Ngl Energy Part (NYSE: NGL) shares rose in value on Friday January 20 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 rose Friday morning as Wall Street closely awaited Donald Trump’s inauguration as the nation’s 45th president.
The Dow Jones Industrial Average DJIA, +0.41% rose 95 points, or 0.5%, to 19,826, while the S&P 500 index SPX, +0.41% climbed 11 points, or 0.5%, to 2,275 and the Nasdaq Composite COMP, +0.37% added 28 points, or 0.6%, to 5,571.
Analysts at FBR & Co upgraded shares of Ngl Energy Part (NYSE: NGL) from Market Perform to Outperform today. With a rating of Outperform on the stock, Ngl Energy Part has a 52-week high of $24.35. A number of other analysts have issued reports on the company recently, and Ngl Energy Part has secured a consensus one-year price target of $20.38, a decrease compared to the opening price of $23.80. Share prices sometimes get a boost to the upside when analysts upgrade a stock.
Yesterday Ngl Energy Part (NYSE: NGL) shares last traded at $24.00, which is an increase of $1.10 over the previous closing price. Opening at $23.80, they ranged from $23.70 and $24.35 throughout the day.
Ngl Energy Part (NYSE: NGL) currently has a market cap of 2.58B.
Ngl Energy Part (NYSE: NGL) Average Daily Trading Volume
The stock’s average daily volume is 484,855 shares out of a total float 89,570,000 and some 247,490 shares traded hands yesterday, 14 percent lower than the average. lower than normal. Look for trading volume to pick up in the coming days as swing traders often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.
As with all potential breakouts, investors look for volume to be at least 40%-50% higher than normal on the breakout to show that fund managers and other professional investors are jumping in.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors have substantial teams of analysts researching thousands of stocks, so it is good corroboration to see them taking a postion in a stock you’re considering.
Ngl Energy Part (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.
With that in mind, Ngl Energy Part (NYSE: NGL) now has a 50-day MA of $20.39 and 200-day MA of $18.89. It has traded in a 52-week range between $5.57 – 24.35 and today’s last price is 1.44%% lower than the 52 week high of $24.35.
Earnings growth is an important factor to look at when investing in stocks and investors watch for companies that have been successful at growing their earnings at least 25% or more over a 3 year period.
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