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NGL Energy Partners LPNYSE:NGL Stock Report

Market Cap US$2.1b
Share Price
n/a
1Y275.1%
7D3.0%
1D-2.7%
Portfolio Value
​
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NGL Energy Partners LP

NYSE:NGL Stock Report

Market Cap: US$2.1b

NGL Energy Partners (NGL) Stock Overview

Engages in the crude oil, condensate, natural gas liquids, crude oil and produced water businesses in the United States. More details

NGL fundamental analysis
Snowflake Score
Valuation5/6
Future Growth3/6
Past Performance0/6
Financial Health3/6
Dividends0/6

Rewards

Trading at 31.5% below our estimate of its fair value

Earnings are forecast to grow 127.69% per year

Trading at good value compared to peers and industry

Risk Analysis

No risks detected for NGL from our risk checks.

NGL Community Fair Values

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NGL Energy Partners LP Competitors

Price History & Performance

Summary of share price highs, lows and changes for NGL Energy Partners
Historical stock prices
Current Share PriceUS$16.88
52 Week HighUS$18.80
52 Week LowUS$4.44
Beta0.65
1 Month Change16.01%
3 Month Change1.14%
1 Year Change263.79%
3 Year Change320.95%
5 Year Change1,040.54%
Change since IPO-19.54%

Recent News & Updates

Seeking Alpha • Aug 05

NGL Is Quickly Becoming A Key Player

Summary NGL Energy Partners delivered a strong Q1 EBITDA and volume beat, driven by 43% growth in the Water Solutions segment. Management raised full-year adjusted EBITDA guidance to $725-$735 million and signaled potential for further upward revisions. The LEX II Extension project is set to drive ~15% organic water volume growth by fiscal Q4, underpinned by new long-term contracts. NGL remains one of the cheapest names in the sector, offering high FCF yields and multiple levers for value creation, including balance sheet optimization. Read the full article on Seeking Alpha
Analysis Article • Jun 16

NGL Energy Partners (NGL) Stock Looks Stretched After Record Volumes And Debt Moves

NGL Energy Partners (NGL) stock was recently in focus after a 5.6% move that followed record Water Solutions volumes in the Permian Basin and new balance sheet actions, including refinancing, debt reduction, and a repurchase program. See our latest analysis for NGL Energy Partners. Despite the recent 5.6% jump on record Water Solutions volumes and balance sheet moves, NGL Energy Partners’ near term momentum has cooled, with a 1 month share price return down 11.15%. However, the 1 year total...

Recent updates

Seeking Alpha • Aug 05

NGL Is Quickly Becoming A Key Player

Summary NGL Energy Partners delivered a strong Q1 EBITDA and volume beat, driven by 43% growth in the Water Solutions segment. Management raised full-year adjusted EBITDA guidance to $725-$735 million and signaled potential for further upward revisions. The LEX II Extension project is set to drive ~15% organic water volume growth by fiscal Q4, underpinned by new long-term contracts. NGL remains one of the cheapest names in the sector, offering high FCF yields and multiple levers for value creation, including balance sheet optimization. Read the full article on Seeking Alpha
Analysis Article • Jun 16

NGL Energy Partners (NGL) Stock Looks Stretched After Record Volumes And Debt Moves

NGL Energy Partners (NGL) stock was recently in focus after a 5.6% move that followed record Water Solutions volumes in the Permian Basin and new balance sheet actions, including refinancing, debt reduction, and a repurchase program. See our latest analysis for NGL Energy Partners. Despite the recent 5.6% jump on record Water Solutions volumes and balance sheet moves, NGL Energy Partners’ near term momentum has cooled, with a 1 month share price return down 11.15%. However, the 1 year total...
Seeking Alpha • Feb 27

NGL: Slow Quarter But Exiting Liquids Business Is A Positive

Summary NGL's Q3 earnings missed expectations, but management is optimistic about Q4 and future growth due to new customers and contracts. The company is exiting the underperforming liquids business, selling 18 terminals for $95 million to pay down debt and improve cash flow. New long-term contracts on the Grand Mesa pipeline and the LEX II project are expected to boost EBITDA to above $650 million for fiscal '26. Divesting the liquids business and focusing on water operations is the right move to enhance profitability and return capital to common holders. Read the full article on Seeking Alpha
Seeking Alpha • Aug 13

