Zacks Investment Research lowered shares of Mplx (NYSE:MPLX) from a hold rating to a sell rating in a report issued on Wednesday, January 10th.
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 commented on MPLX. Royal Bank of Canada reissued a buy rating and set a $46.00 target price on shares of Mplx in a research note on Wednesday, November 15th. BidaskClub lowered shares of Mplx from a sell rating to a strong sell rating in a research note on Friday, October 13th. UBS Group increased their target price on shares of Mplx from $43.00 to $44.00 and gave the company a buy rating in a research note on Friday, October 27th. Mizuho reissued a buy rating and set a $40.00 target price on shares of Mplx in a research note on Friday, October 20th. Finally, Scotiabank restated a buy rating and issued a $44.00 price target on shares of Mplx in a research report on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $41.67.
Mplx (NYSE:MPLX) last issued its quarterly earnings results on Thursday, October 26th. The pipeline company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. The company had revenue of $980.00 million during the quarter, compared to analyst estimates of $965.07 million. Mplx had a net margin of 16.79% and a return on equity of 5.87%. The business’s revenue for the quarter was up 16.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.21 EPS. research analysts anticipate that Mplx will post 1.08 earnings per share for the current year.
In related news, VP Gregory Scott Floerke sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $36.00, for a total value of $72,000.00. Following the completion of the sale, the vice president now owns 79,598 shares in the company, valued at approximately $2,865,528. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders sold 8,000 shares of company stock valued at $284,760.
Institutional investors have recently added to or reduced their stakes in the business. Spirit of America Management Corp NY increased its stake in Mplx by 8.4% in the 3rd quarter. Spirit of America Management Corp NY now owns 739,479 shares of the pipeline company’s stock valued at $25,889,000 after buying an additional 57,400 shares during the period. Heronetta Management L.P. increased its stake in Mplx by 6.7% in the 3rd quarter. Heronetta Management L.P. now owns 262,837 shares of the pipeline company’s stock valued at $9,202,000 after buying an additional 16,400 shares during the period. HITE Hedge Asset Management LLC increased its stake in Mplx by 25.2% in 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 increased its stake in Mplx by 2.4% in 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. Finally, Brookfield Asset Management Inc. increased its stake in Mplx by 20.0% in the 2nd quarter. Brookfield Asset Management Inc. now owns 1,546,604 shares of the pipeline company’s stock valued at $51,657,000 after buying an additional 257,907 shares during the period. Hedge funds and other institutional investors own 64.27% of the company’s stock.
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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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