Mplx’s (MPLX) “Outperform” Rating Reaffirmed at Royal Bank Of Canada

Mplx (NYSE:MPLX)‘s stock had its “outperform” rating restated by investment analysts at Royal Bank Of Canada in a research note issued on Thursday,Benzinga reports. They currently have a $60.00 target price on the pipeline company’s stock. Royal Bank Of Canada’s price target indicates a potential upside of 6.67% from the stock’s previous close.

A number of other analysts have also recently commented on the company. Wall Street Zen cut Mplx from a “buy” rating to a “hold” rating in a research report on Saturday, April 11th. Truist Financial dropped their price target on Mplx from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Tuesday, April 7th. Weiss Ratings lowered Mplx from a “buy (a)” rating to a “buy (a-)” rating in a research report on Monday, May 18th. Wells Fargo & Company reduced their price objective on Mplx from $63.00 to $61.00 and set an “overweight” rating for the company in a research note on Thursday, May 7th. Finally, Morgan Stanley decreased their price objective on Mplx from $62.00 to $60.00 and set an “equal weight” rating for the company in a report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $61.60.

Mplx Trading Up 0.6%

Shares of Mplx stock opened at $56.25 on Thursday. 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 company has a fifty day simple moving average of $55.83 and a 200-day simple moving average of $56.00. The stock has a market cap of $57.08 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 5.40 and a beta of 0.47. Mplx has a 12-month low of $47.80 and a 12-month high of $59.98.

Mplx (NYSE:MPLX) last announced its quarterly earnings results on Tuesday, May 5th. The pipeline company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.15). Mplx had a net margin of 36.38% and a return on equity of 32.74%. The company had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $3.09 billion. During the same period last year, the firm earned $1.10 earnings per share. Mplx’s revenue was down 2.8% on a year-over-year basis. On average, equities analysts forecast that Mplx will post 4.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Mplx

Hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC increased its position in Mplx by 10.9% during the 1st quarter. Parallel Advisors LLC now owns 6,299 shares of the pipeline company’s stock worth $359,000 after purchasing an additional 620 shares in the last quarter. Axiom Investment Management LLC acquired a new stake in shares of Mplx during the first quarter worth $46,000. Wellington Grp LLC grew its position in shares of Mplx by 57.2% in the first quarter. Wellington Grp LLC now owns 9,675 shares of the pipeline company’s stock valued at $552,000 after purchasing an additional 3,519 shares during the period. Western Wealth Management LLC purchased a new stake in shares of Mplx in the first quarter valued at $65,000. Finally, Opal Capital LLC increased its stake in Mplx by 5.3% in the first quarter. Opal Capital LLC now owns 231,535 shares of the pipeline company’s stock valued at $13,214,000 after purchasing an additional 11,746 shares during the last quarter. 24.25% of the stock is currently owned by hedge funds and other institutional investors.

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.