Yahoo Finance NGL Energy Partners LP (NGL) Dips More Than Broader Markets: What You Should Know
NGL Energy Partners LP (NGL) closed the most recent trading day at $2.76, moving -1.08% from the previous trading session. This change lagged the S&P 500's 0.38% loss on the day. At the same time, the Dow lost 0.68%, and the tech-heavy Nasdaq lost 10.47%.
Heading into today, shares of the company had lost 0.36% over the past month, lagging the Oils-Energy sector's gain of 7.91% and the S&P 500's gain of 2.61% in that time.
NGL Energy Partners LP will be looking to display strength as it nears its next earnings release, which is expected to be May 31, 2023. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.32 billion, down 8.46% from the year-ago period.
Investors should also note any recent changes to analyst estimates for NGL Energy Partners LP. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. NGL Energy Partners LP is currently a Zacks Rank #3 (Hold).
In terms of valuation, NGL Energy Partners LP is currently trading at a Forward P/E ratio of 8.72. For comparison, its industry has an average Forward P/E of 10.68, which means NGL Energy Partners LP is trading at a discount to the group.
The Oil and Gas - Refining and Marketing - Master Limited Partnerships industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 47, putting it in the top 19% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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NGL Energy Partners LP (NGL) : Free Stock Analysis Report
