Why NGL Energy Partners Rocketed 34% This Morning
Shares of midstream master limited partnership NGL Energy Partners (NYSE: NGL) rose a dramatic 22% out of the gate on Thursday. They then pulled back a bit before bursting higher again, reaching an incredible 34% gain by roughly 10:30 a.m. EST. Company news has been coming out at a rapid clip over the last few days.
On Tuesday, NGL announced that it had come to an agreement with a customer that had declared bankruptcy: fossil fuel producer Extraction Oil & Gas. Although the new agreement required NGL to make concessions to the customer, which will result in one-time charges, it cleared up a notable uncertainty. At the same time, the partnership also reinstated its fiscal 2021 guidance and provided an outlook for fiscal 2022 that included a forecast of 15% adjusted EBITDA growth.
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Source Fool.com
