Mplx Lp (MPLX) Price Target Cut to $41.00
Mplx Lp (NYSE:MPLX) had its price objective cut by equities researchers at Jefferies Group LLC from $42.00 to $41.00 in a note issued to investors on Monday. The brokerage presently has a “buy” rating on the pipeline company’s stock. Jefferies Group LLC’s price objective points to a potential upside of 21.16% from the stock’s previous close.
Several other equities research analysts also recently commented on MPLX. Zacks Investment Research downgraded Mplx Lp from a “hold” rating to a “strong sell” rating in a report on Saturday, July 15th. BidaskClub downgraded Mplx Lp from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Guggenheim assumed coverage on Mplx Lp in a report on Thursday, July 20th. They set a “buy” rating and a $40.00 price objective for the company. Royal Bank Of Canada restated a “buy” rating on shares of Mplx Lp in a report on Friday, July 28th. Finally, Scotiabank set a $44.00 price objective on Mplx Lp and gave the company a “buy” rating in a report on Saturday, July 22nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $42.27.
Mplx Lp (NYSE:MPLX) opened at 33.84 on Monday. The stock has a 50 day moving average of $34.66 and a 200 day moving average of $35.25. The stock has a market capitalization of $13.15 billion, a P/E ratio of 40.43 and a beta of 1.35. Mplx Lp has a 52-week low of $30.09 and a 52-week high of $39.43.
Mplx Lp (NYSE:MPLX) last released 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 Lp had a return on equity of 4.01% and a net margin of 20.85%. The company’s quarterly revenue was up 31.2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.11) earnings per share. On average, equities research analysts forecast that Mplx Lp will post $0.96 EPS for the current year.
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In related news, CEO Gary R. Heminger purchased 9,000 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The stock was acquired at an average price of $33.26 per share, for a total transaction of $299,340.00. Following the completion of the acquisition, the chief executive officer now owns 167,896 shares of the company’s stock, valued at approximately $5,584,220.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Waldron LP acquired a new position in shares of Mplx Lp during the first quarter worth about $220,000. Janney Montgomery Scott LLC increased its position in shares of Mplx Lp by 75.0% in the first quarter. Janney Montgomery Scott LLC now owns 57,045 shares of the pipeline company’s stock worth $2,058,000 after buying an additional 24,447 shares during the period. State of New Jersey Common Pension Fund D increased its position in shares of Mplx Lp by 4.8% in the first quarter. State of New Jersey Common Pension Fund D now owns 281,500 shares of the pipeline company’s stock worth $10,157,000 after buying an additional 13,000 shares during the period. Jennison Associates LLC increased its position in shares of Mplx Lp by 46.6% in the first quarter. Jennison Associates LLC now owns 694,199 shares of the pipeline company’s stock worth $25,047,000 after buying an additional 220,568 shares during the period. Finally, Advisory Services Network LLC acquired a new position in shares of Mplx Lp during the first quarter worth about $330,000. Hedge funds and other institutional investors own 66.17% of the company’s stock.
About Mplx Lp
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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