Mplx Lp (NYSE:MPLX) announced a quarterly dividend on Tuesday, July 28th, Zacks reports. Shareholders of record on Friday, August 7th will be given a dividend of 0.688 per share by the pipeline company on Friday, August 14th. This represents a $2.75 annualized dividend and a dividend yield of 15.20%. The ex-dividend date is Thursday, August 6th.
Mplx has increased its dividend payment by an average of 30.5% per year over the last three years and has increased its dividend every year for the last 6 years. Mplx has a dividend payout ratio of 323.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Mplx to earn $2.29 per share next year, which means the company may not be able to cover its $2.75 annual dividend with an expected future payout ratio of 120.1%.
Shares of NYSE:MPLX traded down $0.46 on Thursday, hitting $18.11. The company’s stock had a trading volume of 17,949 shares, compared to its average volume of 2,561,363. The company has a 50-day simple moving average of $18.04 and a 200 day simple moving average of $18.54. Mplx has a 1 year low of $6.87 and a 1 year high of $30.53. The company has a market capitalization of $19.38 billion, a PE ratio of -8.99 and a beta of 1.98. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.09 and a quick ratio of 1.01.
Several analysts have weighed in on MPLX shares. Wells Fargo & Co reaffirmed a “buy” rating on shares of Mplx in a report on Wednesday, July 22nd. Evercore ISI initiated coverage on Mplx in a report on Monday, June 15th. They set a “buy” rating and a $26.00 price objective on the stock. Bank of America decreased their price objective on Mplx from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, April 16th. Citigroup decreased their price objective on Mplx from $32.00 to $21.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Finally, Credit Suisse Group raised their price objective on Mplx from $18.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday, May 14th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $25.87.
MPLX LP owns and operates midstream energy infrastructure and logistics assets primarily in the United States. The company also provides fuels distribution services. 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, storage, and marketing of natural gas liquids; and transportation, storage, and distribution of crude oil and refined petroleum products.
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