NGL: It's All About Water. Common And Preferred Units Still Buys

Summary The company reaffirmed guidance for Fiscal 2025, with a focus on water solutions and capital usage to pay down debt. NGL Partners reported an okay first quarter with adjusted EBITDA of $144.3 million, driven by water services. Water services saw a slight increase in EBITDA, helped by higher skim oil profits and increased produced water processed. Read the full article on Seeking Alpha
Seeking Alpha • Apr 11

NGL Energy Partners: Preferreds Going To Current Yield, Upside Now In The Common

Summary NGL Energy Partners LP has paid off all arrearages on its preferred stock, increasing investor confidence. The company plans to redeem its privately held series D preferred stock before committing capital elsewhere. The common equity of NGL is now very attractive, with the potential for significant growth in the next year. Read the full article on Seeking Alpha
Seeking Alpha • Jan 05

NGL Energy Partners: A Hold With Decent Potential

Summary NGL Energy Partners LP's stock price has risen by over 380% in the last 12 months. The company operates in the transportation, storage, blending, and marketing of energy-related resources. NGL's earnings have shown decent margin growth, but its high debt and limited liquidity pose risks for long-term investors. Read the full article on Seeking Alpha
Seeking Alpha • Oct 04

NGL Energy Partners: Improved Business Performance, But Risk Remains

Summary NGL Energy Partners has somewhat predictable cash flows thanks to long-term fixed fee contracts, but it is still far from becoming profitable and has a high debt load. The company's water solutions segment is currently performing well but the excessive debt load of the company remains a concern. NGL stock is cheaply valued, but its excessive debt load and underperformance compared to the market make it a risky investment. Read the full article on Seeking Alpha
Seeking Alpha • Jul 20

NGL Energy: Not Worth The Risks And Uncertainties

Summary NGL Energy has seen a 240% rally in its stock this year, however, its substantial net debt position and low operating margin make it a risky investment. Despite positive trends in profitability metrics, the company's financial performance has been volatile due to multiple reorganizations and its balance sheet looks weak. The company's stock is rated as a "Hold" due to the high level of uncertainty regarding its free cash flow margin and its substantial net debt position. Read the full article on Seeking Alpha
Seeking Alpha • Feb 23

NGL Energy Partners redeems $203.4M senior notes

NGL Energy Partners (NYSE:NGL) said Thursday it intends redeem all of $203.4 million of its 7.5% senior notes due 2023. On March 31, 2023, registered holders of notes will receive a redemption payment of equal to 100% of the principal amount of such notes; and accrued and unpaid interest on such notes, if any, to the dedemption date, the company said. Following the payment on the redemption date, there will be no notes that remain outstanding, NGL said. Press Release. Seeking Alpha contributor DT Analysis recently laid out a "Buy" case for NGL.
Seeking Alpha • Feb 09

NGL Energy Partners GAAP EPS of $0.19 misses by $0.01, revenue of $2.14B misses by $490M

NGL Energy Partners press release (NYSE:NGL): Q3 GAAP EPS of $0.19 misses by $0.01. Revenue of $2.14B (-1.4% Y/Y) misses by $490M. Adjusted EBITDA(1) for the third quarter of Fiscal 2023 of $193.3 million, compared to $147.7 million for the third quarter of Fiscal 2022; Adjusted EBITDA for the first nine months of Fiscal 2023 of $459.4 million, compared to $385.1 million for the comparable period of 2022 Operating income for the Water Solutions segment of $59.7 million for the third quarter of Fiscal 2023, compared to $19.9 million for the third quarter of Fiscal 2022 Record Water Solutions’ quarterly Adjusted EBITDA(1) of $121.7 million for the third quarter of Fiscal 2023, a 47.1% increase compared to the third quarter of Fiscal 2022 and a 16.2% increase over the immediately preceding fiscal quarter In the face of significant inflationary pressure, Water Solutions managed to reduce operating expense to $0.25 per barrel versus $0.27 per barrel in the immediately preceding fiscal quarter Record produced water volumes processed of approximately 2.43 million barrels per day during the third quarter of Fiscal 2023, growing 31.9% from the same period in the prior year and 7.1% over the immediately preceding fiscal quarter Increasing Water Solutions Adjusted EBITDA(2) guidance from $430 million plus to $440 million plus for Fiscal 2023 Reduced $98.1 million in principal on unsecured notes and equipment financing note in the quarter Anticipate all 2023 unsecured notes to be repaid no later than June 30, 2023. Shares +1.75%.
Seeking Alpha • Jan 31

