Zacks Investment Research upgraded shares of Mplx (NYSE:MPLX) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning.
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. “
Other equities research analysts have also issued research reports about the stock. UBS Group lifted their price objective 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. Stifel Nicolaus reduced their price objective on shares of Mplx from $42.00 to $41.00 and set a buy rating for the company in a research note on Friday, October 27th. Royal Bank of Canada reaffirmed a buy rating and issued a $46.00 price objective on shares of Mplx in a research note on Wednesday, November 15th. 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. Finally, Citigroup reaffirmed a buy rating and issued a $46.00 price objective on shares of Mplx in a research note on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $41.91.
Mplx (NYSE:MPLX) last released its quarterly earnings data on Thursday, February 1st. The pipeline company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.03). Mplx had a net margin of 17.90% and a return on equity of 6.99%. The business had revenue of $1.09 billion during the quarter, compared to analyst estimates of $937.04 million. During the same period in the previous year, the firm posted $0.17 EPS. The firm’s revenue for the quarter was up 27.9% on a year-over-year basis. equities research analysts expect that Mplx will post 1.86 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Investors of record on Monday, February 5th were issued a $0.6075 dividend. This represents a $2.43 annualized dividend and a yield of 6.85%. The ex-dividend date was Friday, February 2nd. This is an increase from Mplx’s previous quarterly dividend of $0.44. Mplx’s dividend payout ratio (DPR) is 231.43%.
In related news, VP Gregory Scott Floerke sold 2,000 shares of Mplx stock in a transaction 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 transaction, 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 Securities & Exchange Commission, which is accessible through this hyperlink.
Institutional investors and hedge funds have recently made changes to their positions in the stock. SWS Partners bought a new position in Mplx in the 4th quarter worth $149,000. Captrust Financial Advisors bought a new position in Mplx in the 4th quarter worth $179,000. Saratoga Research & Investment Management bought a new position in Mplx in the 3rd quarter worth $192,000. Stuart Chaussee & Associates Inc. bought a new position in Mplx in the 4th quarter worth $195,000. Finally, Ameritas Investment Partners Inc. bought a new position in Mplx in the 3rd quarter worth $193,000. Hedge funds and other institutional investors own 62.29% of the company’s stock.
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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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