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Plains All American Pipeline, L.P. offers stable, fee-based cash flows and a strong Permian presence, but is now heavily concentrated in crude after divesting NGL assets. The recent NGL sale improves financial flexibility and could lead to a special distribution, but reduces diversification and increases exposure to crude market risks. Valuation is reasonable with a high yield and improved leverage, but profitability and margins lag peers; future growth depends on redeploying capital from divestments.
I remain wary of NGL Energy Partners Preferred C due to persistent high risk and better alternatives available. The company's cash flow has shown a concerning downward trend over the past three years, with no recent signs of improvement. Despite recently repaying dividends in arrears, the company's high debt and low common stock price signal ongoing financial stress.
NGL Energy Partners LP Common Units (NYSE:NGL ) Q1 2026 Earnings Conference Call August 7, 2025 5:00 PM ET Company Participants Bradley P. Cooper - Executive VP, Compliance Officer & CFO of NGL Energy Holdings LLC Douglas W.
TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP Announces First Quarter Fiscal 2026 Financial Results.
TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP Announces Availability of its 2024 Schedule K-3s.
TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners Announces Earnings Call.
Energy Transfer expands NGL export hubs to meet global demand and boosts margins with fee-based contracts.
We rate NGL Energy Partners LP PFD UNIT CL B a Hold, given its attractive double-digit yield and improved balance sheet, but lingering risks remain. Dividends are variable, tied to SOFR plus a 7.213% spread, offering yields above 10% for several quarters as Fed rates stay elevated. The company's solid liquidity, asset sales, and compliance with debt covenants mitigate risk, but preferred units are still junior to debt in liquidation.
TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP Announces Quarterly Cash Distribution for the Class B, Class C and Class D Preferred Units.
PAA to sell Canadian NGL unit for $3.75 billion, sharpening its crude oil focus and unlocking nearly $3 billion in net proceeds.