Zacks Investment Research Downgrades Mplx (MPLX) to Strong Sell

Mplx (NYSE:MPLX) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Thursday.

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. “

A number of other equities research analysts have also weighed in on the stock. Goldman Sachs Group restated a “neutral” rating on shares of Mplx in a report on Tuesday. Stifel Nicolaus upped their target price on shares of Mplx from $42.00 to $44.00 and gave the stock a “buy” rating in a report on Friday, July 27th. ValuEngine upgraded shares of Mplx from a “strong sell” rating to a “sell” rating in a report on Thursday, July 26th. Finally, Jefferies Financial Group upgraded shares of Mplx from a “hold” rating to a “buy” rating in a report on Wednesday, July 18th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $40.69.

Shares of NYSE MPLX opened at $35.08 on Thursday. The company has a current ratio of 0.61, a quick ratio of 0.55 and a debt-to-equity ratio of 1.71. Mplx has a 1-year low of $31.60 and a 1-year high of $39.38. The stock has a market cap of $27.54 billion, a PE ratio of 33.09, a P/E/G ratio of 2.50 and a beta of 1.39.

Mplx (NYSE:MPLX) last posted its earnings results on Thursday, July 26th. The pipeline company reported $0.55 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.57 by ($0.02). Mplx had a return on equity of 14.43% and a net margin of 24.22%. The business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the company earned $0.26 EPS. The company’s revenue was up 72.3% on a year-over-year basis. Equities analysts anticipate that Mplx will post 2.31 EPS for the current year.

Hedge funds have recently modified their holdings of the business. Northwest Wealth Management LLC bought a new stake in Mplx in the 2nd quarter worth about $120,000. Cerebellum GP LLC bought a new position in shares of Mplx during the 2nd quarter valued at approximately $174,000. Destination Wealth Management grew its position in shares of Mplx by 319.9% during the 2nd quarter. Destination Wealth Management now owns 5,614 shares of the pipeline company’s stock valued at $192,000 after acquiring an additional 4,277 shares during the period. Searle & CO. bought a new position in shares of Mplx during the 2nd quarter valued at approximately $201,000. Finally, SL Advisors LLC bought a new position in shares of Mplx during the 3rd quarter valued at approximately $203,000. 31.21% of the stock is owned by institutional investors and hedge funds.

Mplx Company Profile

MPLX LP is a fee-based, growth-oriented limited partnership company. It is engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of natural gas liquids; and the gathering, transportation and storage of crude oil and refined petroleum products.

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