Tortoise Capital Advisors L.L.C. Raises Stake in MPLX LP (NYSE:MPLX)
Tortoise Capital Advisors L.L.C. raised its position in MPLX LP (NYSE:MPLX) by 1.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 19,105,648 shares of the pipeline company’s stock after buying an additional 202,094 shares during the period. MPLX makes up 4.1% of Tortoise Capital Advisors L.L.C.’s holdings, making the stock its 9th largest position. Tortoise Capital Advisors L.L.C. owned 5.10% of MPLX worth $638,129,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of MPLX. Virtu Financial LLC boosted its stake in shares of MPLX by 74.2% in the first quarter. Virtu Financial LLC now owns 53,119 shares of the pipeline company’s stock worth $1,917,000 after buying an additional 22,625 shares during the period. Conning Inc. boosted its stake in MPLX by 31.5% in the first quarter. Conning Inc. now owns 193,572 shares of the pipeline company’s stock worth $6,984,000 after buying an additional 46,416 shares during the period. State of New Jersey Common Pension Fund D boosted its stake in MPLX by 4.8% in the first quarter. State of New Jersey Common Pension Fund D now owns 281,500 shares of the pipeline company’s stock worth $10,157,000 after buying an additional 13,000 shares during the period. Janney Montgomery Scott LLC boosted its stake in MPLX by 75.0% in the first quarter. Janney Montgomery Scott LLC now owns 57,045 shares of the pipeline company’s stock worth $2,058,000 after buying an additional 24,447 shares during the period. Finally, Chickasaw Capital Management LLC boosted its stake in MPLX by 1.7% in the first quarter. Chickasaw Capital Management LLC now owns 3,036,557 shares of the pipeline company’s stock worth $109,559,000 after buying an additional 50,077 shares during the period. 69.59% of the stock is currently owned by institutional investors.
Shares of MPLX LP (NYSE MPLX) opened at 35.17 on Monday. The stock has a 50 day moving average of $34.16 and a 200-day moving average of $35.65. The stock has a market capitalization of $13.18 billion, a price-to-earnings ratio of 42.02 and a beta of 1.35. MPLX LP has a 52-week low of $30.09 and a 52-week high of $39.43.
MPLX (NYSE:MPLX) last issued its quarterly earnings data on Thursday, July 27th. The pipeline company reported $0.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.10. MPLX had a return on equity of 6.13% and a net margin of 19.07%. The business had revenue of $916 million during the quarter, compared to analyst estimates of $884.70 million. During the same period in the previous year, the firm earned ($0.11) EPS. MPLX’s quarterly revenue was up 31.2% compared to the same quarter last year. On average, equities research analysts predict that MPLX LP will post $0.97 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, August 7th will be given a $0.5625 dividend. The ex-dividend date of this dividend is Thursday, August 3rd. This is a positive change from MPLX’s previous quarterly dividend of $0.44. This represents a $2.25 annualized dividend and a dividend yield of 6.40%. MPLX’s payout ratio is currently 271.09%.
MPLX has been the topic of a number of analyst reports. TheStreet raised shares of MPLX from a “c” rating to a “b-” rating in a report on Friday, April 28th. Scotiabank set a $44.00 price objective on shares of MPLX and gave the stock a “buy” rating in a report on Saturday, July 22nd. Guggenheim initiated coverage on shares of MPLX in a report on Thursday, July 20th. They issued a “buy” rating and a $40.00 price objective on the stock. BidaskClub raised shares of MPLX from a “hold” rating to a “buy” rating in a report on Sunday, July 16th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $44.00 target price on shares of MPLX in a research report on Wednesday, April 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $42.55.
In other MPLX news, CEO Gary R. Heminger acquired 9,000 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The stock was acquired at an average cost of $33.26 per share, for a total transaction of $299,340.00. Following the transaction, the chief executive officer now owns 167,896 shares of the company’s stock, valued at $5,584,220.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
MPLX Company Profile
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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