Mplx (NYSE:MPLX) Sets New 52-Week High Following Dividend Announcement

Key Points

• MPLX reached a new 52-week high of $59.99 after announcing a quarterly dividend of $1.0765 per share, equivalent to an annualized $4.31 payout and a 7.2% yield. The dividend payout ratio is 93.29%.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average price target of $61.60; Goldman Sachs raised its target to $63, while some firms downgraded the stock to “Hold.”
• MPLX reported quarterly EPS of $0.90, below the $1.05 consensus estimate, while revenue of $2.86 billion also missed expectations and declined 2.8% year over year.

Mplx Lp (NYSE:MPLX - Get Free Report) reached a new 52-week high on Wednesday following a dividend announcement from the company. The stock traded as high as $59.99 and last traded at $59.7450, with a volume of 136446 shares trading hands. The stock had previously closed at $59.20.The newly announced dividend which will be paid on Friday, August 14th. Stockholders of record on Friday, August 7th will be paid a dividend of $1.0765 per share. This represents a $4.31 annualized dividend and a dividend yield of 7.2%. The ex-dividend date of this dividend is Friday, August 7th. Mplx's dividend payout ratio is 93.29%.

Analysts Set New Price Targets

Several research firms have weighed in on MPLX. Weiss Ratings cut Mplx from a "buy (a)" rating to a "buy (a-)" rating in a report on Monday, May 18th. The Goldman Sachs Group lifted their target price on shares of Mplx from $55.00 to $63.00 and gave the company a "buy" rating in a report on Monday, April 20th. Wall Street Zen downgraded Mplx from a "buy" rating to a "hold" rating in a report on Saturday, April 11th. 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. Finally, Zacks Research upgraded Mplx from a "strong sell" rating to a "hold" rating in a report on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $61.60.

Mplx Stock Performance

The firm has a market capitalization of $60.61 billion, a PE ratio of 12.94, a price-to-earnings-growth ratio of 5.64 and a beta of 0.47. The company has a current ratio of 1.10, a quick ratio of 1.05 and a debt-to-equity ratio of 1.71. The business's 50 day simple moving average is $56.60 and its two-hundred day simple moving average is $56.48.

Mplx (NYSE:MPLX - Get Free Report) last announced its earnings results on Tuesday, May 5th. The pipeline company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.05 by ($0.15). The firm had revenue of $2.86 billion during 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 company's revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.10 earnings per share. Research analysts expect that Mplx Lp will post 4.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Mplx

Hedge funds have recently modified their holdings of the stock. EQ Wealth Advisors LLC bought a new position in shares of Mplx during the 4th quarter valued at about $32,000. Assetmark Inc. lifted its holdings in shares of Mplx by 81.5% in the 1st quarter. Assetmark Inc. now owns 559 shares of the pipeline company's stock worth $32,000 after acquiring an additional 251 shares during the last quarter. Wiser Advisor Group LLC bought a new stake in Mplx in the third quarter worth about $38,000. Prosperity Bancshares Inc purchased a new position in Mplx during the 4th quarter valued at $43,000. Finally, Axiom Investment Management LLC purchased a new stake in shares of Mplx during the first quarter valued at $46,000. Hedge funds and other institutional investors own 24.25% of the company's stock.

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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