Duff & Phelps Investment Management Co. Raises Position in MPLX LP (MPLX)
Duff & Phelps Investment Management Co. boosted its position in shares of MPLX LP (NYSE:MPLX) by 0.0% during the second quarter, Holdings Channel reports. The institutional investor owned 1,564,430 shares of the pipeline company’s stock after buying an additional 500 shares during the period. Duff & Phelps Investment Management Co.’s holdings in MPLX were worth $52,252,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Tarbox Group Inc. raised its position in shares of MPLX by 41.8% in the first quarter. Tarbox Group Inc. now owns 3,575 shares of the pipeline company’s stock worth $129,000 after buying an additional 1,053 shares in the last quarter. Hirtle Callaghan & Co LLC purchased a new position in shares of MPLX during the first quarter worth $139,000. Cedar Wealth Management LLC raised its position in shares of MPLX by 17.6% in the second quarter. Cedar Wealth Management LLC now owns 5,490 shares of the pipeline company’s stock worth $183,000 after buying an additional 820 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new position in shares of MPLX during the first quarter worth $198,000. Finally, Private Advisor Group LLC purchased a new position in shares of MPLX during the first quarter worth $201,000. 69.59% of the stock is currently owned by institutional investors and hedge funds.
Shares of MPLX LP (NYSE:MPLX) opened at 33.35 on Friday. MPLX LP has a 12-month low of $30.09 and a 12-month high of $39.43. The firm has a market capitalization of $12.96 billion, a price-to-earnings ratio of 39.84 and a beta of 1.35. The company’s 50-day moving average price is $34.67 and its 200 day moving average price is $35.58.
MPLX (NYSE:MPLX) last posted its quarterly earnings data on Thursday, July 27th. The pipeline company reported $0.26 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.10. The firm had revenue of $916 million during the quarter, compared to the consensus estimate of $884.70 million. MPLX had a return on equity of 6.13% and a net margin of 19.07%. The firm’s revenue was up 31.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.11) EPS. On average, equities research analysts forecast that MPLX LP will post $0.97 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Monday, August 7th will be paid a dividend of $0.5625 per share. The ex-dividend date of this dividend is Thursday, August 3rd. This is an increase from MPLX’s previous quarterly dividend of $0.44. This represents a $2.25 annualized dividend and a yield of 6.75%. MPLX’s dividend payout ratio is currently 271.09%.
A number of brokerages have recently weighed in on MPLX. BidaskClub raised MPLX from a “hold” rating to a “buy” rating in a report on Sunday, July 16th. Guggenheim began coverage on MPLX in a report on Thursday, July 20th. They issued a “buy” rating and a $40.00 price objective on the stock. Zacks Investment Research lowered MPLX from a “hold” rating to a “sell” rating in a report on Friday, May 12th. Royal Bank Of Canada reissued a “buy” rating on shares of MPLX in a report on Friday, July 28th. Finally, Scotiabank set a $44.00 price objective on MPLX and gave the company a “buy” rating in a report on Saturday, July 22nd. One equities 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 issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $42.55.
In related news, CEO Gary R. Heminger acquired 9,000 shares of MPLX stock in a transaction on Monday, June 12th. The stock was purchased at an average cost of $33.26 per share, with a total value of $299,340.00. Following the purchase, the chief executive officer now directly owns 167,896 shares in the company, valued at $5,584,220.96. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
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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