Zacks Investment Research Upgrades Mplx Lp (MPLX) to Hold
Mplx Lp (NYSE:MPLX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “MPLX LP is a fee-based limited partnership formed to own, operate, develop and acquire crude oil, refined product and other hydrocarbon-based product pipelines and other midstream assets. The Company’s assets consist of a network of common carrier crude oil and product pipeline systems and associated storage assets in the Midwest and Gulf Coast regions of the United States. MPLX LP is based in Findlay, Ohio. “
Other equities research analysts also recently issued reports about the company. Barclays PLC lifted their price objective on Mplx Lp from $42.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, February 2nd. Mitsubishi UFJ Financial Group upgraded Mplx Lp from a “neutral” rating to an “overweight” rating and set a $43.00 price objective on the stock in a report on Wednesday, March 1st. Royal Bank of Canada restated a “buy” rating and set a $47.00 price objective on shares of Mplx Lp in a report on Friday, March 17th. Jefferies Group LLC restated a “buy” rating and set a $44.00 price objective on shares of Mplx Lp in a report on Wednesday, April 19th. Finally, Citigroup Inc upgraded Mplx Lp from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $42.00 to $43.00 in a report on Wednesday, March 1st. They noted that the move was a valuation call. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $42.10.
Shares of Mplx Lp (NYSE:MPLX) traded up 0.4864% during trading on Thursday, hitting $34.6678. The stock had a trading volume of 490,736 shares. Mplx Lp has a one year low of $30.09 and a one year high of $39.43. The stock’s 50-day moving average price is $35.88 and its 200-day moving average price is $35.34. The company has a market cap of $12.99 billion, a P/E ratio of 71.4800 and a beta of 1.37.
Mplx Lp (NYSE:MPLX) last announced its earnings results on Thursday, April 27th. The pipeline company reported $0.19 EPS for the quarter, meeting the consensus estimate of $0.19. The business had revenue of $886 million for the quarter, compared to the consensus estimate of $691.38 million. Mplx Lp had a return on equity of 3.24% and a net margin of 7.22%. The company’s revenue was up 37.4% on a year-over-year basis. During the same period last year, the business posted ($0.33) EPS. On average, equities research analysts forecast that Mplx Lp will post $0.94 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, May 15th. Stockholders of record on Monday, May 8th were given a $0.54 dividend. This is a positive change from Mplx Lp’s previous quarterly dividend of $0.52. The ex-dividend date was Thursday, May 4th. This represents a $2.16 annualized dividend and a dividend yield of 6.26%. Mplx Lp’s dividend payout ratio (DPR) is presently -3,466.09%.
In other news, VP Randy S. Nickerson sold 15,000 shares of Mplx Lp stock in a transaction that occurred on Wednesday, March 15th. The stock was sold at an average price of $36.20, for a total value of $543,000.00. Following the completion of the transaction, the vice president now owns 177,552 shares in the company, valued at approximately $6,427,382.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Several hedge funds and other institutional investors have recently modified their holdings of the company. TCI Wealth Advisors Inc. purchased a new position in shares of Mplx Lp during the third quarter valued at approximately $221,000. Pointe Capital Management LLC raised its position in shares of Mplx Lp by 5.3% in the third quarter. Pointe Capital Management LLC now owns 92,373 shares of the pipeline company’s stock valued at $3,128,000 after buying an additional 4,681 shares during the last quarter. Alps Advisors Inc. raised its position in shares of Mplx Lp by 4.2% in the third quarter. Alps Advisors Inc. now owns 16,233,967 shares of the pipeline company’s stock valued at $549,682,000 after buying an additional 649,169 shares during the last quarter. Diversified Trust Co raised its position in shares of Mplx Lp by 2.7% in the third quarter. Diversified Trust Co now owns 73,346 shares of the pipeline company’s stock valued at $2,483,000 after buying an additional 1,941 shares during the last quarter. Finally, Mariner Investment Group LLC raised its position in shares of Mplx Lp by 188.7% in the third quarter. Mariner Investment Group LLC now owns 122,100 shares of the pipeline company’s stock valued at $4,134,000 after buying an additional 79,800 shares during the last quarter. Institutional investors own 67.94% of the company’s stock.
About Mplx Lp
MPLX LP is a master limited partnership (MLP) formed by Marathon Petroleum Corporation (MPC) to own, operate, develop and acquire midstream energy infrastructure assets. The Company is engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of natural gas liquids (NGLs), and the gathering, transportation and storage of crude oil and refined petroleum products.
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