Seeking Alpha

NGL Energy Partners started at Hold by Deutsche Bank

  • NGL Energy Partners (NGL +0.3%) is initiated at Deutsche Bank with a Hold rating and $36 price target, as diversification via acquisition growth is offset by less opportunity for drop-down or organic growth.
  • The firm has a favorable view of the growth achieved and road ahead for NGL's water treatment, crude oil, propane and natural gas liquids, but these pluses are offset by the lesser availability of drop-down or organic growth, lower outright ownership of assets and the upcoming needs for additional equity compared to other MLP peers.
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