Cpwm LLC acquired a new stake in Mplx Lp (NYSE:MPLX) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 140,293 shares of the pipeline company’s stock, valued at approximately $4,865,000.
Several other hedge funds have also made changes to their positions in MPLX. Stratos Wealth Partners LTD. purchased a new position in Mplx in the third quarter worth approximately $133,000. SL Advisors LLC purchased a new position in Mplx in the third quarter worth approximately $203,000. Raymond James Trust N.A. purchased a new position in Mplx in the third quarter worth approximately $229,000. Advisory Services Network LLC lifted its stake in Mplx by 50.6% in the third quarter. Advisory Services Network LLC now owns 8,966 shares of the pipeline company’s stock worth $310,000 after acquiring an additional 3,013 shares during the last quarter. Finally, Barnett & Company Inc. purchased a new position in Mplx in the second quarter worth approximately $339,000. Hedge funds and other institutional investors own 31.03% of the company’s stock.
A number of research analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Mplx from a “hold” rating to a “buy” rating and set a $37.00 price target for the company in a research note on Wednesday, November 28th. Citigroup decreased their price target on shares of Mplx from $44.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, November 29th. Bank of America downgraded shares of Mplx from a “buy” rating to a “neutral” rating and set a $36.00 price objective for the company. in a research report on Thursday, November 29th. Credit Suisse Group initiated coverage on shares of Mplx in a research report on Thursday, October 11th. They set an “outperform” rating and a $45.00 price objective for the company. Finally, Goldman Sachs Group restated a “neutral” rating on shares of Mplx in a research report on Tuesday, October 9th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $39.69.
Mplx (NYSE:MPLX) last issued its quarterly earnings data on Thursday, November 1st. The pipeline company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.04. The business had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.62 billion. Mplx had a net margin of 27.99% and a return on equity of 21.03%. The company’s revenue was up 74.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.29 EPS. On average, equities research analysts forecast that Mplx Lp will post 2.42 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 14th. Stockholders of record on Monday, November 5th were given a dividend of $0.6375 per share. This represents a $2.55 annualized dividend and a dividend yield of 7.40%. The ex-dividend date was Friday, November 2nd. This is an increase from Mplx’s previous quarterly dividend of $0.44. Mplx’s payout ratio is currently 240.57%.
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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