Pinnacle Holdings LLC trimmed its holdings in Mplx Lp (NYSE:MPLX) by 1.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,753 shares of the pipeline company’s stock after selling 1,257 shares during the quarter. Mplx comprises approximately 1.1% of Pinnacle Holdings LLC’s portfolio, making the stock its 23rd largest holding. Pinnacle Holdings LLC’s holdings in Mplx were worth $3,018,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the company. Mcmillion Capital Management Inc. acquired a new stake in Mplx in the 2nd quarter valued at approximately $113,000. Financial Counselors Inc. acquired a new position in shares of Mplx in the first quarter worth $561,000. Knott David M grew its stake in shares of Mplx by 6.5% in the first quarter. Knott David M now owns 329,558 shares of the pipeline company’s stock worth $10,839,000 after acquiring an additional 20,000 shares in the last quarter. Berman Capital Advisors LLC grew its stake in shares of Mplx by 146.2% in the second quarter. Berman Capital Advisors LLC now owns 975 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 579 shares in the last quarter. Finally, GYL Financial Synergies LLC acquired a new position in shares of Mplx in the first quarter worth $1,843,000. 24.20% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Garry L. Peiffer purchased 18,800 shares of Mplx stock in a transaction that occurred on Friday, August 9th. The stock was purchased at an average cost of $27.30 per share, with a total value of $513,240.00. Following the completion of the transaction, the director now directly owns 14,302 shares in the company, valued at $390,444.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Garry L. Peiffer purchased 18,000 shares of Mplx stock in a transaction that occurred on Wednesday, August 7th. The stock was bought at an average cost of $27.15 per share, with a total value of $488,700.00. Following the completion of the transaction, the director now owns 14,302 shares of the company’s stock, valued at $388,299.30. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 79,400 shares of company stock valued at $2,159,808.
Several research firms have commented on MPLX. ValuEngine downgraded shares of Mplx from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 24th. Jefferies Financial Group reaffirmed a “buy” rating and set a $35.00 price objective on shares of Mplx in a research report on Tuesday, September 3rd. Barclays reaffirmed an “overweight” rating and set a $33.00 price objective on shares of Mplx in a research report on Monday, August 19th. Scotiabank assumed coverage on shares of Mplx in a research report on Tuesday, September 3rd. They set an “outperform” rating and a $36.00 price objective for the company. Finally, BMO Capital Markets assumed coverage on shares of Mplx in a research report on Monday, June 10th. They set a “market perform” rating and a $35.00 price objective for the company. Two research analysts have rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $36.50.
Shares of Mplx stock traded up $0.31 during trading on Friday, hitting $28.92. 122,455 shares of the stock were exchanged, compared to its average volume of 2,149,655. Mplx Lp has a 12-month low of $25.85 and a 12-month high of $37.00. The stock has a market cap of $30.25 billion, a price-to-earnings ratio of 12.66 and a beta of 1.11. The company has a debt-to-equity ratio of 2.07, a current ratio of 0.75 and a quick ratio of 0.68. The firm’s 50-day moving average price is $28.20 and its 200 day moving average price is $31.22.
Mplx (NYSE:MPLX) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.05). Mplx had a net margin of 28.78% and a return on equity of 27.94%. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period last year, the firm earned $0.55 earnings per share. Mplx’s revenue was up 3.2% on a year-over-year basis. As a group, research analysts forecast that Mplx Lp will post 2.52 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Monday, August 5th were given a $0.668 dividend. The ex-dividend date of this dividend was Friday, August 2nd. This is a boost from Mplx’s previous quarterly dividend of $0.44. This represents a $2.67 dividend on an annualized basis and a yield of 9.24%. Mplx’s payout ratio is 116.59%.
Mplx Company Profile
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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