NGL Energy Partners: Despite Good News, Future Is Bleak For Common Unitholders

Summary NGL Energy Partners LP recently hiked EBITDA guidance and reported impressive debt reduction. Despite these positives, the company's financial outlook is precarious. Given NGL Energy Partners LP's lack of free cash flow and high cost of capital, its common equity remains at risk of total loss.
Seeking Alpha • Dec 26

NGL Energy: Preferreds Get An Upgrade

Summary On our last call on NGL Energy, we upgraded the common shares to a hold, and left the preferreds on a Sell rating. They have lost an additional 25% value since then. We update our outlook on them and tell you why they get an upgrade.
Seeking Alpha • Nov 09

NGL Energy Partners GAAP EPS of -$0.21, revenue of $2B

NGL Energy Partners press release (NYSE:NGL): Q2 GAAP EPS of -$0.21. Revenue of $2B (+14.3% Y/Y). Record produced water volumes processed of approximately 2.27 million barrels per day during the second quarter of Fiscal 2023, growing 28.7% from the same period in the prior year and 5.2% over the immediately preceding fiscal quarter
Seeking Alpha • Sep 25

NGL Energy: Divergence

Summary On our last coverage, we gave NGL Energy common and preferred shares a "Strong Sell". We have seen a divergence in the performance between the common shares and the preferred. We are also seeing the odds increase a bit that NGL Energy might make it a little while longer. We give you the updated trade. When we last covered NGL Energy Partners LP (NGL) we gave our Strong Sell to the common and the preferred shares. In our defense, our hands were tied. "Get Out Of Dodge" is still not one of the choices available at Seeking Alpha. On the common shares, the timing was excellent. NGL went straight down from there like a lead balloon. Pain Ahead, Sell Common And Preferreds The preferred shares showed a bit of a divergence. The B's (NGL.PB) declined by about 26%. Seeking Alpha The C units (NGL.PC) declined by just a little about 11%. Seeking Alpha We update the bear thesis with these and the general market moves and look at where a negative stance would be best served. Q1-2023 NGL has a fiscal year ending in March. The Q1-2023 results which were released after our last article were another disappointment. While adjusted EBITDA for the first quarter of fiscal 2023 increased to $123.9 million, compared to $91.1 million, it was still weaker than what one would anticipate in a climate of extremely strong oil prices. NGL benefits from crude oil prices directly and this can be seen in their commentary. Revenues from recovered crude oil, including the impact from realized skim oil hedges, totaled $32.9 million for the quarter ended June 30, 2022, an increase of $16.9 million from the prior year period. This increase was due to increased skim oil barrels sold as a result of higher produced water volumes processed, higher skim oil volumes captured per barrel of produced water processed and higher realized crude oil prices received from the sale of skim oil barrels. Source: NGL Press Release On the bright side for the bulls, NGL actually did raise full year guidance for the water solutions segment to over $400 million and maintained the original adjusted EBITDA target for the company in excess of $600 million. NGL Presentation One thing that was unusual was that NGL did this tiny debt payment, not from organic cash flow, but from borrowing on its credit facility. Net cash from operating activities was just $2.5 million and after subtracting capex $36.4 million, baseline cash flow was heavily negative. NGL 10-Q There is a lot of working capital movement in Q1 and this likely drove the reliance on credit facility to buyback debt. Total debt actually increased in the quarter. NGL Presentation Outlook All other things being equal, the next quarter results, which include extremely strong oil prices with rolling off of some of the company's oil price hedges, should be quite nice. It is beyond that, when the tailwind of these prices disappears, that we will have to see whether the company can meet the challenges of this environment. NGL will also have to deal with rising rates on its ABL facility and this will really add numbers in 2023. At June 30, 2022, $171.0 million had been borrowed under the ABL Facility and we had letters of credit outstanding of approximately $143.6 million. The ABL Facility is scheduled to mature at the earliest of a) February 4, 2026 or b) 91 days prior to the earliest maturity date in respect to any of our indebtedness in an aggregate principal amount of $50.0 million or greater, if such indebtedness is outstanding at such time, subject to certain exceptions. At June 30, 2022, the borrowings under the ABL Facility had a weighted average interest rate of 4.84% calculated as the prime rate of 4.75% plus a margin of 1.75% on the alternate base borrowings and the weighted average SOFR of 1.28% plus a margin of 2.75% for the SOFR borrowings. On June 30, 2022, the interest rate in effect on letters of credit was 2.75%. Source: NGL 10-Q On its publicly traded debt, we are an interesting divergence as well. Below are the numbers from June 5, 2022 which we had in the last article. FINRA June 5, 2022 Here are today's numbers. Outside of the November 2023 maturities, all other notes including the senior secured notes, are weaker today.
Seeking Alpha • Jun 06

