Groesbeck Investment Management Corp NJ Invests $804,000 in Mplx Lp (NYSE:MPLX)

Groesbeck Investment Management Corp NJ acquired a new position in shares of Mplx Lp (NYSE:MPLX) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 16,800 shares of the pipeline company’s stock, valued at approximately $804,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of MPLX. ING Groep NV grew its position in Mplx by 69.8% during the 3rd quarter. ING Groep NV now owns 6,628,400 shares of the pipeline company’s stock worth $294,699,000 after acquiring an additional 2,725,000 shares during the last quarter. FMR LLC grew its position in shares of Mplx by 387.4% in the 3rd quarter. FMR LLC now owns 823,467 shares of the pipeline company’s stock valued at $36,611,000 after buying an additional 654,500 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in shares of Mplx by 17.0% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,498,796 shares of the pipeline company’s stock valued at $66,636,000 after buying an additional 217,674 shares during the last quarter. Sequoia Financial Advisors LLC bought a new stake in shares of Mplx in the 3rd quarter valued at about $8,644,000. Finally, Walnut Private Equity Partners LLC grew its position in shares of Mplx by 479.6% in the 4th quarter. Walnut Private Equity Partners LLC now owns 153,600 shares of the pipeline company’s stock valued at $7,351,000 after buying an additional 127,100 shares during the last quarter. Institutional investors own 24.25% of the company’s stock.

Mplx Stock Up 2.0 %

Shares of Mplx stock opened at $52.45 on Wednesday. Mplx Lp has a one year low of $37.04 and a one year high of $53.55. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.99 and a quick ratio of 0.95. The stock’s 50-day moving average is $49.43 and its 200 day moving average is $45.85. The firm has a market cap of $53.44 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 2.33 and a beta of 1.42.

Mplx (NYSE:MPLX) last posted its quarterly earnings results on Tuesday, February 4th. The pipeline company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.03. Mplx had a return on equity of 32.70% and a net margin of 36.77%. The business had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.07 billion. During the same period in the prior year, the business earned $1.10 EPS. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. Equities research analysts anticipate that Mplx Lp will post 4.18 EPS for the current year.

Mplx Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Monday, February 3rd will be paid a dividend of $0.9565 per share. This represents a $3.83 dividend on an annualized basis and a yield of 7.29%. The ex-dividend date of this dividend is Monday, February 3rd. Mplx’s dividend payout ratio (DPR) is currently 90.33%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wells Fargo & Company upped their price target on Mplx from $53.00 to $54.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Bank of America assumed coverage on Mplx in a research report on Thursday, October 17th. They issued an “underperform” rating and a $43.00 price target on the stock. Barclays upped their price target on Mplx from $49.00 to $52.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Truist Financial upped their price target on Mplx from $48.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Finally, StockNews.com lowered Mplx from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Mplx currently has an average rating of “Moderate Buy” and a consensus price target of $50.50.

Insider Buying and Selling

In other news, VP Carl Kristopher Hagedorn sold 4,000 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $47.24, for a total value of $188,960.00. Following the completion of the sale, the vice president now directly owns 14,750 shares of the company’s stock, valued at $696,790. This represents a 21.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Mplx Profile

MPLX LP engages in the operation of midstream energy infrastructure and logistics assets, and distribution fuels services. It operates through the Logistics and Storage (L&S) and Gathering and Processing (G&P) segments. The Logistics and Storage segment transports, stores, distributes, and markets crude oil, asphalt, refined petroleum products, and water.