Wells Fargo & Company Cuts Mplx (NYSE:MPLX) Price Target to $59.00

Key Points

• Wells Fargo & Company has cut its price target for Mplx (NYSE:MPLX) from $60.00 to $59.00, indicating a potential upside of 17.78% from the previous close.
• Several research analysts, including Stifel Nicolaus and Morgan Stanley, have recently raised their target prices for Mplx to $60.00, while the stock currently holds a "Moderate Buy" average rating.
• Mplx reported earnings of $1.03 per share for the last quarter, missing estimates, with revenues of $2.79 billion—down from the previous year.

Mplx (NYSE:MPLX - Get Free Report) had its price target cut by equities researchers at Wells Fargo & Company from $60.00 to $59.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the pipeline company's stock. Wells Fargo & Company's price target would indicate a potential upside of 17.78% from the company's previous close.

Several other research analysts have also recently weighed in on MPLX. Stifel Nicolaus raised their target price on Mplx from $57.00 to $60.00 and gave the company a "buy" rating in a research note on Thursday, August 14th. Morgan Stanley raised their target price on Mplx from $57.00 to $60.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 26th. Barclays raised their target price on Mplx from $52.00 to $53.00 and gave the company an "overweight" rating in a research note on Friday, July 11th. Finally, Wall Street Zen downgraded Mplx from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Mplx currently has an average rating of "Moderate Buy" and an average target price of $55.89.

Mplx Trading Down 0.5%

NYSE:MPLX opened at $50.09 on Tuesday. Mplx has a 1 year low of $43.53 and a 1 year high of $54.87. The stock has a market cap of $51.05 billion, a price-to-earnings ratio of 11.90, a PEG ratio of 1.36 and a beta of 0.74. The business has a fifty day moving average of $50.72 and a 200-day moving average of $51.04. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.97 and a current ratio of 1.03.

Mplx (NYSE:MPLX - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The pipeline company reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.05). Mplx had a return on equity of 30.95% and a net margin of 35.44%.The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same period in the previous year, the company posted $1.15 EPS. The company's revenue for the quarter was down 1.6% compared to the same quarter last year. Equities analysts predict that Mplx will post 4.41 earnings per share for the current year.

Institutional Trading of Mplx

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Private Wealth Asset Management LLC acquired a new stake in Mplx in the 2nd quarter valued at approximately $26,000. Elevation Point Wealth Partners LLC acquired a new stake in Mplx in the 2nd quarter valued at approximately $26,000. FSC Wealth Advisors LLC acquired a new stake in Mplx in the 2nd quarter valued at approximately $29,000. Operose Advisors LLC grew its holdings in Mplx by 216.2% in the 2nd quarter. Operose Advisors LLC now owns 585 shares of the pipeline company's stock valued at $30,000 after buying an additional 400 shares during the last quarter. Finally, EQ Wealth Advisors LLC acquired a new stake in Mplx in the 2nd quarter valued at approximately $31,000. Institutional investors and hedge funds own 24.25% of the company's stock.

Mplx Company Profile

MPLX LP engages in the operation of midstream energy infrastructure and logistics assets, and distribution fuels services. It operates through the Crude Oil and Products Logistics and Natural Gas and NGL Services segments. The Crude Oil and Products Logistics segment transports, stores, distributes, and markets crude oil, asphalt, refined petroleum products, and water.

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