NGL Energy Partners (NGL)
NYSE:NGL
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NGL Energy Partners
(NYSE:NGL)
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Rating:64Neutral
Price Target:
$13.50
▲(37.06% Upside)
Action:ReiteratedDate:03/13/26
The score is anchored by a mixed financial profile: strong recent earnings/cash flow improvements are offset by high leverage and a shrinking revenue base. Positive guidance and operational momentum in Water Solutions lift the outlook, while valuation is supportive due to the low P/E. Technicals add a modest positive bias from the longer-term uptrend, but near-term signals remain mixed.
Positive Factors
Water Solutions Volume Growth
Sustained, contract-backed growth in produced-water volumes and record throughput strengthens a recurring-fee business line. Higher utilization and MVC/CBC coverage improve margin durability and create a structural earnings base less tied to commodity-price swings than trading activities.
Negative Factors
High Leverage
Elevated debt relative to equity constrains financial flexibility and increases vulnerability to commodity and volume shocks. Even with recent reductions to ~4.0x, leverage limits ability to fund large treatment projects, absorb operational setbacks, or pursue opportunistic M&A without additional funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Water Solutions Volume Growth
Sustained, contract-backed growth in produced-water volumes and record throughput strengthens a recurring-fee business line. Higher utilization and MVC/CBC coverage improve margin durability and create a structural earnings base less tied to commodity-price swings than trading activities.
Read all positive factors
NGL Energy Partners (NGL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.68B
Dividend YieldN/A
Average Volume (3M)271.92K
Price to Earnings (P/E)6.6
Beta (1Y)0.20
Revenue Growth-38.82%
EPS Growth92.56%
CountryUS
Employees607
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)0.10
Shares Outstanding123,814,285
10 Day Avg. Volume229,379
30 Day Avg. Volume271,918
Financial Highlights & Ratios
PEG Ratio-0.21
Price to Book (P/B)0.89
Price to Sales (P/S)0.17
P/FCF Ratio11.60
Enterprise Value/Market Cap2.87
Enterprise Value/Revenue1.52
Enterprise Value/Gross Profit6.40
Enterprise Value/Ebitda7.56
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.43
Revenue Forecast (FY)$3.05B
NGL Energy Partners Business Overview & Revenue Model
Company Description
NGL Energy Partners LP engages 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 Logist...
How the Company Makes Money
NGL generates revenue primarily by charging fees and earning margins for midstream logistics and marketing activities across its operating segments. Key revenue streams include: (1) Water solutions/services: NGL is paid for produced-water handling...
NGL Energy Partners Earnings Call Summary
Earnings Call Date:Feb 03, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jun 08, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive operational and financial picture driven by record water volumes, strong Water Solutions EBITDA growth (+16.5%), consolidated adjusted EBITDA growth (+9.2%), successful project execution ahead of schedule and under budget, and meaningful capital allocation progress (preferred redemption, common unit repurchases, reduced leverage). Offsetting items include declines in Crude Oil and Liquids Logistics EBITDA (approximately -11% and -18%), lower per-barrel margins on parts of the pipeline business, near-term weather-related volume variability, and the multi-step, longer-timeline nature of large-scale treatment projects and AI benefits which remain unquantified.Positive Updates
Consolidated Adjusted EBITDA Growth
Adjusted EBITDA from continuing operations of $172.5 million versus $158.0 million a year ago, a 9.2% increase; reaffirmed full-year EBITDA guidance of $650–$660 million and projecting fiscal 2027 EBITDA to exceed $700 million for the first time.
Negative Updates
Crude Oil Logistics EBITDA Decline
Crude Oil Logistics adjusted EBITDA declined to $15.4 million from $17.3 million prior-year Q3, a decrease of approximately 11%, driven by lower oil prices and a reduction in higher-tariff committed producer volumes.
Read all updates
Q3-2026 Updates
Positive
Negative
Consolidated Adjusted EBITDA Growth
Adjusted EBITDA from continuing operations of $172.5 million versus $158.0 million a year ago, a 9.2% increase; reaffirmed full-year EBITDA guidance of $650–$660 million and projecting fiscal 2027 EBITDA to exceed $700 million for the first time.
