BROOKFIELD Corp ON Sells 355,070 Shares of MPLX LP $MPLX

Key Points

• BROOKFIELD Corp ON reduced its stake in Mplx Lp by 8.4%, selling 355,070 shares, and now holds approximately 3.87 million shares valued at $206.9 million.
• Mplx reported $1.03 earnings per share in its latest quarterly results, missing estimates and showing a 1.6% year-over-year revenue decline with revenues of $2.79 billion.
• The company announced a quarterly dividend of $0.9565 per share, reflecting a 7.5% yield and a payout ratio of 90.97%.

BROOKFIELD Corp ON cut its stake in shares of MPLX LP (NYSE:MPLX - Free Report) by 8.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,866,545 shares of the pipeline company's stock after selling 355,070 shares during the period. MPLX makes up about 1.2% of BROOKFIELD Corp ON's holdings, making the stock its 14th biggest position. BROOKFIELD Corp ON owned 0.38% of MPLX worth $206,938,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of MPLX. Kayne Anderson Capital Advisors LP lifted its holdings in shares of MPLX by 38.2% during the first quarter. Kayne Anderson Capital Advisors LP now owns 7,788,063 shares of the pipeline company's stock valued at $416,817,000 after purchasing an additional 2,153,490 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of MPLX by 14.9% during the first quarter. JPMorgan Chase & Co. now owns 5,045,968 shares of the pipeline company's stock valued at $270,060,000 after purchasing an additional 654,489 shares during the last quarter. Neuberger Berman Group LLC lifted its holdings in shares of MPLX by 54.8% during the first quarter. Neuberger Berman Group LLC now owns 996,777 shares of the pipeline company's stock valued at $53,348,000 after purchasing an additional 352,782 shares during the last quarter. Fractal Investments LLC lifted its holdings in shares of MPLX by 18.1% during the first quarter. Fractal Investments LLC now owns 2,256,503 shares of the pipeline company's stock valued at $120,768,000 after purchasing an additional 345,654 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in shares of MPLX by 21.0% during the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,822,709 shares of the pipeline company's stock valued at $97,551,000 after purchasing an additional 315,747 shares during the last quarter. 24.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Wall Street Zen downgraded MPLX from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Morgan Stanley upped their price target on MPLX from $57.00 to $60.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 26th. Barclays upped their price target on MPLX from $52.00 to $53.00 and gave the company an "overweight" rating in a research report on Friday, July 11th. Finally, Stifel Nicolaus upped their price target on MPLX from $57.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, August 14th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $55.89.

MPLX Stock Up 0.4%

MPLX stock traded up $0.20 during mid-day trading on Friday, hitting $51.04. The stock had a trading volume of 1,382,783 shares, compared to its average volume of 1,172,922. The company has a current ratio of 1.03, a quick ratio of 0.97 and a debt-to-equity ratio of 1.40. MPLX LP has a 1-year low of $43.35 and a 1-year high of $54.87. The company has a fifty day moving average of $50.72 and a 200 day moving average of $51.15. The stock has a market capitalization of $52.01 billion, a price-to-earnings ratio of 12.12, a PEG ratio of 1.39 and a beta of 0.74.

MPLX (NYSE:MPLX - Get Free Report) last issued its earnings results on Tuesday, August 5th. The pipeline company reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.05). MPLX had a return on equity of 30.95% and a net margin of 35.44%.The firm had revenue of $2.79 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same period in the previous year, the company earned $1.15 earnings per share. The business's revenue for the quarter was down 1.6% on a year-over-year basis. On average, equities analysts expect that MPLX LP will post 4.41 EPS for the current fiscal year.

MPLX Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 8th were given a $0.9565 dividend. This represents a $3.83 annualized dividend and a yield of 7.5%. The ex-dividend date of this dividend was Friday, August 8th. MPLX's dividend payout ratio is presently 90.97%.

MPLX Company Profile

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.