Mplx Lp (NYSE:MPLX) announced a quarterly dividend on Tuesday, July 28th, Zacks reports. Investors 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 dividend on an annualized basis and a yield of 15.15%. The ex-dividend date is Thursday, August 6th.
Mplx has increased its dividend by an average of 30.5% annually over the last three years and has increased its dividend annually for the last 6 consecutive years. Mplx has a payout ratio of 323.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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%.
NYSE MPLX traded down $0.41 during trading on Thursday, reaching $18.16. 15,427 shares of the company’s stock traded hands, compared to its average volume of 2,561,363. Mplx has a 12-month low of $6.87 and a 12-month high of $30.53. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.09 and a quick ratio of 1.01. The firm has a market cap of $19.38 billion, a price-to-earnings ratio of -9.06 and a beta of 1.98. The company’s 50 day simple moving average is $18.04 and its two-hundred day simple moving average is $18.54.
Several equities research analysts recently issued reports on MPLX shares. Bank of America cut their price objective on shares of Mplx from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, April 16th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Mplx in a research report on Wednesday, July 22nd. Citigroup lowered their price objective on Mplx from $32.00 to $21.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Evercore ISI initiated coverage on Mplx in a research note on Monday, June 15th. They set a “buy” rating and a $26.00 target price for the company. Finally, Morgan Stanley lowered Mplx from an “overweight” rating to an “equal weight” rating and set a $21.00 price target on the stock. in a research note on Wednesday, July 15th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target 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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