Why NGL Energy Partners Plunged 15% Today Despite Higher Oil Prices
Shares of midstream master limited partnership NGL Energy Partners (NYSE: NGL) plunged 15.4% before 11 a.m. EDT today, and later recouped some of its losses. The stock, though, was till down 9% at 2 p.m., as the market reacted strongly to the energy company's first-quarter earnings report released on Aug. 9 after market close.
NGL Energy delivered stupendous growth on its top line as crude oil prices rallied, but the market wasn't impressed. There's a valid reason why.
Note these numbers from NGL Energy's fiscal 2022 Q1 earnings report (all changes year over year):
Source Fool.com
