Mplx (NYSE:MPLX) Price Target Lowered to $66.00 at Truist Financial

Key Points

• Truist Financial trimmed its price target on Mplx from $67 to $66 but kept a "buy" rating, implying roughly 18.65% upside from the prior close.
• MarketBeat shows a consensus of Moderate Buy with an average price target of $61.44, reflecting mixed analyst moves (several raises and a few downgrades).
• MPLX recently beat quarterly estimates (EPS $1.17 vs. $1.10 expected; revenue $5.99B vs. $3.23B expected) and reports strong profitability (ROE 34.37%, net margin 37.79%).

Mplx (NYSE:MPLX - Get Free Report) had its price objective cut by investment analysts at Truist Financial from $67.00 to $66.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the pipeline company's stock. Truist Financial's price target would suggest a potential upside of 18.65% from the company's previous close.

Several other equities analysts also recently weighed in on MPLX. Wells Fargo & Company raised their target price on Mplx from $59.00 to $63.00 and gave the company an "overweight" rating in a research report on Friday, March 13th. Citigroup raised their target price on Mplx from $54.00 to $55.00 and gave the company a "neutral" rating in a research report on Tuesday, February 10th. Wall Street Zen upgraded Mplx from a "hold" rating to a "buy" rating in a research report on Monday, March 23rd. Raymond James Financial downgraded Mplx from an "outperform" rating to a "market perform" rating in a research report on Monday, January 5th. Finally, Stifel Nicolaus raised their target price on Mplx from $57.00 to $59.00 and gave the company a "buy" rating in a research report on Wednesday, March 4th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Mplx currently has a consensus rating of "Moderate Buy" and a consensus price target of $61.44.

Mplx Trading Down 0.5%

Shares of MPLX stock opened at $55.63 on Tuesday. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.23 and a quick ratio of 1.18. The company has a market cap of $56.47 billion, a price-to-earnings ratio of 11.54, a PEG ratio of 5.12 and a beta of 0.56. The stock has a 50 day simple moving average of $57.38 and a 200-day simple moving average of $54.21. Mplx has a 1-year low of $44.60 and a 1-year high of $59.98.

Mplx (NYSE:MPLX - Get Free Report) last announced its earnings results on Tuesday, February 3rd. The pipeline company reported $1.17 earnings per share for the quarter, topping the consensus estimate 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 prior year, the company posted $1.07 EPS. On average, equities research analysts expect that Mplx will post 4.41 EPS for the current fiscal year.

Hedge Funds Weigh In On Mplx

A number of institutional investors have recently added to or reduced their stakes in MPLX. NewEdge Advisors LLC lifted its position in Mplx by 4.1% during the first quarter. NewEdge Advisors LLC now owns 24,049 shares of the pipeline company's stock worth $1,287,000 after buying an additional 939 shares in the last quarter. Geode Capital Management LLC lifted its position in Mplx by 6.6% during the second quarter. Geode Capital Management LLC now owns 16,557 shares of the pipeline company's stock worth $853,000 after buying an additional 1,021 shares in the last quarter. Beacon Pointe Advisors LLC purchased a new position in Mplx during the second quarter worth approximately $244,000. Guggenheim Capital LLC raised its position in Mplx by 5.4% in 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 period. Finally, StoneX Group Inc. purchased a new stake in Mplx in the second quarter valued at $219,000. Hedge funds and other institutional investors own 24.25% of the company's stock.

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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