Investors Buy Shares of Mplx (MPLX) on Weakness
Investors purchased shares of Mplx Lp (NYSE:MPLX) on weakness during trading on Tuesday. $67.30 million flowed into the stock on the tick-up and $10.51 million flowed out of the stock on the tick-down, for a money net flow of $56.79 million into the stock. Of all companies tracked, Mplx had the 32nd highest net in-flow for the day. Mplx traded down ($0.50) for the day and closed at $38.28
Several brokerages have recently weighed in on MPLX. Zacks Investment Research downgraded Mplx from a “hold” rating to a “sell” rating in a report on Wednesday, January 10th. Barclays downgraded Mplx from an “overweight” rating to an “equal weight” rating and set a $39.00 price target for the company. in a report on Wednesday. Stifel Nicolaus reduced their price target on Mplx from $42.00 to $41.00 and set a “buy” rating for the company in a report on Friday, October 27th. BidaskClub downgraded Mplx from a “hold” rating to a “sell” rating in a report on Tuesday, September 26th. Finally, Bank of America began coverage on Mplx in a report on Tuesday, January 9th. They set a “buy” rating for the company. Two analysts have rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $41.67.
The firm has a market cap of $15,670.00, a price-to-earnings ratio of 41.45, a P/E/G ratio of 3.08 and a beta of 1.38. The company has a quick ratio of 0.48, a current ratio of 0.54 and a debt-to-equity ratio of 0.68.
In related news, VP Gregory Scott Floerke sold 4,000 shares of Mplx stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $34.69, for a total value of $138,760.00. Following the completion of the sale, the vice president now directly owns 83,598 shares in the company, valued at approximately $2,900,014.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 8,000 shares of company stock valued at $284,760 over the last quarter.
Institutional investors have recently added to or reduced their stakes in the business. Spirit of America Management Corp NY grew its stake in shares of Mplx by 8.4% during the 3rd quarter. Spirit of America Management Corp NY now owns 739,479 shares of the pipeline company’s stock valued at $25,889,000 after purchasing an additional 57,400 shares during the period. Heronetta Management L.P. grew its stake in shares of Mplx by 6.7% during the 3rd quarter. Heronetta Management L.P. now owns 262,837 shares of the pipeline company’s stock valued at $9,202,000 after purchasing an additional 16,400 shares during the period. HITE Hedge Asset Management LLC grew its stake in shares of Mplx by 25.2% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 43,965 shares of the pipeline company’s stock valued at $1,539,000 after purchasing an additional 8,850 shares during the period. Harvest Fund Advisors LLC grew its stake in shares of Mplx by 2.4% during the 3rd quarter. Harvest Fund Advisors LLC now owns 16,963,387 shares of the pipeline company’s stock valued at $593,888,000 after purchasing an additional 402,273 shares during the period. Finally, Brookfield Asset Management Inc. grew its stake in shares of Mplx by 20.0% during the 2nd quarter. Brookfield Asset Management Inc. now owns 1,546,604 shares of the pipeline company’s stock valued at $51,657,000 after purchasing an additional 257,907 shares during the period. Institutional investors and hedge funds own 64.27% of the company’s stock.
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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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