Spirit of America Management Corp NY Decreases Stock Position in Mplx Lp $MPLX

Key Points

• Spirit of America Management Corp NY trimmed its stake in MPLX by 16.6%, selling 18,000 shares to hold 90,397 shares worth $4.824M, which represents 1.0% of its portfolio and its 26th largest position.
• MPLX beat quarterly expectations with $1.17 EPS (vs. $1.10 est.) and $5.99B revenue, and recently paid a quarterly dividend of $1.0765 (annualized $4.31) for a 7.5% yield and an 89.4% payout ratio.
• Analyst sentiment is broadly positive—MarketBeat shows an average rating of "Moderate Buy" with an average target of $61.56, and recent upgrades include Truist ($67) and Wells Fargo ($63).

Spirit of America Management Corp NY trimmed its position in shares of Mplx Lp (NYSE:MPLX - Free Report) by 16.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 90,397 shares of the pipeline company's stock after selling 18,000 shares during the period. Mplx makes up 1.0% of Spirit of America Management Corp NY's portfolio, making the stock its 26th biggest position. Spirit of America Management Corp NY's holdings in Mplx were worth $4,824,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Elevation Point Wealth Partners LLC purchased a new position in Mplx in the 2nd quarter valued at about $26,000. Solstein Capital LLC purchased a new stake in shares of Mplx during the third quarter worth about $25,000. FSC Wealth Advisors LLC acquired a new position in shares of Mplx in the second quarter worth about $29,000. Operose Advisors LLC lifted its stake in shares of Mplx by 216.2% in the second quarter. Operose Advisors LLC now owns 585 shares of the pipeline company's stock worth $30,000 after acquiring an additional 400 shares in the last quarter. Finally, Caldwell Trust Co purchased a new position in Mplx in the second quarter valued at about $33,000. Hedge funds and other institutional investors own 24.25% of the company's stock.

Mplx Trading Down 0.9%

NYSE:MPLX opened at $57.61 on Tuesday. The company has a market cap of $58.48 billion, a PE ratio of 11.95, a P/E/G ratio of 5.33 and a beta of 0.56. The business's 50 day moving average is $57.30 and its two-hundred day moving average is $54.03. The company has a quick ratio of 1.18, a current ratio of 1.23 and a debt-to-equity ratio of 1.66. Mplx Lp has a 52 week low of $44.60 and a 52 week high of $59.98.

Mplx (NYSE:MPLX - Get Free Report) last issued its quarterly earnings results on Tuesday, February 3rd. The pipeline company reported $1.17 earnings per share for the quarter, beating analysts' consensus estimates of $1.10 by $0.07. The business had revenue of $5.99 billion during the quarter, compared to the consensus estimate of $3.23 billion. Mplx had a return on equity of 34.37% and a net margin of 37.79%.The business's quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.07 EPS. On average, analysts predict that Mplx Lp will post 4.41 EPS for the current year.

Mplx Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 17th. Shareholders of record on Monday, February 9th were paid a dividend of $1.0765 per share. The ex-dividend date was Monday, February 9th. This represents a $4.31 annualized dividend and a yield of 7.5%. Mplx's payout ratio is presently 89.42%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Truist Financial began coverage on Mplx in a research note on Tuesday, March 24th. They set a "buy" rating and a $67.00 price objective for the company. Wall Street Zen raised Mplx from a "hold" rating to a "buy" rating in a research report on Monday, March 23rd. Weiss Ratings reiterated a "buy (a-)" rating on shares of Mplx in a research note on Monday, December 29th. Wells Fargo & Company raised their price target on shares of Mplx from $59.00 to $63.00 and gave the stock an "overweight" rating in a research report on Friday, March 13th. Finally, Citigroup lifted their price target on shares of Mplx from $54.00 to $55.00 and gave the stock a "neutral" rating in a research note on Tuesday, February 10th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $61.56.

Mplx Company Profile

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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