NGL to da moon (well, maybe to $10?)!! Message Board

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Gold/Mining/Energy : NGL to da moon (well, maybe to $10?)!!

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From: Elroy	9/24/2024 9:29:58 AM
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NGL Energy Partners LP Announces Quarterly Cash Distribution for the Class B, Class C, and Class D Preferred Units finance.yahoo.com TULSA, Okla., September 19, 2024--( BUSINESS WIRE)--NGL Energy Partners LP (NYSE: NGL) announced today that the Board of Directors of its general partner declared a distribution for the quarter ending September 30, 2024 to be paid to the holders of the Partnership’s 12.806% Class B Floating Rate Cumulative Redeemable Perpetual Preferred Units ("Class B Preferred Units") and the 12.716% Class C Floating Rate Cumulative Redeemable Perpetual Preferred Units ("Class C Preferred Units") in accordance with the terms outlined in NGL’s partnership agreement. Each of the Class B Preferred Units will receive a quarterly distribution of $0.8004 and each of the Class C Preferred Units will receive a quarterly distribution of $0.7947 per unit on October 15, 2024, to holders of record on October 1, 2024. ------ This is the second dividend payment since the NGL preferred came out of arrears and became current. If NGL just reports reasonably well, and investors believe the preferred dividends will continue, I would expect their prices to rise above $25 par value. Both B's and C's pay above 12.5%. That's going to be super attractive as interest rates decline. Both B's and C's float, so the declines in interest rates will also reduce the preferred dividend, but they're still going to be much more attractive than cash. NGL has perked up a bit recently. The next three quarters of results should show a significant improvement in free cash flows, giving the partnership lots of options of what to do with the cash. The next big milestone is the not publicly traded preferred D series (about $600m) which expires in summer 2025. NGL has to either repurchase them or refinance them before then.

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