Zacks Investment Research Upgrades Mplx (MPLX) to Buy
Zacks Investment Research upgraded shares of Mplx (NYSE:MPLX) from a hold rating to a buy rating in a report issued on Tuesday morning. Zacks Investment Research currently has $39.00 price target on the pipeline company’s stock.
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. “
Several other analysts have also recently commented on the stock. Bank of America started coverage on shares of Mplx in a research note on Tuesday, January 9th. They issued a buy rating for the company. Royal Bank of Canada reaffirmed a buy rating and issued a $46.00 target price on shares of Mplx in a research note on Wednesday, November 15th. Citigroup reaffirmed a buy rating and issued a $46.00 target price on shares of Mplx in a research note on Friday, February 2nd. Stifel Nicolaus reaffirmed a buy rating and issued a $45.00 target price on shares of Mplx in a research note on Thursday, February 1st. Finally, Barclays cut shares of Mplx from an overweight rating to an equal weight rating and set a $39.00 target price for the company. in a research note on Wednesday, January 17th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $41.55.
Mplx (NYSE:MPLX) last issued its quarterly earnings data on Thursday, February 1st. The pipeline company reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.03). Mplx had a return on equity of 6.98% and a net margin of 17.90%. The business had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $937.04 million. During the same period last year, the business earned $0.17 earnings per share. The company’s revenue for the quarter was up 27.9% on a year-over-year basis. sell-side analysts anticipate that Mplx will post 1.93 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Monday, February 5th were paid a dividend of $0.6075 per share. The ex-dividend date of this dividend was Friday, February 2nd. This is a boost from Mplx’s previous quarterly dividend of $0.44. This represents a $2.43 annualized dividend and a dividend yield of 6.87%. Mplx’s payout ratio is currently 231.43%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. M&T Bank Corp grew its stake in shares of Mplx by 5.7% during the 4th quarter. M&T Bank Corp now owns 52,024 shares of the pipeline company’s stock valued at $1,845,000 after buying an additional 2,823 shares during the period. HITE Hedge Asset Management LLC grew its stake in shares of Mplx by 25.2% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 43,965 shares of the pipeline company’s stock valued at $1,539,000 after buying an additional 8,850 shares during the period. Harvest Fund Advisors LLC grew its stake in shares of Mplx by 2.4% during the 3rd quarter. Harvest Fund Advisors LLC now owns 16,963,387 shares of the pipeline company’s stock valued at $593,888,000 after buying an additional 402,273 shares during the period. Allianz Asset Management GmbH grew its stake in shares of Mplx by 153.1% during the 3rd quarter. Allianz Asset Management GmbH now owns 130,389 shares of the pipeline company’s stock valued at $4,565,000 after buying an additional 78,869 shares during the period. Finally, Keybank National Association OH grew its stake in shares of Mplx by 34.7% during the 3rd quarter. Keybank National Association OH now owns 12,100 shares of the pipeline company’s stock valued at $424,000 after buying an additional 3,120 shares during the period. 32.23% of the stock is owned by institutional investors.
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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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