Pointe Capital Management LLC Cuts Stake in MPLX LP (MPLX)
Pointe Capital Management LLC decreased its position in MPLX LP (NYSE:MPLX) by 3.6% during the second quarter, Holdings Channel reports. The institutional investor owned 82,510 shares of the pipeline company’s stock after selling 3,072 shares during the period. MPLX accounts for approximately 2.0% of Pointe Capital Management LLC’s portfolio, making the stock its 11th largest position. Pointe Capital Management LLC’s holdings in MPLX were worth $2,756,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the company. Bank of America Corp DE raised its position in shares of MPLX by 130.8% in the first quarter. Bank of America Corp DE now owns 6,196,080 shares of the pipeline company’s stock worth $223,555,000 after buying an additional 3,511,264 shares in the last quarter. Bank of Montreal Can increased its stake in MPLX by 36.3% in the second quarter. Bank of Montreal Can now owns 6,234,136 shares of the pipeline company’s stock worth $208,220,000 after buying an additional 1,661,578 shares during the last quarter. Neuberger Berman Group LLC increased its stake in MPLX by 23.8% in the first quarter. Neuberger Berman Group LLC now owns 4,614,709 shares of the pipeline company’s stock worth $166,499,000 after buying an additional 886,696 shares during the last quarter. Eagle Global Advisors LLC increased its stake in MPLX by 74.1% in the first quarter. Eagle Global Advisors LLC now owns 1,770,863 shares of the pipeline company’s stock worth $63,893,000 after buying an additional 753,584 shares during the last quarter. Finally, American International Group Inc. acquired a new stake in MPLX during the first quarter worth about $567,000. Hedge funds and other institutional investors own 69.59% of the company’s stock.
Shares of MPLX LP (NYSE MPLX) opened at 34.46 on Thursday. The stock has a market cap of $12.91 billion, a P/E ratio of 41.17 and a beta of 1.35. MPLX LP has a 52 week low of $30.09 and a 52 week high of $39.43. The stock has a 50 day moving average of $34.53 and a 200 day moving average of $35.62.
MPLX (NYSE:MPLX) last posted its quarterly earnings results on Thursday, July 27th. The pipeline company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.16 by $0.10. MPLX had a return on equity of 6.13% and a net margin of 19.07%. The business had revenue of $916 million for the quarter, compared to analyst estimates of $884.70 million. During the same quarter in the previous year, the firm earned ($0.11) EPS. The company’s quarterly revenue was up 31.2% compared to the same quarter last year. On average, analysts expect that MPLX LP will post $0.97 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Monday, August 7th will be issued a dividend of $0.5625 per share. This represents a $2.25 annualized dividend and a dividend yield of 6.53%. The ex-dividend date is Thursday, August 3rd. This is a positive change from MPLX’s previous quarterly dividend of $0.44. MPLX’s payout ratio is currently 271.09%.
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A number of equities research analysts recently issued reports on MPLX shares. TheStreet raised shares of MPLX from a “c” rating to a “b-” rating in a research note on Friday, April 28th. Scotiabank set a $44.00 price target on shares of MPLX and gave the company a “buy” rating in a research note on Saturday, July 22nd. Guggenheim started coverage on shares of MPLX in a research note on Thursday, July 20th. They set a “buy” rating and a $40.00 price target on the stock. BidaskClub raised shares of MPLX from a “hold” rating to a “buy” rating in a research note on Sunday, July 16th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $44.00 price target on shares of MPLX in a research note on Wednesday, April 19th. 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 stock. The stock presently has an average rating of “Buy” and a consensus target price of $42.55.
In related news, CEO Gary R. Heminger purchased 9,000 shares of MPLX stock in a transaction dated Monday, June 12th. The shares were acquired at an average price of $33.26 per share, for a total transaction of $299,340.00. Following the acquisition, 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 filing with the SEC, which is available through this link.
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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