HITE Hedge Asset Management LLC Has $1.17 Million Stake in Mplx Lp (MPLX)
HITE Hedge Asset Management LLC cut its position in shares of Mplx Lp (NYSE:MPLX) by 23.4% during the second quarter, according to its most recent filing with the SEC. The fund owned 35,115 shares of the pipeline company’s stock after selling 10,698 shares during the period. HITE Hedge Asset Management LLC’s holdings in Mplx Lp were worth $1,173,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of the stock. Tarbox Group Inc. boosted its stake in Mplx Lp by 41.8% in the first quarter. Tarbox Group Inc. now owns 3,575 shares of the pipeline company’s stock worth $129,000 after buying an additional 1,053 shares during the period. Hirtle Callaghan & Co LLC acquired a new stake in Mplx Lp during the first quarter worth $139,000. Private Advisor Group LLC acquired a new stake in Mplx Lp during the first quarter worth $201,000. Cedar Wealth Management LLC boosted its stake in Mplx Lp by 17.6% in the second quarter. Cedar Wealth Management LLC now owns 5,490 shares of the pipeline company’s stock worth $183,000 after buying an additional 820 shares during the period. Finally, Ameritas Investment Partners Inc. acquired a new stake in Mplx Lp during the first quarter worth $198,000. Institutional investors and hedge funds own 66.81% of the company’s stock.
Shares of Mplx Lp (NYSE:MPLX) traded up 0.27% during mid-day trading on Friday, hitting $33.63. The company had a trading volume of 45,774 shares. Mplx Lp has a one year low of $30.09 and a one year high of $39.43. The company has a market capitalization of $13.07 billion, a PE ratio of 40.18 and a beta of 1.35. The company’s 50-day moving average is $34.65 and its 200 day moving average is $35.29.
Mplx Lp (NYSE:MPLX) last issued its quarterly earnings data on Thursday, July 27th. The pipeline company reported $0.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.10. The firm had revenue of $916 million during the quarter, compared to analyst estimates of $884.70 million. Mplx Lp had a return on equity of 6.13% and a net margin of 19.07%. The business’s quarterly revenue was up 31.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.11) earnings per share. On average, equities research analysts forecast that Mplx Lp will post $0.98 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Stockholders of record on Monday, August 7th were given a dividend of $0.5625 per share. This is a positive change from Mplx Lp’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $2.25 dividend on an annualized basis and a dividend yield of 6.71%. Mplx Lp’s dividend payout ratio (DPR) is presently 271.09%.
A number of equities research analysts recently weighed in on the company. Zacks Investment Research cut Mplx Lp from a “hold” rating to a “strong sell” rating in a research note on Saturday, July 15th. BidaskClub lowered Mplx Lp from a “buy” rating to a “hold” rating in a report on Sunday, August 6th. Guggenheim initiated coverage on Mplx Lp in a report on Thursday, July 20th. They issued a “buy” rating and a $40.00 price objective on the stock. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Mplx Lp in a report on Friday, July 28th. Finally, Scotiabank set a $44.00 price objective on Mplx Lp and gave the company a “buy” rating in a report on Saturday, July 22nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $42.55.
In other news, CEO Gary R. Heminger acquired 9,000 shares of the business’s stock in a transaction dated Monday, June 12th. The stock was purchased at an average price of $33.26 per share, for a total transaction of $299,340.00. Following the completion of the transaction, the chief executive officer now directly owns 167,896 shares in the company, valued at approximately $5,584,220.96. The acquisition was disclosed in a filing with the SEC, which is available through this link.
Mplx Lp 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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