NGL Energy Partners LP (NYSE:NGL – Get Rating) benefited from a significant drop in short interest during the month of August. As of August 31, there was short interest totaling 1,180,000 shares, down 8.5% from the total of 1,290,000 shares as of August 15. Currently, 1.0% of the company’s shares are sold short. Based on an average daily trading volume of 532,400 shares, the day-to-cover ratio is currently 2.2 days.

Performance of NGL Energy Partners shares

NGL Energy Partners stock traded down $0.02 at midday Tuesday, hitting $1.48. 12,478 shares of the company were traded, against an average volume of 344,281. The company has a debt ratio of 8.71, a quick ratio of 1.04 and a current ratio of 1.26. NGL Energy Partners has a 12-month low of $1.33 and a 12-month high of $2.91. The company’s 50-day simple moving average is $1.56 and its 200-day simple moving average is $1.84. The stock has a market capitalization of $192.78 million, a price-earnings ratio of -1.45 and a beta of 2.11.

Analysts set new price targets

Separately, upgraded NGL Energy Partners from a “hold” rating to a “buy” rating in a research report released Monday.

Institutional investors weigh in on NGL Energy Partners

A number of institutional investors have recently increased or reduced their stake in the company. HighTower Advisors LLC increased its position in NGL Energy Partners by 23.0% in the fourth quarter. HighTower Advisors LLC now owns 66,750 shares of the oil and gas company worth $121,000 after acquiring 12,492 additional shares last quarter. Kwmg LLC bought a new position in NGL Energy Partners in Q2 worth approximately $79,000. Prescott Group Capital Management LLC increased its position in NGL Energy Partners by 82.2% during the second quarter. Prescott Group Capital Management LLC now owns 3,720,888 shares of the oil and gas company worth $5,656,000 after purchasing an additional 1,678,166 shares last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in NGL Energy Partners in Q2 valued at approximately $76,000. Finally, Clear Harbor Asset Management LLC purchased a new stake in NGL Energy Partners stock in the second quarter worth approximately $46,000. Hedge funds and other institutional investors hold 27.02% of the company’s shares.

NGL Energy Partners Company Profile

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NGL Energy Partners LP is engaged 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 of produced water and flowback water generated from oil and natural gas production; aggregates and sells recovered crude oil; removes solids, such as tank bottoms, drilling fluids and muds, and washes trucks and frac tanks; and sells produced water for reuse and recycling, as well as unpotable brackish water.

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