Prospera Financial Services Inc purchased a new stake in Mplx Lp (NYSE:MPLX – Get Rating) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 4,420 shares of the pipeline company’s stock, valued at approximately $147,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. National Bank of Canada FI acquired a new position in Mplx in the fourth quarter valued at about $25,000. Chilton Capital Management LLC acquired a new position in shares of Mplx during the fourth quarter worth approximately $32,000. Farmers & Merchants Investments Inc. acquired a new position in shares of Mplx during the first quarter worth approximately $38,000. TCTC Holdings LLC acquired a new position in shares of Mplx during the fourth quarter worth approximately $39,000. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in shares of Mplx during the fourth quarter worth approximately $69,000. 24.73% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on MPLX. Morgan Stanley upped their target price on shares of Mplx from $37.00 to $39.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 26th. UBS Group dropped their price target on shares of Mplx from $41.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, July 8th. Raymond James boosted their price target on shares of Mplx from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 20th. Finally, US Capital Advisors downgraded shares of Mplx from an “overweight” rating to a “hold” rating in a research note on Tuesday, July 26th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Mplx has a consensus rating of “Moderate Buy” and a consensus target price of $38.14.
Mplx Stock Performance
Mplx (NYSE:MPLX – Get Rating) last announced its earnings results on Tuesday, August 2nd. The pipeline company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.81 by $0.02. The business had revenue of $2.94 billion during the quarter, compared to analysts’ expectations of $2.59 billion. Mplx had a net margin of 30.73% and a return on equity of 28.59%. The firm’s revenue was up 22.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.66 earnings per share. Research analysts forecast that Mplx Lp will post 3.24 EPS for the current fiscal year.
Mplx Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, August 12th. Shareholders of record on Friday, August 5th will be paid a $0.705 dividend. This represents a $2.82 dividend on an annualized basis and a yield of 9.24%. The ex-dividend date of this dividend is Thursday, August 4th. Mplx’s dividend payout ratio is currently 90.10%.
MPLX LP owns and operates midstream energy infrastructure and logistics assets primarily in the United States. It operates in two segments, Logistics and Storage, and Gathering and Processing. The company is involved in the gathering, processing, and transportation of natural gas; gathering, transportation, fractionation, exchange, storage, and marketing of natural gas liquids; gathering, storage, transportation, and distribution of crude oil and refined products, as well as other hydrocarbon-based products; and sale of residue gas and condensate.
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