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the NGL is currently comprised of 3.09% of the float .
After concluding the day’s trading, price of NGL Energy Partners LP (NYSE:NGL) is down -$0.08 over the week and it is $0.98 above 20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $15.05 that was attained on 09/17/19.
The stock has traded as low as $1.15 in past 52-week, and its current price is 318.26% above from that 52-week low price mark recorded on 03/18/20, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 3.04. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 51.28 as 14-days RSI of NGL Energy Partners LP. This means that the NGL is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly, the stochastic oscillator is indicating a momentum of 70.31%, implying stock’s share price is buoying in an oversold state.
Technical chart is showing 1st resistance point of $4.98 for the NGL’s share while placing it at a 2nd resistance point of $5.16 to be settled at. But if the stock takes a plunge lower than the 1st support price of $4.53 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $4.26.
MACD oscillator is showing a reading of -0.02 for the stock which means that it is currently in the red zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
Wells Fargo lowered its recommendation for NGL stock from Equal Weight to Underweight in a review note dated July 22, and moved the price target down at $4. The stock gets its recommendation downgraded from Neutral to Underperform from the analysts at Credit Suisse who assigned a target price of $5 to $2 in their April 02 note to investors.RBC Capital Mktsanalysts downgraded their recommendation from Outperform to Sector Perform on March 16, while assigning a price target of $15 to $5.
The average rating of 3.14 for NGL is placing the stock in bearish category at the moment. In a poll by Reuters including 7 analysts in it who kept tracking the NGL Energy Partners LP, 5 rated the stock as hold. Others were in different opinions for the NGL. Out of remaining 2 analysts, 0 rated the stock as a buy or strong buy. 2 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that NGL stock is ahead of earnings per share estimates with a forward price-to-earnings ratio of 17.74.
Projection by Zacks Consensus Estimates suggests that NGL Energy Partners LP (NYSE:NGL) will see its current-quarter revenues drop by nearly -25.64% to be decreased to about $1250 million. Full-year revenue of the company is however forecasted to be fell to nearly -20.05% to bring $6060 million in revenues against last year revenue of $7580 million. Earnings, after adjustments, are likely to fell by -88.54% to post an EPS of -$0.11, while estimate for company’s full year earnings is $0.09 per share with a growth rate of -101.96%.