Read all positive updates
Company Guidance
Management reaffirmed fiscal 2026 adjusted EBITDA guidance of $650–$660 million and said recent contracted volumes set the partnership up to exceed $700 million of EBITDA in fiscal 2027; third‑quarter adjusted EBITDA from continuing operations was $172.5 million (up 9.2% YoY from $158.0M), with Water Solutions generating $154.5 million (up 16.5% YoY from $132.7M) on a physical disposal rate of 3.07 million barrels per day (up 17.1% from 2.6M bpd) and total paid disposal volumes of 3.13M bpd versus 2.91M bpd (≈+7%); the business hit an in‑quarter daily record of ~3.3M bpd and topped 3.5M bpd on January 16, with over 1.5M bpd under MVC/CBC, operating expense of $0.18 per barrel for the quarter, Grand Mesa volumes ~85,000 bpd (vs. 61,000 prior), Crude Oil Logistics adj. EBITDA $15.4M (vs. $17.3M) and Liquids Logistics $15.2M (vs. $18.6M), while the company redeemed an additional 15% of original Class D preferreds, repurchased 1.6M common units in the quarter (8.7M total, ~7% outstanding, avg. $5.70) having nearly exhausted the board‑approved repurchase plan, reduced leverage to the low ~4.0x area, increased growth capital by over $100M across Q2–Q3, and completed a 27‑mile, 24‑inch Western Express expansion to support future growth.NGL Energy Partners Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
38
Negative
Cash Flow
66
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.18B | 3.47B | 4.15B | 5.68B | 7.95B | 5.23B |
| Gross Profit | 755.25M | 707.38M | 701.76M | 716.50M | 519.88M | 733.20M |
| EBITDA | 639.38M | 594.99M | 380.41M | 558.06M | 377.76M | 408.73M |
| Net Income | 159.11M | 39.37M | -143.75M | 51.39M | -184.76M | -639.82M |
Balance Sheet | ||||||
| Total Assets | 4.38B | 4.61B | 5.02B | 5.46B | 6.07B | 5.95B |
| Cash, Cash Equivalents and Short-Term Investments | 6.48M | 13.55M | 38.91M | 5.43M | 3.82M | 4.83M |
| Total Debt | 3.15B | 3.08B | 2.97B | 2.95B | 3.47B | 3.47B |
| Total Liabilities | 3.79B | 3.91B | 4.02B | 4.14B | 4.80B | 4.45B |
| Stockholders Equity | 623.54M | 676.70M | 1.03B | 1.35B | 1.30B | 1.48B |
Cash Flow | ||||||
| Free Cash Flow | 291.14M | 51.65M | 51.65M | 297.42M | 63.49M | 117.19M |
| Operating Cash Flow | 525.54M | 297.46M | 297.46M | 445.19M | 205.85M | 303.99M |
| Investing Cash Flow | 55.68M | -122.81M | -122.81M | 64.19M | -212.41M | -221.49M |
| Financing Cash Flow | -583.67M | -207.91M | -207.91M | -507.76M | 5.55M | -100.38M |
NGL Energy Partners Technical Analysis
Positive
9.85
Price Trends
11.48
Positive
10.44
Positive
7.79
Positive
Market Momentum
0.24
Negative
75.73
Negative
96.18
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NGL, the sentiment is Positive. The current price of 9.85 is below the 20-day moving average (MA) of 11.82, below the 50-day MA of 11.48, and above the 200-day MA of 7.79, indicating a bullish trend. The MACD of 0.24 indicates Negative momentum. The RSI at 75.73 is Negative, neither overbought nor oversold. The STOCH value of 96.18 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NGL.
NGL Energy Partners Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $1.68B | 6.63 | 24.41% | ― | -38.82% | 92.56% | |
64 Neutral | $600.42M | -169.84 | 1.44% | ― | 17.09% | 72.64% | |
60 Neutral | $1.58B | 17.89 | 12.24% | 6.93% | 4.10% | -36.72% | |
58 Neutral | $2.17B | 24.04 | -162.28% | 4.14% | -36.47% | -75.37% | |
58 Neutral | $98.03M | -7.02 | 18.35% | 0.77% | -0.58% | -587.83% |
* Energy Sector Average
NGL
NGL Energy Partners
13.59
8.91
190.38%
GEL
Genesis Energy
17.93
2.57
16.72%
GLP
Global Partners
46.17
-4.00
-7.97%
MMLP
Martin Midstream
2.58
-1.10
-29.97%
SMC
Summit Midstream
31.66
-4.04
-11.32%
PBT
Permian Basin
22.54
12.62
127.22%
NGL Energy Partners Corporate Events
Business Operations and StrategyPrivate Placements and Financing
NGL Energy Partners Refinances Debt and Simplifies Capital Structure
Positive
Mar 12, 2026
On March 12, 2026, NGL Energy Partners closed a new seven‑year $950 million senior secured term loan facility through its subsidiaries, increasing its secured debt financing from $687.8 million and using proceeds to repay its prior term loan...
Business Operations and StrategyShareholder Meetings
NGL Energy Partners Unitholders Approve Incentive Plan, Auditor
Positive
Feb 9, 2026
On February 9, 2026, NGL Energy Partners held a special meeting of unitholders of record as of December 18, 2025, to vote on a new long-term incentive plan, the appointment of its independent auditor for fiscal 2026, and a potential adjournment op...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.