CIBC Private Wealth Group LLC Cuts Holdings in Mplx Lp $MPLX

CIBC Private Wealth Group LLC lowered its position in Mplx Lp (NYSE:MPLX) by 1.3% in the third quarter, HoldingsChannel reports. The fund owned 2,688,090 shares of the pipeline company’s stock after selling 35,979 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Mplx were worth $134,270,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. CIBC Bancorp USA Inc. acquired a new stake in shares of Mplx during the 3rd quarter valued at about $134,319,000. Bank of America Corp DE raised its holdings in Mplx by 8.3% in the 2nd quarter. Bank of America Corp DE now owns 9,873,619 shares of the pipeline company’s stock worth $508,590,000 after purchasing an additional 757,569 shares during the period. Natixis raised its holdings in Mplx by 1,585.3% in the 2nd quarter. Natixis now owns 403,758 shares of the pipeline company’s stock worth $20,798,000 after purchasing an additional 379,800 shares during the period. Merewether Investment Management LP purchased a new position in Mplx during the second quarter worth approximately $16,988,000. Finally, Alps Advisors Inc. boosted its position in Mplx by 1.2% during the third quarter. Alps Advisors Inc. now owns 26,409,654 shares of the pipeline company’s stock worth $1,319,162,000 after purchasing an additional 325,451 shares in the last quarter. 24.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Morgan Stanley boosted their price objective on Mplx from $60.00 to $62.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 25th. Wells Fargo & Company increased their target price on Mplx from $59.00 to $63.00 and gave the company an “overweight” rating in a research report on Friday, March 13th. Wall Street Zen cut shares of Mplx from a “buy” rating to a “hold” rating in a research note on Sunday. Royal Bank Of Canada boosted their price target on shares of Mplx from $58.00 to $60.00 and gave the stock an “outperform” rating in a report on Friday, November 21st. Finally, Weiss Ratings restated a “buy (a-)” rating on shares of Mplx in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $60.88.

Mplx Price Performance

NYSE:MPLX opened at $58.29 on Wednesday. The stock has a 50 day moving average of $56.63 and a two-hundred day moving average of $53.54. Mplx Lp has a 12 month low of $44.60 and a 12 month high of $59.84. The firm has a market cap of $59.18 billion, a P/E ratio of 12.09, a price-to-earnings-growth ratio of 5.28 and a beta of 0.56. The company has a current ratio of 1.23, a quick ratio of 1.18 and a debt-to-equity ratio of 1.66.

Mplx (NYSE:MPLX) last released its earnings results on Tuesday, February 3rd. The pipeline company reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.07. Mplx had a return on equity of 34.37% and a net margin of 37.79%.The business had revenue of $3.10 billion for the quarter, compared to the consensus estimate of $3.23 billion. During the same quarter last year, the business posted $1.07 earnings per share. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. On average, analysts expect that Mplx Lp will post 4.41 earnings per share for the current fiscal year.

Mplx Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 17th. Shareholders of record on Monday, February 9th were issued a $1.0765 dividend. The ex-dividend date was Monday, February 9th. This represents a $4.31 dividend on an annualized basis and a yield of 7.4%. Mplx’s dividend payout ratio (DPR) is presently 89.42%.

Mplx Profile

MPLX LP (NYSE: MPLX) is a midstream master limited partnership that owns, operates and develops energy infrastructure primarily across the United States. The company provides a range of midstream services including the gathering, transportation, storage and distribution of crude oil, refined petroleum products, natural gas and natural gas liquids (NGLs). MPLX also operates processing and fractionation facilities and supplies logistics services that connect producers, refiners and end-use markets.

The partnership’s asset base includes pipelines, storage terminals, rail and marine facilities, natural gas processing plants and NGL fractionators.