Mplx (NYSE:MPLX) Given New $59.00 Price Target at Wells Fargo & Company

Mplx (NYSE:MPLX) had its price objective reduced by Wells Fargo & Company from $60.00 to $59.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have an overweight rating on the pipeline company’s stock.

Other equities research analysts have also issued research reports about the company. Morgan Stanley boosted their price target on Mplx from $57.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 26th. Barclays upped their target price on Mplx from $52.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, July 11th. Stifel Nicolaus lifted their price target on Mplx from $57.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, August 14th. Finally, Wall Street Zen cut shares of Mplx from a “buy” rating to a “hold” rating in a research note on Saturday, August 2nd. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $55.89.

Mplx Trading Up 0.0%

NYSE MPLX opened at $50.06 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 1.03 and a debt-to-equity ratio of 1.40. The stock has a market capitalization of $51.02 billion, a P/E ratio of 11.89, a P/E/G ratio of 1.36 and a beta of 0.74. Mplx has a 52-week low of $43.53 and a 52-week high of $54.87. The firm has a 50-day moving average price of $50.71 and a 200 day moving average price of $51.04.

Mplx (NYSE:MPLX) last announced its quarterly earnings results on Tuesday, August 5th. The pipeline company reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.05). The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Mplx had a net margin of 35.44% and a return on equity of 30.95%. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.15 EPS. Equities research analysts expect that Mplx will post 4.41 EPS for the current year.

Mplx Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 8th were issued a dividend of $0.9565 per share. The ex-dividend date was Friday, August 8th. This represents a $3.83 annualized dividend and a dividend yield of 7.6%. Mplx’s dividend payout ratio (DPR) is 90.74%.

Hedge Funds Weigh In On Mplx

Several large investors have recently added to or reduced their stakes in MPLX. Colonial River Investments LLC boosted its stake in Mplx by 1.8% in the 1st quarter. Colonial River Investments LLC now owns 11,603 shares of the pipeline company’s stock worth $621,000 after buying an additional 200 shares during the last quarter. Axxcess Wealth Management LLC lifted its holdings in shares of Mplx by 1.8% during the 1st quarter. Axxcess Wealth Management LLC now owns 11,603 shares of the pipeline company’s stock worth $621,000 after acquiring an additional 200 shares during the period. Bessemer Group Inc. boosted its position in shares of Mplx by 0.8% in the second quarter. Bessemer Group Inc. now owns 25,081 shares of the pipeline company’s stock worth $1,291,000 after acquiring an additional 200 shares during the last quarter. Magnus Financial Group LLC boosted its position in shares of Mplx by 4.9% in the second quarter. Magnus Financial Group LLC now owns 4,602 shares of the pipeline company’s stock worth $237,000 after acquiring an additional 215 shares during the last quarter. Finally, Fifth Third Bancorp grew its holdings in Mplx by 7.7% in the second quarter. Fifth Third Bancorp now owns 3,165 shares of the pipeline company’s stock valued at $163,000 after purchasing an additional 227 shares during the period. 24.25% of the stock is currently owned by hedge funds and other institutional investors.

About Mplx

MPLX LP engages in the operation of midstream energy infrastructure and logistics assets, and distribution fuels services. It operates through the Crude Oil and Products Logistics and Natural Gas and NGL Services segments. The Crude Oil and Products Logistics segment transports, stores, distributes, and markets crude oil, asphalt, refined petroleum products, and water.