MPLX LP (MPLX) Downgraded to Strong Sell at BidaskClub
MPLX LP (NYSE:MPLX) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Friday.
A number of other brokerages have also recently weighed in on MPLX. Scotiabank reiterated a “buy” rating and set a $44.00 price target on shares of MPLX in a research note on Wednesday, October 4th. Stifel Nicolaus reiterated a “buy” rating and set a $42.00 price target (down previously from $43.00) on shares of MPLX in a research note on Tuesday, September 5th. Jefferies Group LLC decreased their price target on shares of MPLX from $42.00 to $41.00 and set a “buy” rating for the company in a research note on Monday, August 28th. Royal Bank Of Canada reiterated a “buy” rating on shares of MPLX in a research note on Friday, July 28th. Finally, Guggenheim started coverage on shares of MPLX in a research note on Thursday, July 20th. They set a “buy” rating and a $40.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $42.25.
Shares of MPLX (NYSE MPLX) opened at 34.46 on Friday. The stock’s 50 day moving average is $34.65 and its 200 day moving average is $34.65. The firm has a market capitalization of $13.39 billion, a P/E ratio of 41.17 and a beta of 1.36. MPLX has a 1-year low of $30.31 and a 1-year high of $39.43.
MPLX (NYSE:MPLX) last posted its earnings results on Thursday, July 27th. The pipeline company reported $0.26 EPS for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.10. The firm had revenue of $916.00 million for the quarter, compared to the consensus estimate of $884.70 million. MPLX had a net margin of 19.07% and a return on equity of 6.13%. The company’s revenue was up 31.2% on a year-over-year basis. During the same period last year, the firm posted ($0.11) EPS. Equities analysts predict that MPLX will post $0.98 earnings per share for the current year.
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In other news, VP C Corwin Bromley sold 2,500 shares of the firm’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $34.50, for a total value of $86,250.00. Following the completion of the sale, the vice president now owns 123,705 shares in the company, valued at approximately $4,267,822.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 8,000 shares of company stock valued at $276,910 in the last 90 days.
Several hedge funds have recently added to or reduced their stakes in the company. Brookfield Asset Management Inc. lifted its stake in shares of MPLX by 20.0% in the second quarter. Brookfield Asset Management Inc. now owns 1,546,604 shares of the pipeline company’s stock valued at $51,657,000 after purchasing an additional 257,907 shares during the period. Atlantic Trust LLC lifted its stake in shares of MPLX by 2.3% in the second quarter. Atlantic Trust LLC now owns 33,628 shares of the pipeline company’s stock valued at $1,123,000 after purchasing an additional 765 shares during the period. Advisory Services Network LLC lifted its stake in shares of MPLX by 2.3% in the second quarter. Advisory Services Network LLC now owns 9,363 shares of the pipeline company’s stock valued at $313,000 after purchasing an additional 213 shares during the period. Raymond James Financial Services Advisors Inc. lifted its stake in shares of MPLX by 5.6% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 155,440 shares of the pipeline company’s stock valued at $5,192,000 after purchasing an additional 8,254 shares during the period. Finally, IHT Wealth Management LLC acquired a new stake in shares of MPLX in the second quarter valued at about $1,229,000. Institutional investors own 63.16% of the company’s stock.
MPLX Company Profile
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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