Mplx Lp (MPLX) Rating Lowered to Sell at Zacks Investment Research
Mplx Lp (NYSE:MPLX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
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. “
A number of other equities research analysts have also recently weighed in on the stock. Stifel Nicolaus restated a “buy” rating and issued a $42.00 price objective (down previously from $43.00) on shares of Mplx Lp in a report on Tuesday, September 5th. BidaskClub upgraded shares of Mplx Lp from a “sell” rating to a “hold” rating in a report on Tuesday, June 27th. Jefferies Group LLC cut their price target on shares of Mplx Lp from $42.00 to $41.00 and set a “buy” rating on the stock in a report on Monday, August 28th. Scotiabank set a $44.00 price target on shares of Mplx Lp and gave the company a “buy” rating in a report on Saturday, July 22nd. Finally, Royal Bank Of Canada reiterated a “buy” rating on shares of Mplx Lp in a report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $42.25.
Mplx Lp (NYSE:MPLX) opened at 34.59 on Wednesday. The firm has a market cap of $13.44 billion, a P/E ratio of 41.33 and a beta of 1.36. Mplx Lp has a 1-year low of $30.31 and a 1-year high of $39.43. The firm’s 50-day moving average price is $34.68 and its 200-day moving average price is $34.64.
Mplx Lp (NYSE:MPLX) last announced its quarterly earnings data on Thursday, July 27th. The pipeline company reported $0.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.10. The business had revenue of $916.00 million for the quarter, compared to analysts’ expectations of $884.70 million. Mplx Lp had a net margin of 19.07% and a return on equity of 6.13%. The business’s revenue was up 31.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.11) earnings per share. Equities research analysts anticipate that Mplx Lp will post $0.98 earnings per share for the current fiscal year.
In related news, VP C Corwin Bromley sold 2,500 shares of the stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $34.50, for a total transaction of $86,250.00. Following the transaction, the vice president now owns 123,705 shares in the company, valued at $4,267,822.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have sold 8,000 shares of company stock worth $276,910.
Institutional investors have recently modified their holdings of the stock. Marshall Wace North America L.P. bought a new position in Mplx Lp during the second quarter valued at approximately $2,971,000. First Trust Advisors LP bought a new position in Mplx Lp during the second quarter valued at approximately $5,064,000. American International Group Inc. bought a new position in Mplx Lp during the first quarter valued at approximately $567,000. Johnson Financial Group LLC bought a new position in Mplx Lp during the second quarter valued at approximately $254,000. Finally, Oppenheimer Asset Management Inc. lifted its position in Mplx Lp by 23.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 29,022 shares of the pipeline company’s stock valued at $969,000 after purchasing an additional 5,513 shares during the period. Institutional investors own 63.16% 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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