Mplx Lp (NYSE:MPLX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday, May 12th.
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. “
MPLX has been the subject of a number of other research reports. Citigroup Inc upgraded shares of Mplx Lp from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $42.00 to $43.00 in a report on Wednesday, March 1st. They noted that the move was a valuation call. Jefferies Group LLC reissued a “buy” rating and issued a $44.00 price objective on shares of Mplx Lp in a research report on Wednesday, April 19th. TheStreet raised shares of Mplx Lp from a “c” rating to a “b-” rating in a research report on Friday, April 28th. Mitsubishi UFJ Financial Group upgraded shares of Mplx Lp from a “neutral” rating to an “overweight” rating and set a $43.00 price objective on the stock in a report on Wednesday, March 1st. Finally, FBR & Co restated a “hold” rating on shares of Mplx Lp in a research note on Thursday, March 2nd. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $42.10.
Shares of Mplx Lp (NYSE MPLX) opened at 33.10 on Friday. The stock’s 50 day moving average price is $35.04 and its 200-day moving average price is $35.52. Mplx Lp has a 52-week low of $30.09 and a 52-week high of $39.43. The firm has a market cap of $12.40 billion, a PE ratio of 68.25 and a beta of 1.37. Mplx Lp (NYSE:MPLX) last announced its earnings results on Thursday, April 27th. The pipeline company reported $0.19 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.19. Mplx Lp had a net margin of 7.22% and a return on equity of 3.24%. The company had revenue of $886 million during the quarter, compared to the consensus estimate of $691.38 million. During the same period in the previous year, the firm posted ($0.33) earnings per share. The company’s revenue was up 37.4% on a year-over-year basis. On average, equities research analysts anticipate that Mplx Lp will post $0.94 earnings per share for the current fiscal year.
In related news, VP Randy S. Nickerson sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 15th. The shares were sold at an average price of $36.20, for a total value of $543,000.00. Following the completion of the transaction, the vice president now owns 177,552 shares in the company, valued at approximately $6,427,382.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Several hedge funds have recently made changes to their positions in MPLX. Tarbox Group Inc. increased its stake in shares of Mplx Lp by 41.8% in the first quarter. Tarbox Group Inc. now owns 3,575 shares of the pipeline company’s stock valued at $129,000 after buying an additional 1,053 shares during the period. Hirtle Callaghan & Co LLC bought a new stake in shares of Mplx Lp during the first quarter valued at approximately $139,000. Ameritas Investment Partners Inc. bought a new stake in shares of Mplx Lp during the first quarter valued at approximately $198,000. Private Advisor Group LLC bought a new stake in shares of Mplx Lp during the first quarter valued at approximately $201,000. Finally, Pinnacle Associates Ltd. bought a new stake in shares of Mplx Lp during the fourth quarter valued at approximately $202,000. 67.94% of the stock is owned by institutional investors.
Get a free copy of the Zacks research report on Mplx Lp (MPLX) For more information about research offerings from Zacks Investment Research, visit Zacks.com