Mplx Lp $MPLX Holdings Lowered by Energy Income Partners LLC

Key Points

• Energy Income Partners reduced its MPLX stake by 2.7% in the first quarter, selling 142,246 shares. It still held 5.16 million shares worth approximately $294.3 million, representing 4.7% of the fund’s portfolio.
• MPLX shares opened at $58.33, near their 12-month high of $59.98, with a $59.19 billion market capitalization. The company’s latest quarterly earnings of $0.90 per share and revenue of $2.86 billion both fell short of analyst expectations.
• Analysts maintain a generally positive view, with one Strong Buy, seven Buy and five Hold ratings. The stock has a “Moderate Buy” consensus and an average price target of $61.60.

Energy Income Partners LLC trimmed its holdings in Mplx Lp (NYSE:MPLX - Free Report) by 2.7% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 5,157,478 shares of the pipeline company's stock after selling 142,246 shares during the quarter. Mplx accounts for about 4.7% of Energy Income Partners LLC's holdings, making the stock its 3rd biggest holding. Energy Income Partners LLC owned approximately 0.51% of Mplx worth $294,337,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in MPLX. Invesco Ltd. raised its position in Mplx by 0.7% in the 3rd quarter. Invesco Ltd. now owns 19,561,938 shares of the pipeline company's stock worth $977,119,000 after purchasing an additional 143,361 shares during the period. Bank of America Corp DE grew its stake in shares of Mplx by 8.3% during the second quarter. Bank of America Corp DE now owns 9,873,619 shares of the pipeline company's stock valued at $508,590,000 after buying an additional 757,569 shares during the last quarter. Morgan Stanley grew its stake in shares of Mplx by 23.7% during the fourth quarter. Morgan Stanley now owns 5,763,110 shares of the pipeline company's stock valued at $307,577,000 after buying an additional 1,104,510 shares during the last quarter. UBS Group AG grew its stake in shares of Mplx by 0.7% during the fourth quarter. UBS Group AG now owns 5,304,746 shares of the pipeline company's stock valued at $283,114,000 after buying an additional 38,283 shares during the last quarter. Finally, BROOKFIELD Corp ON increased its holdings in shares of Mplx by 4.8% in the fourth quarter. BROOKFIELD Corp ON now owns 2,959,830 shares of the pipeline company's stock worth $157,966,000 after buying an additional 134,859 shares during the period. Hedge funds and other institutional investors own 24.25% of the company's stock.

Mplx Stock Performance

Shares of NYSE:MPLX opened at $58.33 on Tuesday. The company has a market cap of $59.19 billion, a price-to-earnings ratio of 12.63, a price-to-earnings-growth ratio of 5.66 and a beta of 0.47. The company has a 50-day moving average price of $56.52 and a 200-day moving average price of $56.43. The company has a current ratio of 1.10, a quick ratio of 1.05 and a debt-to-equity ratio of 1.71. Mplx Lp has a 12 month low of $47.80 and a 12 month high of $59.98.

Mplx (NYSE:MPLX - Get Free Report) last posted its earnings results on Tuesday, May 5th. The pipeline company reported $0.90 earnings per share for the quarter, missing analysts' consensus estimates of $1.05 by ($0.15). The firm had revenue of $2.86 billion for the quarter, compared to analysts' expectations of $3.09 billion. Mplx had a return on equity of 32.74% and a net margin of 36.38%.The business's revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.10 earnings per share. As a group, equities analysts anticipate that Mplx Lp will post 4.19 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on MPLX shares. Truist Financial dropped their target price on Mplx from $67.00 to $66.00 and set a "buy" rating for the company in a report on Tuesday, April 7th. Weiss Ratings cut Mplx from a "buy (a)" rating to a "buy (a-)" rating in a research note on Monday, May 18th. Morgan Stanley lowered their price objective on Mplx from $62.00 to $60.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 20th. The Goldman Sachs Group increased their price objective on Mplx from $55.00 to $63.00 and gave the company a "buy" rating in a research note on Monday, April 20th. Finally, Wells Fargo & Company cut their target price on shares of Mplx from $63.00 to $61.00 and set an "overweight" rating on the stock in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $61.60.

About Mplx

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.

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