NGL - Why Units of NGL Energy Partners Skyrocketed More Than 100% in February
2023-03-07 14:45:50 ET
Units of NGL Energy Partners (NYSE: NGL) surged 111% in February, according to data provided by S&P Global Market Intelligence . Fueling the master limited partnership (MLP) was its strong fiscal third-quarter results and improving balance sheet.
NGL generated $193.3 million of adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA) during its fiscal 2023 third quarter. That was a significant improvement from $147.7 million in the year-ago period.
The primary driver was record results from its water solutions segment, which generated $121.7 million of adjusted EBITDA, up 47.1% year over year and 16.2% from the prior quarter. The company handled a record 2.43 million barrels of water per day in the quarter, up 31.9% year over year. Meanwhile, it kept expenses down despite inflationary pressures.
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Why Units of NGL Energy Partners Skyrocketed More Than 100% in February