Mplx (NYSE:MPLX) Achieves New 1-Year High Following Analyst Upgrade

Mplx LP (NYSE:MPLX - Get Free Report) reached a new 52-week high during trading on Monday after the Royal Bank of Canada raised its price target for the stock from $55.00 to $58.00. Currently, the Royal Bank of Canada has given Mplx an outperform rating. During trading, Mplx reached a high of $54.87 before closing at $54.67, with 1,884,647 shares exchanged. This marked an increase from its previous closing price of $53.33.

• Refiners and transporters see notable growth despite oil downturn.

The stock has also drawn attention from other analysts. Truist Financial increased their price objective for Mplx from $48.00 to $55.00, providing the stock with a “buy” rating in a report published on November 19th. On February 6th, Raymond James hiked their price target for Mplx from $55.00 to $60.00, also rating it as an “outperform.” Additionally, Barclays raised their price target from $52.00 to $55.00, labeling the stock as “overweight.” Wells Fargo and Company also boosted their target from $54.00 to $59.00, maintaining an “overweight” rating. Meanwhile, Morgan Stanley adjusted their target from $56.00 to $62.00 but has placed an “equal weight” rating. Out of this evaluation, one analyst rated the stock as a sell, one as a hold, and nine analysts gave it a buy rating. According to MarketBeat, Mplx currently holds a consensus rating of "Moderate Buy" with a consensus price target of $54.00.

Explore Our Latest Findings on Mplx

Insider Activity

• Equitrans Midstream Surges 40% Following Debt Ceiling Agreement

In recent company developments, Vice President Shawn M. Lyon made a significant investment by purchasing 4,000 shares of Mplx on March 7th, at an average price of $52.75 per share. This purchase amounted to a total of $211,000.00. Consequently, the Vice President's total ownership in the company has risen to 25,299 shares, valued at approximately $1,334,522.25, marking an 18.78% increase in their holdings. This transaction was reported in a legal filing submitted to the SEC, which can be accessed on the official SEC website.

Institutional Investor Interest

Recently, several institutional investors and hedge funds have adjusted their positions regarding Mplx shares. VSM Wealth Advisory LLC acquired a new stake valued at around $31,000 in the fourth quarter. Cedar Wealth Management LLC also bought new shares worth approximately $51,000 in the third quarter. Geneos Wealth Management Inc. significantly increased its stake in Mplx by 56.3% during the fourth quarter, now owning 1,135 shares valued at around $54,000 after acquiring an additional 409 shares. Furthermore, Generali Asset Management SPA SGR purchased a new stake worth about $56,000. Russell Investments Group Ltd. increased its holdings in Mplx by a staggering 139.6% during the fourth quarter, now holding 1,785 shares valued at $85,000 after adding 1,040 shares to their position. Institutional investors currently possess 24.25% of Mplx’s stock.

Mplx Stock Gaining Momentum

• Top Energy MLPs Show Price Gains and High Yields

Mplx has seen its stock price increase by 2.5%. It currently has a fifty-day simple moving average of $52.12 and a 200-day simple moving average of $48.10. With a market capitalization of $55.90 billion, the company's P/E ratio stands at 12.99, while the P/E/G ratio is at 1.69 and a beta of 1.40. Mplx also displays a quick ratio of 0.95, a current ratio of 0.99, and a debt-to-equity ratio of 1.40.

The pipeline company last reported its quarterly earnings results on February 4th, announcing earnings per share of $1.07, exceeding the consensus estimate of $1.04 by $0.03. Mplx achieved a return on equity of 31.94% along with a net margin of 36.18%. The company recorded revenues of $3.06 billion for the quarter, which was slightly below the consensus estimate of $3.07 billion. The revenues increased by 3.3% compared to the same period last year. Analysts forecast that Mplx LP will report an earnings per share of 4.41 for the current fiscal year.

Dividend Announcement

Additionally, Mplx recently disclosed a quarterly dividend that was paid on February 14th. Shareholders on record as of February 3rd received a dividend of $0.9565 per share. The ex-dividend date for this payout was February 3rd. This dividend translates to an annualized amount of $3.83 and a dividend yield of 7.00%. Currently, Mplx's dividend payout ratio stands at 90.74%.

Mplx Overview

Mplx LP engages in operating midstream energy infrastructure and logistics assets as well as providing fuel distribution services. The company operates through its Logistics and Storage (L&S) and Gathering and Processing (G&P) segments. The Logistics and Storage segment focuses on transporting, storing, distributing, and marketing crude oil, asphalt, refined petroleum products, and water.

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