NGL Energy Partners LP (NGL)

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SA: "NGL Energy: Pain Ahead, Sell Common And Preferreds"

"Summary
* NGL Energy has failed to capitalize on the boom in the energy prices.

* Guidance was reduced once again and the credit markets are now closed off.

* A quick asset sale might help, but we see a restructuring as highly probable.

"A key reason here is that NGL is running out of time to pay back its debt and things are taking a turn for the worse. It did not help matters one bit either when NGL reduced the adjusted EBITDA estimates for the fiscal year. After Q2-2022, NGL had guided for $570-$600 million and a maintenance capex of $115 million."

A key reason here is that NGL is running out of time to pay back its debt and things are taking a turn for the worse. It did not help matters one bit either when NGL reduced the adjusted EBITDA estimates for the fiscal year. After Q2-2022, NGL had guided for $570-$600 million and a maintenance capex of $115 million

"We always knew this was the most likely path for NGL and it appears we are now getting into the final 18 months of this saga. We expect ultimately zero recovery for the common shares and zero recovery".

https://seekingalpha.com/article/4516569-ngl-energy-stock-pain-ahead-sell-common-and-preferreds