MPLX LP (MPLX) Position Reduced by Kings Point Capital Management
Kings Point Capital Management cut its position in shares of MPLX LP (NYSE:MPLX) by 1.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 107,929 shares of the pipeline company’s stock after selling 2,087 shares during the period. Kings Point Capital Management’s holdings in MPLX were worth $3,605,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Signaturefd LLC increased its stake in shares of MPLX by 4.1% in the first quarter. Signaturefd LLC now owns 6,895 shares of the pipeline company’s stock valued at $249,000 after buying an additional 270 shares during the period. Keybank National Association OH increased its stake in shares of MPLX by 3.3% in the first quarter. Keybank National Association OH now owns 8,735 shares of the pipeline company’s stock valued at $315,000 after buying an additional 275 shares during the period. Pinnacle Associates Ltd. increased its stake in shares of MPLX by 5.8% in the first quarter. Pinnacle Associates Ltd. now owns 6,170 shares of the pipeline company’s stock valued at $223,000 after buying an additional 337 shares during the period. BB&T Securities LLC increased its stake in shares of MPLX by 6.2% in the second quarter. BB&T Securities LLC now owns 6,209 shares of the pipeline company’s stock valued at $207,000 after buying an additional 360 shares during the period. Finally, Suntrust Banks Inc. increased its stake in shares of MPLX by 4.9% in the first quarter. Suntrust Banks Inc. now owns 8,016 shares of the pipeline company’s stock valued at $289,000 after buying an additional 378 shares during the period. Institutional investors and hedge funds own 66.81% of the company’s stock.
MPLX LP (NYSE MPLX) traded up 0.86% on Friday, hitting $33.83. The stock had a trading volume of 816,657 shares. The stock has a market capitalization of $13.14 billion, a price-to-earnings ratio of 40.42 and a beta of 1.35. The company has a 50-day moving average price of $34.66 and a 200-day moving average price of $35.25. MPLX LP has a 52 week low of $30.09 and a 52 week high of $39.43.
MPLX (NYSE:MPLX) last announced its quarterly earnings results on Thursday, July 27th. The pipeline company reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.10. The company had revenue of $916 million during the quarter, compared to the consensus estimate of $884.70 million. MPLX had a net margin of 19.07% and a return on equity of 6.13%. The firm’s quarterly revenue was up 31.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.11) earnings per share. Equities research analysts anticipate that MPLX LP will post $0.98 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, August 7th were given a dividend of $0.5625 per share. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $2.25 annualized dividend and a dividend yield of 6.65%. This is an increase from MPLX’s previous quarterly dividend of $0.44. MPLX’s dividend payout ratio (DPR) is 271.09%.
Several equities research analysts have issued reports on the company. BidaskClub downgraded MPLX from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Zacks Investment Research upgraded MPLX from a “sell” rating to a “hold” rating in a report on Thursday, May 18th. Royal Bank Of Canada restated a “buy” rating on shares of MPLX in a report on Friday, July 28th. Scotiabank set a $44.00 price target on MPLX and gave the stock a “buy” rating in a report on Saturday, July 22nd. Finally, Guggenheim assumed coverage on MPLX in a report on Thursday, July 20th. They issued a “buy” rating and a $40.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $42.55.
In other news, CEO Gary R. Heminger purchased 9,000 shares of MPLX stock in a transaction that occurred on Monday, June 12th. The stock was bought at an average price of $33.26 per share, with a total value of $299,340.00. Following the completion of the transaction, the chief executive officer now directly owns 167,896 shares of the company’s stock, valued at $5,584,220.96. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
MPLX LP is a master limited partnership (MLP) formed by Marathon Petroleum Corporation (MPC) to own, operate, develop and acquire midstream energy infrastructure assets. The Company is engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of natural gas liquids (NGLs), and the gathering, transportation and storage of crude oil and refined petroleum products.
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