Mplx (MPLX) Receives Neutral Rating from Bank of America
Bank of America reaffirmed their neutral rating on shares of Mplx (NYSE:MPLX) in a research note released on Thursday. They currently have a $41.00 price target on the pipeline company’s stock, up from their previous price target of $36.00.
A number of other research firms have also recently weighed in on MPLX. Goldman Sachs Group cut shares of Mplx from a buy rating to a neutral rating and set a $35.00 price objective on the stock. in a research report on Monday, October 8th. Zacks Investment Research cut shares of Mplx from a hold rating to a strong sell rating in a research report on Thursday, October 11th. Credit Suisse Group assumed coverage on shares of Mplx in a research report on Thursday, October 11th. They set an outperform rating and a $45.00 price objective on the stock. Finally, Citigroup cut their price objective on shares of Mplx from $44.00 to $40.00 and set a buy rating on the stock in a research report on Thursday, November 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $40.08.
MPLX stock traded down $0.48 during mid-day trading on Thursday, reaching $34.05. 114,474 shares of the stock traded hands, compared to its average volume of 1,435,299. The company has a quick ratio of 0.70, a current ratio of 0.77 and a debt-to-equity ratio of 1.85. Mplx has a one year low of $31.60 and a one year high of $39.38. The stock has a market capitalization of $27.19 billion, a price-to-earnings ratio of 32.17, a price-to-earnings-growth ratio of 2.34 and a beta of 1.30.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 14th. Stockholders of record on Monday, November 5th were issued a $0.6375 dividend. The ex-dividend date was Friday, November 2nd. This is a boost from Mplx’s previous quarterly dividend of $0.44. This represents a $2.55 dividend on an annualized basis and a dividend yield of 7.49%. Mplx’s dividend payout ratio is presently 240.57%.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Clearbridge Investments LLC grew its holdings in shares of Mplx by 3.5% in the third quarter. Clearbridge Investments LLC now owns 2,747,559 shares of the pipeline company’s stock worth $95,285,000 after purchasing an additional 93,270 shares during the last quarter. Diversified Trust Co grew its holdings in shares of Mplx by 3.8% in the third quarter. Diversified Trust Co now owns 63,078 shares of the pipeline company’s stock worth $2,188,000 after purchasing an additional 2,291 shares during the last quarter. Belpointe Asset Management LLC bought a new position in shares of Mplx in the third quarter worth about $104,000. Captrust Financial Advisors grew its holdings in shares of Mplx by 963.1% in the third quarter. Captrust Financial Advisors now owns 31,203 shares of the pipeline company’s stock worth $1,082,000 after purchasing an additional 28,268 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in shares of Mplx by 10.0% in the third quarter. Advisors Asset Management Inc. now owns 76,125 shares of the pipeline company’s stock worth $2,640,000 after purchasing an additional 6,923 shares during the last quarter. Hedge funds and other institutional investors own 31.03% of the company’s stock.
MPLX LP owns, operates, develops, and acquires midstream energy infrastructure assets. It operates in two segments, Logistics and Storage, and Gathering and Processing segments. The company is involved in the gathering, processing, and transportation of natural gas; gathering, transportation, fractionation, storage, and marketing of natural gas liquids (NGLs); and gathering, transportation, and storage of crude oil and refined petroleum products.
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