Boston Partners Buys 57,024 Shares of MPLX LP (MPLX)
Boston Partners increased its position in MPLX LP (NYSE:MPLX) by 11.2% during the second quarter, Holdings Channel reports. The institutional investor owned 567,359 shares of the pipeline company’s stock after buying an additional 57,024 shares during the period. Boston Partners’ holdings in MPLX were worth $18,950,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Joel Isaacson & Co. LLC bought a new position in shares of MPLX during the second quarter worth approximately $334,000. Tortoise Capital Advisors L.L.C. boosted its position in shares of MPLX by 1.1% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 19,105,648 shares of the pipeline company’s stock worth $638,129,000 after buying an additional 202,094 shares in the last quarter. Beach Investment Management LLC. bought a new position in shares of MPLX during the second quarter worth approximately $1,061,000. State of New Jersey Common Pension Fund D boosted its position in shares of MPLX by 5.3% in the second quarter. State of New Jersey Common Pension Fund D now owns 296,500 shares of the pipeline company’s stock worth $9,903,000 after buying an additional 15,000 shares in the last quarter. Finally, Heritage Wealth Advisors boosted its position in shares of MPLX by 1.7% in the second quarter. Heritage Wealth Advisors now owns 48,334 shares of the pipeline company’s stock worth $1,614,000 after buying an additional 805 shares in the last quarter. Institutional investors own 66.81% of the company’s stock.
Shares of MPLX LP (MPLX) opened at 33.26 on Wednesday. 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 $12.92 billion, a price-to-earnings ratio of 39.74 and a beta of 1.35. The company has a 50-day moving average price of $34.73 and a 200 day moving average price of $35.49.
MPLX (NYSE:MPLX) last released its earnings results on Thursday, July 27th. The pipeline company reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.10. MPLX had a net margin of 19.07% and a return on equity of 6.13%. The business had revenue of $916 million during the quarter, compared to analysts’ expectations of $884.70 million. During the same quarter last year, the company earned ($0.11) earnings per share. The firm’s revenue was up 31.2% on a year-over-year basis. On average, analysts forecast that MPLX LP will post $0.97 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, August 7th were paid a $0.5625 dividend. This represents a $2.25 annualized dividend and a dividend yield of 6.76%. The ex-dividend date of this dividend was Thursday, August 3rd. This is a boost from MPLX’s previous quarterly dividend of $0.44. MPLX’s dividend payout ratio (DPR) is presently 271.09%.
A number of brokerages have commented on MPLX. BidaskClub cut MPLX from a “buy” rating to a “hold” rating in a research note on Sunday, August 6th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of MPLX in a research report on Friday, July 28th. Scotiabank set a $44.00 target price on MPLX and gave the stock a “buy” rating in a research report on Saturday, July 22nd. Guggenheim started coverage on MPLX in a research report on Thursday, July 20th. They set a “buy” rating and a $40.00 target price on the stock. Finally, Zacks Investment Research lowered MPLX from a “hold” rating to a “strong sell” rating in a research report on Saturday, July 15th. One research analyst has rated the stock with a sell rating, two have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. MPLX has a consensus rating of “Buy” and a consensus target price of $42.55.
In other MPLX news, CEO Gary R. Heminger purchased 9,000 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The stock was purchased at an average price of $33.26 per share, with a total value of $299,340.00. Following the completion of the transaction, the chief executive officer now directly owns 167,896 shares of the company’s stock, valued at approximately $5,584,220.96. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.
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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