Bank of New York Mellon Corp Acquires Shares of 19,420 Mplx Lp $MPLX

Key Points

• Bank of New York Mellon acquired 19,420 MPLX shares worth approximately $1.09 million in the second quarter. Institutional ownership stands at 24.25%, with several other firms also increasing their positions.
• Analyst sentiment remains favorable but mixed: MPLX has a consensus rating of “Moderate Buy” and an average price target of $63.80, compared with its recent opening price of $59.65.
• MPLX reported quarterly earnings of $1.06 per share, matching estimates, while revenue rose 10.3% year over year to $3.13 billion. The company maintains a quarterly dividend of $1.0765, equivalent to a 7.2% annualized yield.

Bank of New York Mellon Corp bought a new position in Mplx Lp (NYSE:MPLX - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 19,420 shares of the pipeline company's stock, valued at approximately $1,094,000.

Other institutional investors have also modified their holdings of the company. NewEdge Advisors LLC grew its stake in Mplx by 4.1% in the first quarter. NewEdge Advisors LLC now owns 24,049 shares of the pipeline company's stock worth $1,287,000 after purchasing an additional 939 shares in the last quarter. Geode Capital Management LLC increased its holdings in Mplx by 6.6% during the 2nd quarter. Geode Capital Management LLC now owns 16,557 shares of the pipeline company's stock worth $853,000 after purchasing an additional 1,021 shares during the period. Guggenheim Capital LLC raised its position in Mplx by 5.4% during the 2nd quarter. Guggenheim Capital LLC now owns 19,139 shares of the pipeline company's stock valued at $986,000 after purchasing an additional 972 shares in the last quarter. Cerity Partners LLC lifted its holdings in shares of Mplx by 12.5% in the 2nd quarter. Cerity Partners LLC now owns 53,113 shares of the pipeline company's stock worth $2,736,000 after buying an additional 5,916 shares during the period. Finally, Glenview Trust co lifted its holdings in shares of Mplx by 62.5% in the 2nd quarter. Glenview Trust co now owns 6,500 shares of the pipeline company's stock worth $335,000 after buying an additional 2,500 shares during the period. 24.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MPLX has been the topic of several research reports. Stifel Nicolaus started coverage on Mplx in a research note on Thursday. They set a "hold" rating and a $65.00 price target on the stock. Wolfe Research lowered shares of Mplx from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, July 29th. Weiss Ratings reiterated a "buy (a-)" rating on shares of Mplx in a report on Thursday, August 13th. Morgan Stanley raised their target price on shares of Mplx from $60.00 to $66.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 12th. Finally, Wells Fargo & Company boosted their price target on shares of Mplx from $61.00 to $63.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, Mplx presently has an average rating of "Moderate Buy" and a consensus price target of $63.80.

Mplx Trading Down 1.0%

MPLX opened at $59.65 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 1.71. The firm has a market cap of $60.47 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 5.70 and a beta of 0.48. Mplx Lp has a 12 month low of $47.80 and a 12 month high of $60.95. The stock has a fifty day moving average price of $58.50 and a 200-day moving average price of $57.26.

Mplx (NYSE:MPLX - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The pipeline company reported $1.06 earnings per share for the quarter, meeting analysts' consensus estimates of $1.06. The company had revenue of $3.13 billion for the quarter, compared to the consensus estimate of $3.14 billion. Mplx had a return on equity of 32.83% and a net margin of 35.75%.The firm's revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.03 earnings per share. As a group, equities research analysts anticipate that Mplx Lp will post 4.28 earnings per share for the current fiscal year.

Mplx Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were given a $1.0765 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $4.31 dividend on an annualized basis and a dividend yield of 7.2%. Mplx's payout ratio is presently 92.69%.

Mplx Company Profile

MPLX LP NYSE: MPLX is a master limited partnership that owns and operates midstream energy infrastructure in the United States. The company provides transportation, storage and processing services for crude oil, refined products, natural gas and natural gas liquids (NGLs), supporting producers, refiners and other energy customers.

MPLX's assets include gathering and processing systems, pipelines, storage facilities, fractionation plants, marine terminals and inland and coastal logistics operations.

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