Mplx (NYSE:MPLX) Price Target Cut to $61.00 by Analysts at Wells Fargo & Company

Mplx (NYSE:MPLX) had its price target reduced by Wells Fargo & Company from $63.00 to $61.00 in a research note issued to investors on Thursday, MarketBeat Ratings reports. They currently have an overweight rating on the pipeline company’s stock.

Several other analysts also recently weighed in on the stock. The Goldman Sachs Group lifted their price objective on shares of Mplx from $55.00 to $63.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Stifel Nicolaus increased their price objective on Mplx from $57.00 to $59.00 and gave the stock a “buy” rating in a report on Wednesday, March 4th. Wall Street Zen lowered Mplx from a “buy” rating to a “hold” rating in a research report on Saturday, April 11th. Truist Financial lowered their price target on Mplx from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Tuesday, April 7th. Finally, Citigroup upped their price objective on shares of Mplx from $54.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, February 10th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.70.

Mplx Stock Performance

Shares of Mplx stock traded down $2.04 on Thursday, reaching $54.23. 1,168,086 shares of the company were exchanged, compared to its average volume of 1,912,536. The firm has a market cap of $55.06 billion, a price-to-earnings ratio of 11.74, a P/E/G ratio of 5.20 and a beta of 0.49. Mplx has a 1-year low of $47.80 and a 1-year high of $59.98. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.18 and a current ratio of 1.23. The company’s 50-day moving average is $57.03 and its two-hundred day moving average is $55.10.

Mplx (NYSE:MPLX) last released its quarterly earnings data on Tuesday, May 5th. The pipeline company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.15). The company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $3.09 billion. Mplx had a net margin of 36.38% and a return on equity of 32.70%. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.10 EPS. As a group, research analysts expect that Mplx will post 4.33 earnings per share for the current fiscal year.

Mplx Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Friday, May 8th will be issued a dividend of $1.0765 per share. This represents a $4.31 dividend on an annualized basis and a yield of 7.9%. The ex-dividend date of this dividend is Friday, May 8th. Mplx’s payout ratio is presently 93.29%.

Hedge Funds Weigh In On Mplx

Large investors have recently made changes to their positions in the business. Solstein Capital LLC bought a new stake in shares of Mplx in the 3rd quarter worth approximately $25,000. EQ Wealth Advisors LLC acquired a new position in Mplx in the fourth quarter worth approximately $32,000. Assetmark Inc. increased its holdings in shares of Mplx by 81.5% in the first quarter. Assetmark Inc. now owns 559 shares of the pipeline company’s stock valued at $32,000 after buying an additional 251 shares in the last quarter. Wiser Advisor Group LLC acquired a new stake in shares of Mplx during the 3rd quarter valued at $38,000. Finally, Root Financial Partners LLC bought a new stake in shares of Mplx during the 3rd quarter worth $39,000. Institutional investors own 24.25% of the company’s stock.

Mplx Company Profile

MPLX LP (NYSE: MPLX) is a midstream master limited partnership that owns, operates and develops energy infrastructure primarily across the United States. The company provides a range of midstream services including the gathering, transportation, storage and distribution of crude oil, refined petroleum products, natural gas and natural gas liquids (NGLs). MPLX also operates processing and fractionation facilities and supplies logistics services that connect producers, refiners and end-use markets.

The partnership’s asset base includes pipelines, storage terminals, rail and marine facilities, natural gas processing plants and NGL fractionators.