Wells Fargo & Company Cuts Mplx (NYSE:MPLX) Price Target to $61.00

Mplx (NYSE:MPLX) had its target price reduced by analysts at Wells Fargo & Company from $63.00 to $61.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the pipeline company’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 9.96% from the company’s previous close.

Other analysts have also issued reports about the stock. UBS Group increased their price target on shares of Mplx from $64.00 to $73.00 and gave the company a “buy” rating in a research report on Monday, March 16th. Truist Financial decreased their target price on shares of Mplx from $67.00 to $66.00 and set a “buy” rating on the stock in a research report on Tuesday, April 7th. Weiss Ratings restated a “buy (a)” rating on shares of Mplx in a research report on Monday. Wall Street Zen lowered shares of Mplx from a “buy” rating to a “hold” rating in a research report on Saturday, April 11th. Finally, Stifel Nicolaus raised their target price on shares of Mplx from $57.00 to $59.00 and gave the stock a “buy” rating in a research report on Wednesday, March 4th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $61.70.

Mplx Price Performance

Shares of MPLX stock traded down $0.18 during trading hours on Thursday, hitting $55.48. The company’s stock had a trading volume of 403,670 shares, compared to its average volume of 1,902,290. The business has a fifty day moving average of $57.09 and a 200-day moving average of $55.05. The stock has a market cap of $56.32 billion, a price-to-earnings ratio of 12.01, a P/E/G ratio of 5.16 and a beta of 0.49. Mplx has a twelve month low of $47.80 and a twelve month high of $59.98. The company has a current ratio of 1.23, a quick ratio of 1.18 and a debt-to-equity ratio of 1.66.

Mplx (NYSE:MPLX) last released its quarterly earnings results on Tuesday, May 5th. The pipeline company reported $0.90 EPS for the quarter, missing the consensus estimate of $1.05 by ($0.15). The business had revenue of $2.86 billion during the quarter, compared to analyst estimates of $3.09 billion. Mplx had a net margin of 36.38% and a return on equity of 32.70%. The firm’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.10 earnings per share. As a group, equities research analysts anticipate that Mplx will post 4.37 EPS for the current year.

Hedge Funds Weigh In On Mplx

A number of large investors have recently bought and sold shares of the stock. Crescent Grove Advisors LLC raised its stake in Mplx by 4.0% during the first quarter. Crescent Grove Advisors LLC now owns 37,197 shares of the pipeline company’s stock worth $2,123,000 after purchasing an additional 1,432 shares during the period. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Mplx during the first quarter worth approximately $311,000. Catalyst Capital Advisors LLC raised its stake in Mplx by 1.3% during the first quarter. Catalyst Capital Advisors LLC now owns 278,599 shares of the pipeline company’s stock worth $15,900,000 after purchasing an additional 3,619 shares during the period. Assetmark Inc. raised its stake in Mplx by 81.5% during the first quarter. Assetmark Inc. now owns 559 shares of the pipeline company’s stock worth $32,000 after purchasing an additional 251 shares during the period. Finally, SteelPeak Wealth LLC raised its stake in Mplx by 2.8% during the first quarter. SteelPeak Wealth LLC now owns 14,385 shares of the pipeline company’s stock worth $821,000 after purchasing an additional 396 shares during the period. Hedge funds and other institutional investors own 24.25% of the company’s stock.

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.