Bank of America Corp DE cut its holdings in shares of Mplx Lp (NYSE:MPLX) by 14.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,815,065 shares of the pipeline company’s stock after selling 1,163,428 shares during the quarter. Bank of America Corp DE owned approximately 0.86% of Mplx worth $232,667,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Northwest Wealth Management LLC purchased a new stake in shares of Mplx during the 2nd quarter valued at $120,000. Cerebellum GP LLC purchased a new stake in shares of Mplx during the 2nd quarter valued at $174,000. Destination Wealth Management increased its position in shares of Mplx by 319.9% during the 2nd quarter. Destination Wealth Management now owns 5,614 shares of the pipeline company’s stock valued at $192,000 after purchasing an additional 4,277 shares during the last quarter. Searle & CO. purchased a new stake in shares of Mplx during the 2nd quarter valued at $201,000. Finally, Schmidt P J Investment Management Inc. purchased a new stake in shares of Mplx during the 2nd quarter valued at $205,000. 31.23% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently issued reports on MPLX. Zacks Investment Research raised Mplx from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a research report on Wednesday, June 27th. ValuEngine lowered Mplx from a “sell” rating to a “strong sell” rating in a report on Monday, July 2nd. Jefferies Financial Group raised Mplx from a “hold” rating to a “buy” rating in a report on Wednesday, July 18th. Finally, Stifel Nicolaus lifted their price objective on Mplx from $42.00 to $44.00 and gave the stock a “buy” rating in a report on Friday, July 27th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $41.23.
Shares of MPLX opened at $36.56 on Friday. Mplx Lp has a fifty-two week low of $31.60 and a fifty-two week high of $39.38. The stock has a market capitalization of $29.32 billion, a P/E ratio of 34.49, a PEG ratio of 2.66 and a beta of 1.38. The company has a quick ratio of 0.55, a current ratio of 0.61 and a debt-to-equity ratio of 1.71.
Mplx (NYSE:MPLX) last announced its quarterly earnings data on Thursday, July 26th. The pipeline company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.02). Mplx had a return on equity of 14.43% and a net margin of 24.22%. The firm had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period last year, the business posted $0.26 EPS. The company’s revenue was up 72.3% compared to the same quarter last year. sell-side analysts expect that Mplx Lp will post 2.32 earnings per share for the current year.
MPLX LP owns, operates, develops, and acquires midstream energy infrastructure assets. It operates in two segments, Logistics and Storage, and Gathering and Processing segments. The company is involved in the gathering, processing, and transportation of natural gas; gathering, transportation, fractionation, storage, and marketing of natural gas liquids (NGLs); and gathering, transportation, and storage of crude oil and refined petroleum products.
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