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Gold/Mining/Energy : NGL to da moon (well, maybe to $10?)!!
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To: Area51 who wrote (112)5/1/2025 2:03:38 PM
From: Elroy   of 126
 
I just bought a small amount of NGL-B at $20.80. Seems a tad too cheap.

NGL will report March Q results about June 2nd. I think they'll show an improved balance sheet compared to the Dec 2024 Q, so that should help the valuation on the preferreds.

I don't think preferred distributions are seriously in danger. The issue for NGL is that they've gotta come up with $600m to refinance the privately held preferred D series by summer 2027. I don't know how they plan to do that, but perhaps the owners will just let them refinance them on similar terms, and push the expiration date out further. NGL has said they want to repurchase some of the D's using free cash flows, and they can do that, but I doubt they have $600m of free cash flow by summer 2027. That's only 27 months away.
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