NGL Energy Partners LP (NGL) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of NGL Energy Partners LP $5.64, price $15.94, upside -64.6%, quality 40 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? No
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NGL Energy Partners LP
NGL · USWeakest SetupStrongly overvalued and low quality.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $1.04 – $18.97 · fair‑value band $1.56 – $12.42 · the $15.94 price screens above the $5.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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Company profile
NGL Energy Partners LP engages in the transportation, storage, blending, and marketing of crude oil, natural gas liquids, refined products/renewables, and water solutions in the United States. It operates through three segments: Water Solutions, Crude Oil Logistics, and Liquids Logistics.
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NGL Energy Partners LP engages in the transportation, storage, blending, and marketing of crude oil, natural gas liquids, refined products/renewables, and water solutions in the United States. It operates through three segments: Water Solutions, Crude Oil Logistics, and Liquids Logistics. The Water Solutions segment transports, treats, recycles, and disposes produced and flowback water generated from crude oil and natural gas production; aggregates and sells recovered crude oil; disposes solids, such as tank bottoms, drilling fluid, and muds, as well as performs truck and frac tank washouts; and sells produced water for reuse and recycle, and brackish non-potable water. The Crude Oil Logistics segment purchases crude oil from producers and marketers and transports it to refineries for resale at pipeline injection stations, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs; and provides storage, terminaling, and transportation services through pipelines and storage tanks. The Liquids Logistics segment offers natural gas liquids to commercial, retail, and industrial customers across the United States and Canada through its five terminals, third-party storage and terminal facilities, nine common carrier pipelines and a fleet of leased railcars. This segment also provides services for marine exports of butane through its facility located in Chesapeake, Virginia; and owns a propane pipeline in Michigan. NGL Energy Holdings LLC serves as the general partner of the company. NGL Energy Partners LP was founded in 1940 and is headquartered in Tulsa, Oklahoma.
Stock analysis
NGL Energy Partners LP (NGL) currently trades at $15.94, while our model-based Fair Value estimate is $5.64, implying the stock looks roughly 182.6% overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of $7.61 per share, and 0 of the 13 models we run sit above the $15.94 price.
Bear case: the DCF Models group reads lowest at $4.54, and 13 of the 13 models stay below the price. Evidence for this calculation is medium.
Scenario range: $1.56 (bear) to $12.42 (bull), the price of $15.94 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 40/100 (below-average quality), in the Energy sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
NGL Energy Partners LP reported revenue of $3.2B in FY2026 versus $7.9B in FY2022, a compound −20.6%/yr. Reported net income was −$180M in FY2026.
Key figures
Market cap $2.0B · P/S ratio 0.63 · EPS (TTM) $−3.50 · Dividend yield 5.7% · Net margin −5.7% · Return on equity −51.7% · Return on assets (EBIT) 5.1% · Operating margin 2.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).
What moves the price
The share trades about 16% below its 52-week high and 172% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −11% fair-value upside, at −65%, NGL screens richer than that median.
Fair Value models
All 15 models by family
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Set up alert →Quality Score breakdown
Of which business quality 37 · Market factors (momentum, volatility) 71
Revenue & earnings trend
Growth Forecast
NGL screens 183% overvalued. Compare with Enbridge Inc →
Compare NGL Energy Partners LP with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Midstream · 86 stocks
Valuation Multiplesvs Oil & Gas Midstream median · lower = cheaper
Strength profile in five axes (Snowflake)
VALUE 0: the price sits above our fair-value range.
Context: sector, industry, market
- Is the Energy sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Energy
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Enbridge Inc ENB | $47.90 | $36.91 | −23% |
| The Williams Companies, Inc WMB | $70.98 | $11.73 | −83% |
| Enterprise Products Partners L.P. EPD | $38.01 | $24.61 | −35% |
| Kinder Morgan, Inc KMI | $31.27 | $28.24 | −10% |
| TC Energy Corporation TRP | $59.78 | $24.51 | −59% |
| Energy Transfer LP, ET | $20.40 | $19.43 | −5% |
| MPLX LP owns and MPLX | $59.16 | $70.84 | +20% |
| ONEOK, Inc OKE | $90.09 | $80.35 | −11% |
| Targa Resources Corp TRGP | $282.15 | $79.61 | −72% |
| Cheniere Energy, Inc LNG | $272.96 | $349.73 | +28% |
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Key figures of NGL Energy Partners LP
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