Mplx (NYSE:MPLX) Hits New 1-Year High - Here's What Happened

Key Points

• MPLX shares reached a new 52-week high, trading as high as $60.28 and closing around $60.10, up 2.7% from the prior close.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a consensus price target of $61.60, despite one recent downgrade and some target-price reductions.
• The company reported quarterly EPS of $1.06, in line with estimates, while revenue rose 10.3% year over year to $3.13 billion. MPLX also declared a $1.0765 quarterly dividend, equivalent to a 7.1% annualized yield.

Mplx Lp (NYSE:MPLX - Get Free Report) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $60.28 and last traded at $60.0960, with a volume of 937961 shares traded. The stock had previously closed at $58.91.

Analyst Ratings Changes

Several research firms recently weighed in on MPLX. Royal Bank Of Canada restated an "outperform" rating and issued a $60.00 price target on shares of Mplx in a research note on Thursday, July 2nd. Wolfe Research downgraded Mplx from an "outperform" rating to a "peer perform" rating in a report on Wednesday, July 29th. Truist Financial cut their target price on Mplx from $67.00 to $66.00 and set a "buy" rating on the stock in a research note on Tuesday, April 7th. Barclays raised their price target on Mplx from $58.00 to $59.00 and gave the company an "overweight" rating in a report on Thursday, May 14th. Finally, Weiss Ratings lowered Mplx from a "buy (a)" rating to a "buy (a-)" rating in a research report on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $61.60.

Mplx Stock Up 2.7%

The company has a market cap of $61.42 billion, a P/E ratio of 13.10, a P/E/G ratio of 5.56 and a beta of 0.48. 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 company's 50-day moving average is $56.78 and its two-hundred day moving average is $56.61.

Mplx (NYSE:MPLX - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The pipeline company reported $1.06 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.06. Mplx had a return on equity of 32.74% and a net margin of 36.38%.The business had revenue of $3.13 billion for the quarter, compared to analysts' expectations of $3.14 billion. During the same period in the prior year, the firm posted $1.03 EPS. The firm's quarterly revenue was up 10.3% on a year-over-year basis. As a group, equities analysts predict that Mplx Lp will post 4.26 earnings per share for the current fiscal year.

Mplx Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, August 7th will be paid a $1.0765 dividend. The ex-dividend date is Friday, August 7th. This represents a $4.31 annualized dividend and a dividend yield of 7.1%. Mplx's payout ratio is currently 93.29%.

Institutional Investors Weigh In On Mplx

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

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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