Mplx Lp (MPLX) Lowered to Strong Sell at Zacks Investment Research
Mplx Lp (NYSE:MPLX) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to 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. “
MPLX has been the topic of several other reports. Jefferies Group initiated coverage on Mplx Lp in a report on Tuesday, August 23rd. They issued a “hold” rating and a $35.00 price objective on the stock. FBR & Co initiated coverage on Mplx Lp in a report on Friday, September 9th. They issued a “market perform” rating and a $35.00 price objective on the stock. Finally, Barclays PLC initiated coverage on Mplx Lp in a report on Tuesday, July 19th. They issued an “overweight” rating and a $42.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the stock. Mplx Lp currently has an average rating of “Buy” and a consensus price target of $36.18.
Shares of Mplx Lp (NYSE:MPLX) opened at 33.06 on Thursday. The firm’s 50-day moving average price is $33.01 and its 200-day moving average price is $31.96. Mplx Lp has a 12 month low of $16.34 and a 12 month high of $45.63. The stock’s market capitalization is $11.10 billion.
Mplx Lp (NYSE:MPLX) last posted its earnings results on Thursday, July 28th. The company reported ($0.11) EPS for the quarter, missing the Zacks’ consensus estimate of $0.28 by $0.39. The firm earned $564 million during the quarter, compared to analysts’ expectations of $657.88 million. During the same quarter in the previous year, the business earned $0.50 EPS. The firm’s revenue for the quarter was up 161.1% on a year-over-year basis. On average, equities research analysts forecast that Mplx Lp will post $0.21 EPS for the current year.
In other Mplx Lp news, CAO Paula L. Rosson sold 12,267 shares of the business’s stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $33.38, for a total value of $409,472.46. Following the sale, the chief accounting officer now owns 40,364 shares of the company’s stock, valued at $1,347,350.32. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Nancy Buese sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 23rd. The shares were sold at an average price of $32.81, for a total value of $492,150.00. Following the completion of the sale, the chief financial officer now directly owns 187,779 shares in the company, valued at approximately $6,161,028.99. The disclosure for this sale can be found here.
A number of hedge funds have recently made changes to their positions in the stock. Advisory Services Network LLC raised its stake in shares of Mplx Lp by 8.5% in the second quarter. Advisory Services Network LLC now owns 3,282 shares of the company’s stock worth $110,000 after buying an additional 257 shares during the last quarter. Monetary Management Group Inc. raised its stake in shares of Mplx Lp by 7.0% in the first quarter. Monetary Management Group Inc. now owns 4,000 shares of the company’s stock worth $119,000 after buying an additional 262 shares during the last quarter. MCF Advisors LLC raised its stake in shares of Mplx Lp by 1.6% in the second quarter. MCF Advisors LLC now owns 3,639 shares of the company’s stock worth $122,000 after buying an additional 57 shares during the last quarter. Americafirst Capital Management LLC acquired a new position in Mplx Lp during the second quarter valued at approximately $173,000. Finally, Advisor Group Inc. acquired a new position in Mplx Lp during the second quarter valued at approximately $192,000.
Mplx Lp Company Profile
MPLX LP is a United States-based diversified master limited partnership (MLP) company, which owns, operates, develops and acquires 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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