Why NGL Energy Partners Stock Hit A New 52-Week High Today

NGL Energy Partners LP NGL shares are trading higher by 10.34% to $3.90 after the company announced it signed agreements to sell its marine assets for $111.65 million.

What Happened?

NGL says the transaction is expected to close at the end of this month, subject to customary closing conditions.

"I want to thank our Marine employees for their hard work and service over the years to build one of the best fleets in the business. This non-core asset sale should allow NGL to further reduce leverage by March 31, 2023, as these proceeds will be used for debt reduction." stated Mike Krimbill, NGL's CEO.

"Our near-term focus continues to be reducing absolute debt and leverage." Krimbill concluded.

According to data from Benzinga Pro, NGL has a 52-week high of $3.96 and a 52-week low of $1.00.