NGL Energy: Pain Ahead, Sell Common And Preferreds

NGL Energy has failed to capitalize on the boom in the energy prices. Guidance was reduced once again and the credit markets are now closed off. A quick asset sale might help, but we see a restructuring as highly probable.
Seeking Alpha • Mar 24

NGL Energy Partners: Lower Guidance Is Fully Offset By Asset Sales

Q3 results were good but lower than market expectations. The lower volumes were due to lower disposal from customers and warmer than a normal quarter. Lower volumes and unexpected repairs are a 20M headwind that management is planning to fully offset with asset sales. Management reiterated the plan to fully retire the 2023 notes. My cash flow projections validate this. The target price remains $4.80 per share as the result, and lower guidance does not change the investment thesis.
Seeking Alpha • Feb 09

NGL Energy Partners LP: Expect Preferred Dividend By 2024

Good results driven by increased volume in the Water Segment. Insiders have been buying shares. I expect NGL to generate enough cash flow to delever and pay prefered dividends in 2024. The common shares are worth $4.80, offering a 100% upside.
Seeking Alpha • Aug 30

NGL Energy Partners LP: Free Cash Flow Will Allow The Company To Delever In The Next 3 Years

Piling up debt at a faster pace than EBITDA growth and the pandemic have negatively impacted NGL's stock price. If NGL revenues recover to pre-pandemic levels of 7-8 bn, EBITDA could be 600MM and Free Cash Flow of 100MM to 300MM. Clauses in the bonds and preferred shares limit management to use the free cash flow to pay down debt. In 2-3 years, NGL would have paid down at least 600MM in debt and the shares could be worth at least $5.25. However, if you believe oil prices will plummet, avoid the stock.

Shareholder Returns

NGLUS Oil and GasUS Market
7D5.5%-3.0%2.7%
1Y263.8%30.9%20.9%

Return vs Industry: NGL exceeded the US Oil and Gas industry which returned 30.9% over the past year.

Return vs Market: NGL exceeded the US Market which returned 20.9% over the past year.

Price Volatility

Is NGL's price volatile compared to industry and market?
NGL volatility
NGL Average Weekly Movement6.6%
Oil and Gas Industry Average Movement6.0%
Market Average Movement7.2%
10% most volatile stocks in US Market16.2%
10% least volatile stocks in US Market3.1%

Stable Share Price: NGL has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: NGL's weekly volatility (7%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1940449Mike Krimbillwww.nglenergypartners.com

NGL Energy Partners LP engages in the crude oil, condensate, natural gas liquids, crude oil and produced water businesses in the United States. It operates through three segments: Water Solutions, Crude Oil Logistics, and Liquids Logistics. The Water Solutions segment transports, treats, recycles, and disposes produced and flowback water generated from crude oil and natural gas production; aggregates and sells recovered crude oil; disposes solids, such as tank bottoms, and drilling fluid and muds, as well as performs truck washouts; and sells produced water for reuse and recycle, and brackish non-potable water.

NGL Energy Partners LP Fundamentals Summary

How do NGL Energy Partners's earnings and revenue compare to its market cap?
NGL fundamental statistics
Market capUS$2.11b
Earnings (TTM)-US$395.74m
Revenue (TTM)US$3.52b
0.6x
P/S Ratio
-5.3x
P/E Ratio

Is NGL overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
NGL income statement (TTM)
RevenueUS$3.52b
Cost of RevenueUS$2.48b
Gross ProfitUS$1.04b
Other ExpensesUS$1.44b
Earnings-US$395.74m

Last Reported Earnings

Jun 30, 2026

Next Earnings Date

n/a

Earnings per share (EPS)-3.17
Gross Margin29.52%
Net Profit Margin-11.23%
Debt/Equity Ratio6,078.0%

How did NGL perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/08/10 09:41
End of Day Share Price 2026/08/07 00:00
Earnings2026/06/30
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

NGL Energy Partners LP is covered by 16 analysts. 1 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ethan BellamyBaird
Brian ZarahnBarclays
Dennis ColemanBofA Global Research