Raymond James Increases Mplx (NYSE:MPLX) Price Target to $33.00

Mplx (NYSE:MPLX) had its target price raised by Raymond James from $30.00 to $33.00 in a report issued on Wednesday morning, Analyst Ratings Network reports. Raymond James currently has an outperform rating on the pipeline company’s stock.

A number of other brokerages also recently issued reports on MPLX. TheStreet raised shares of Mplx from a c rating to a b- rating in a report on Tuesday, May 4th. Barclays increased their price objective on shares of Mplx from $29.00 to $32.00 and gave the stock an overweight rating in a research note on Tuesday, May 18th. Wells Fargo & Company increased their price objective on shares of Mplx from $32.00 to $33.00 and gave the stock an overweight rating in a research note on Thursday, June 24th. Wolfe Research cut shares of Mplx from an outperform rating to a peer perform rating and set a $30.00 price objective on the stock. in a research note on Friday, July 16th. They noted that the move was a valuation call. Finally, Morgan Stanley increased their price objective on shares of Mplx from $32.00 to $33.00 and gave the stock an equal weight rating in a research note on Friday, June 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $28.11.

Shares of NYSE MPLX opened at $27.52 on Wednesday. The company’s 50-day moving average is $29.21. The company has a debt-to-equity ratio of 1.64, a quick ratio of 1.04 and a current ratio of 1.15. The stock has a market cap of $28.33 billion, a P/E ratio of 11.04 and a beta of 1.90. Mplx has a 52-week low of $15.05 and a 52-week high of $31.40.

Mplx (NYSE:MPLX) last announced its quarterly earnings results on Tuesday, May 4th. The pipeline company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. The firm had revenue of $2.34 billion for the quarter, compared to the consensus estimate of $2.12 billion. Mplx had a net margin of 30.76% and a return on equity of 22.03%. The business’s quarterly revenue was up 135.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($2.60) EPS. As a group, equities research analysts forecast that Mplx will post 2.75 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, May 14th. Shareholders of record on Friday, May 7th were paid a dividend of $0.688 per share. This is a boost from Mplx’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend was Thursday, May 6th. This represents a $2.75 dividend on an annualized basis and a yield of 10.00%. Mplx’s dividend payout ratio (DPR) is presently 112.70%.

In other Mplx news, COO Gregory Scott Floerke sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 6th. The shares were sold at an average price of $27.00, for a total transaction of $67,500.00. Following the sale, the chief operating officer now owns 83,923 shares in the company, valued at approximately $2,265,921. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Signaturefd LLC raised its stake in Mplx by 5.4% during the 1st quarter. Signaturefd LLC now owns 10,225 shares of the pipeline company’s stock worth $262,000 after acquiring an additional 525 shares during the period. Usca Ria LLC raised its position in shares of Mplx by 5.5% during the first quarter. Usca Ria LLC now owns 10,207 shares of the pipeline company’s stock valued at $262,000 after buying an additional 532 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its position in shares of Mplx by 3.8% during the first quarter. Mercer Global Advisors Inc. ADV now owns 15,929 shares of the pipeline company’s stock valued at $408,000 after buying an additional 587 shares during the last quarter. IFP Advisors Inc raised its position in shares of Mplx by 12.3% during the first quarter. IFP Advisors Inc now owns 5,834 shares of the pipeline company’s stock valued at $150,000 after buying an additional 640 shares during the last quarter. Finally, AE Wealth Management LLC raised its position in shares of Mplx by 1.3% during the first quarter. AE Wealth Management LLC now owns 55,991 shares of the pipeline company’s stock valued at $1,435,000 after buying an additional 723 shares during the last quarter. Institutional investors own 27.79% of the company’s stock.

About Mplx

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; transportation, storage, distribution, and marketing of crude oil and refined petroleum products, as well as other hydrocarbon-based products; and sale of residue gas and condensate.

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