NGL ENERGY PARTNERS LP (NYSE: NGL) shares rose in value in early trading today on lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, U.S. stocks opened significantly lower in early trading. The Dow Jones Industrial Average was 58 points lower, or 0.29% to 19895, the S&P 500 fell 7 points, or 0.28% to 2268, while the Nasdaq dropped 22 points, or 0.38% to 5542.
Analysts at Raymond James Financial, Inc. upgraded shares of NGL ENERGY PARTNERS LP (NYSE: NGL) from Market Perform to Outperform today. Raymond James Financial, Inc. currently has a rating of Outperform on the stock. A number of other analysts have spoken on the company recently, and NGL ENERGY PARTNERS LP has earned a consensus one-year price target of $19.29, lower than the opening price of $22.05, a difference of 8.72 percent. NGL ENERGY PARTNERS LP stock has a 52-week high of $22.30. Share prices often move to the upside on recommendations and new price targets of professional analysts.
Shares of NGL ENERGY PARTNERS LP (NYSE: NGL) opened at $22.05 yesterday trading between $21.85 and $22.30, and last traded at $22.13, an increase of $0.63 compared to the previous closing price.
NGL ENERGY PARTNERS LP (NYSE: NGL) now has a market cap of 2.38B.
NGL ENERGY PARTNERS LP (NYSE: NGL) Average Daily Trading Volume
55,348 shares crossed the trading desk yesterday, 121 percent below the average, out of a total float 84,373,000. lower than normal. Look for trading volume to pick up in the coming days as swing traders often use swings in trading volume to identify heavy volume accumulation or distribution by institutional investors.
While increased trading for one day will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these retain substantial teams of analysts that research thousands of stocks, so it is good confirmation to see them taking a postion in a stock you are considering.
NGL ENERGY PARTNERS LP (NYSE: NGL) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
Trades for NGL ENERGY PARTNERS LP (NYSE: NGL) have ranged from $5.57 – 22.3000, and the stock now has a 50-day MA of $19.69 and 200-day MA of $18.76. Today’s last price is 0.75%% under the 52 week high of $22.30.
Earnings growth is a critical factor to research when investing in stocks and investors identify companies that have grown their earnings by at least 25% for the past 3 years.
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