Progeny 3 Inc. Sells 42,993 Shares of Mplx Lp $MPLX

Key Points

• Progeny 3 Inc. reduced its MPLX position by 4.1%, selling 42,993 shares and retaining 1,015,966 shares valued at approximately $58.0 million. MPLX represents about 3.1% of the fund’s portfolio.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $61.60, despite mixed rating changes and target adjustments.
• MPLX reported quarterly EPS of $0.90, below the $1.05 consensus estimate, while revenue fell 2.8% year over year to $2.86 billion. The partnership declared a $1.0765 quarterly dividend, equivalent to a 7.3% annualized yield.

Progeny 3 Inc. decreased its position in Mplx Lp (NYSE:MPLX - Free Report) by 4.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,015,966 shares of the pipeline company's stock after selling 42,993 shares during the period. Mplx comprises approximately 3.1% of Progeny 3 Inc.'s portfolio, making the stock its 13th biggest holding. Progeny 3 Inc. owned 0.10% of Mplx worth $57,981,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. EQ Wealth Advisors LLC purchased a new position in shares of Mplx during the 4th quarter valued at $32,000. Assetmark Inc. lifted its holdings in Mplx by 81.5% during the first quarter. Assetmark Inc. now owns 559 shares of the pipeline company's stock valued at $32,000 after purchasing an additional 251 shares during the last quarter. Wiser Advisor Group LLC bought a new position in Mplx during the third quarter worth about $38,000. Prosperity Bancshares Inc bought a new position in Mplx during the fourth quarter worth about $43,000. Finally, Groesbeck Investment Management Corp NJ purchased a new position in shares of Mplx in the fourth quarter worth about $49,000. 24.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

MPLX has been the topic of several research reports. Wall Street Zen lowered shares of Mplx from a "buy" rating to a "hold" rating in a research report on Saturday, April 11th. Wells Fargo & Company reduced their price target on Mplx from $63.00 to $61.00 and set an "overweight" rating for the company in a research report on Thursday, May 7th. Barclays raised their target price on Mplx from $58.00 to $59.00 and gave the stock an "overweight" rating in a research note on Thursday, May 14th. Weiss Ratings cut shares of Mplx from a "buy (a)" rating to a "buy (a-)" rating in a research note on Monday, May 18th. Finally, Zacks Research upgraded shares of Mplx from a "strong sell" rating to a "hold" rating in a research note on Friday, June 5th. One investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $61.60.

Mplx Trading Up 0.2%

Shares of MPLX opened at $58.74 on Monday. Mplx Lp has a 1-year low of $47.80 and a 1-year high of $59.98. The company has a market capitalization of $59.61 billion, a P/E ratio of 12.72, a P/E/G ratio of 5.66 and a beta of 0.47. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.10 and a quick ratio of 1.05. The firm's 50 day simple moving average is $56.47 and its 200 day simple moving average is $56.39.

Mplx (NYSE:MPLX - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The pipeline company reported $0.90 EPS for the quarter, missing analysts' consensus estimates of $1.05 by ($0.15). Mplx had a return on equity of 32.74% and a net margin of 36.38%.The company had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $3.09 billion. During the same period in the previous year, the company earned $1.10 EPS. Mplx's quarterly revenue was down 2.8% on a year-over-year basis. Sell-side analysts forecast that Mplx Lp will post 4.19 earnings per share for the current fiscal year.

Mplx Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 8th were paid a dividend of $1.0765 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $4.31 annualized dividend and a yield of 7.3%. Mplx's payout ratio is 93.29%.

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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