Pinnacle Financial Partners Inc Purchases Shares of 9,000 Mplx Lp $MPLX

Pinnacle Financial Partners Inc acquired a new position in shares of Mplx Lp (NYSE:MPLX) in the 3rd quarter, HoldingsChannel reports. The fund acquired 9,000 shares of the pipeline company’s stock, valued at approximately $450,000.

Other hedge funds have also made changes to their positions in the company. MAS Advisors LLC boosted its holdings in Mplx by 12.7% in the third quarter. MAS Advisors LLC now owns 9,003 shares of the pipeline company’s stock valued at $450,000 after purchasing an additional 1,012 shares in the last quarter. Csenge Advisory Group lifted its position in shares of Mplx by 96.5% during the 3rd quarter. Csenge Advisory Group now owns 27,271 shares of the pipeline company’s stock worth $1,362,000 after buying an additional 13,395 shares during the last quarter. Jackson Hole Capital Partners LLC boosted its holdings in shares of Mplx by 6.5% in the 3rd quarter. Jackson Hole Capital Partners LLC now owns 63,994 shares of the pipeline company’s stock valued at $3,196,000 after buying an additional 3,927 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. boosted its holdings in shares of Mplx by 0.3% in the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 218,382 shares of the pipeline company’s stock valued at $10,908,000 after buying an additional 743 shares in the last quarter. Finally, Blue Square Asset Management LLC purchased a new position in shares of Mplx in the 3rd quarter valued at $213,000. Hedge funds and other institutional investors own 24.25% of the company’s stock.

Wall Street Analyst Weigh In

MPLX has been the subject of a number of research reports. Royal Bank Of Canada boosted their price target on shares of Mplx from $58.00 to $60.00 and gave the company an “outperform” rating in a research report on Friday, November 21st. Wells Fargo & Company reduced their target price on Mplx from $60.00 to $59.00 and set an “overweight” rating for the company in a report on Tuesday, September 23rd. Morgan Stanley raised their price target on Mplx from $60.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 25th. Weiss Ratings reiterated a “buy (a-)” rating on shares of Mplx in a research note on Monday, December 29th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $57.00 price objective on shares of Mplx in a report on Monday, December 1st. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Mplx has an average rating of “Moderate Buy” and an average price target of $59.00.

Mplx Trading Up 1.1%

Shares of MPLX stock opened at $56.57 on Monday. The company has a market capitalization of $57.54 billion, a P/E ratio of 11.99 and a beta of 0.56. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.66. The business’s 50 day moving average is $53.88 and its two-hundred day moving average is $51.67. Mplx Lp has a twelve month low of $44.60 and a twelve month high of $56.71.

Mplx (NYSE:MPLX) last released its quarterly earnings results on Tuesday, November 4th. The pipeline company reported $1.52 EPS for the quarter, topping the consensus estimate of $1.07 by $0.45. Mplx had a return on equity of 34.14% and a net margin of 37.61%.The business had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $3.16 billion. Equities analysts forecast that Mplx Lp will post 4.41 EPS for the current year.

Mplx Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Friday, November 7th were issued a dividend of $1.0765 per share. This is an increase from Mplx’s previous quarterly dividend of $0.96. This represents a $4.31 annualized dividend and a yield of 7.6%. The ex-dividend date of this dividend was Friday, November 7th. Mplx’s dividend payout ratio is currently 91.31%.

About Mplx

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.