Credit Suisse Group reissued their outperform rating on shares of Mplx (NYSE:MPLX) in a research note released on Monday morning, The Fly reports. They currently have a $33.00 price target on the pipeline company’s stock, down from their prior price target of $38.00.
Several other research firms have also issued reports on MPLX. Wells Fargo & Co upped their target price on Mplx from $37.00 to $38.00 and gave the stock an outperform rating in a report on Thursday, May 9th. Zacks Investment Research lowered Mplx from a hold rating to a sell rating in a report on Friday, May 10th. ValuEngine lowered Mplx from a sell rating to a strong sell rating in a report on Wednesday, July 24th. Bank of America upgraded Mplx from a neutral rating to a buy rating and set a $39.00 target price on the stock in a report on Tuesday, June 11th. Finally, Raymond James dropped their target price on Mplx from $38.00 to $34.00 and set an outperform rating on the stock in a report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $37.20.
MPLX opened at $26.55 on Monday. Mplx has a 52-week low of $25.85 and a 52-week high of $38.20. The firm has a market capitalization of $21.53 billion, a PE ratio of 11.78 and a beta of 1.13. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.68 and a current ratio of 0.75. The business’s 50-day simple moving average is $30.38 and its 200 day simple moving average is $32.03.
Mplx (NYSE:MPLX) last released its earnings results on Thursday, August 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.05). Mplx had a return on equity of 27.94% and a net margin of 28.78%. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the company posted $0.55 EPS. The business’s revenue was up 3.2% on a year-over-year basis. On average, research analysts forecast that Mplx will post 2.66 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Monday, August 5th were given a dividend of $0.668 per share. This represents a $2.67 dividend on an annualized basis and a yield of 10.06%. The ex-dividend date of this dividend was Friday, August 2nd. This is an increase from Mplx’s previous quarterly dividend of $0.44. Mplx’s payout ratio is 116.59%.
In other Mplx news, Director Garry L. Peiffer purchased 18,800 shares of the stock in a transaction on Friday, August 9th. The shares were purchased at an average price of $27.30 per share, with a total value of $513,240.00. Following the completion of the transaction, the director now directly owns 14,302 shares in the company, valued at $390,444.60. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Gary R. Heminger purchased 42,600 shares of the stock in a transaction on Wednesday, August 7th. The shares were acquired at an average cost of $27.18 per share, for a total transaction of $1,157,868.00. Following the transaction, the chief executive officer now owns 131,956 shares of the company’s stock, valued at $3,586,564.08. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 79,400 shares of company stock worth $2,159,808.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Alps Advisors Inc. grew its position in shares of Mplx by 3.5% in the second quarter. Alps Advisors Inc. now owns 27,722,566 shares of the pipeline company’s stock valued at $892,389,000 after purchasing an additional 945,913 shares during the last quarter. Invesco Ltd. grew its position in shares of Mplx by 3,767.3% in the second quarter. Invesco Ltd. now owns 10,803,970 shares of the pipeline company’s stock valued at $347,780,000 after purchasing an additional 10,524,600 shares during the last quarter. OppenheimerFunds Inc. grew its position in shares of Mplx by 0.5% in the first quarter. OppenheimerFunds Inc. now owns 10,004,010 shares of the pipeline company’s stock valued at $329,032,000 after purchasing an additional 52,835 shares during the last quarter. Brookfield Asset Management Inc. grew its position in shares of Mplx by 9.6% in the second quarter. Brookfield Asset Management Inc. now owns 8,598,229 shares of the pipeline company’s stock valued at $276,777,000 after purchasing an additional 751,898 shares during the last quarter. Finally, Zimmer Partners LP grew its position in shares of Mplx by 10.6% in the second quarter. Zimmer Partners LP now owns 4,236,358 shares of the pipeline company’s stock valued at $136,368,000 after purchasing an additional 407,169 shares during the last quarter. 30.52% of the stock is currently owned by hedge funds and other institutional investors.
Mplx Company Profile
MPLX LP owns and operates midstream energy infrastructure and logistics assets primarily in the United States. The company also provides fuels distribution services. It operates in two segments, Logistics and Storage, and Gathering and Processing. The company is involved in the gathering, processing, and transportation of natural gas; gathering, transportation, fractionation, storage, and marketing of natural gas liquids; and transportation, storage, and distribution of crude oil and refined petroleum products.
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