Bank of New York Mellon Corp Has $678,000 Stock Position in Mplx Lp (NYSE:MPLX)

Bank of New York Mellon Corp increased its position in shares of Mplx Lp (NYSE:MPLX) by 11.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,925 shares of the pipeline company’s stock after purchasing an additional 1,670 shares during the quarter. Bank of New York Mellon Corp’s holdings in Mplx were worth $678,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Catalyst Capital Advisors LLC boosted its stake in shares of Mplx by 5.6% in the 2nd quarter. Catalyst Capital Advisors LLC now owns 261,565 shares of the pipeline company’s stock valued at $11,140,000 after purchasing an additional 13,800 shares during the last quarter. &PARTNERS bought a new position in Mplx during the 2nd quarter worth approximately $308,000. Hennessy Advisors Inc. boosted its stake in Mplx by 2.3% during the 2nd quarter. Hennessy Advisors Inc. now owns 156,449 shares of the pipeline company’s stock worth $6,663,000 after acquiring an additional 3,500 shares during the last quarter. Crescent Grove Advisors LLC boosted its stake in Mplx by 2.0% during the 2nd quarter. Crescent Grove Advisors LLC now owns 67,073 shares of the pipeline company’s stock worth $2,857,000 after acquiring an additional 1,323 shares during the last quarter. Finally, Prossimo Advisors LLC boosted its stake in Mplx by 6.3% during the 2nd quarter. Prossimo Advisors LLC now owns 6,509 shares of the pipeline company’s stock worth $277,000 after acquiring an additional 386 shares during the last quarter. Institutional investors and hedge funds own 24.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MPLX. StockNews.com raised shares of Mplx from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 11th. Barclays reduced their price objective on shares of Mplx from $46.00 to $45.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. UBS Group raised their target price on shares of Mplx from $49.00 to $51.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Royal Bank of Canada restated an “outperform” rating and set a $47.00 target price on shares of Mplx in a report on Wednesday, August 28th. Finally, Wells Fargo & Company raised their target price on shares of Mplx from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $46.56.

Mplx Price Performance

Shares of MPLX opened at $44.20 on Monday. The stock has a market cap of $44.92 billion, a PE ratio of 11.39, a PEG ratio of 1.19 and a beta of 1.37. The company has a quick ratio of 0.95, a current ratio of 0.99 and a debt-to-equity ratio of 1.41. The business has a 50-day simple moving average of $42.57 and a two-hundred day simple moving average of $41.69. Mplx Lp has a 12-month low of $34.52 and a 12-month high of $44.59.

Mplx (NYSE:MPLX) last announced its earnings results on Tuesday, August 6th. The pipeline company reported $1.15 EPS for the quarter, beating the consensus estimate of $0.98 by $0.17. Mplx had a return on equity of 32.68% and a net margin of 35.95%. The business had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $2.96 billion. During the same period in the prior year, the business posted $0.91 earnings per share. The firm’s revenue was up 13.5% on a year-over-year basis. Analysts anticipate that Mplx Lp will post 4.24 earnings per share for the current fiscal year.

Mplx Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 7.69%. The ex-dividend date of this dividend was Friday, August 9th. Mplx’s payout ratio is 87.63%.

Mplx Profile

MPLX LP owns and operates midstream energy infrastructure and logistics assets primarily in the United States. It operates in two segments, Logistics and Storage, and Gathering and Processing. The company is involved in the gathering, processing, and transportation of natural gas; gathering, transportation, fractionation, storage, and marketing of natural gas liquids; gathering, storage, transportation, and distribution of crude oil and refined products, as well as other hydrocarbon-based products and renewables; and sale of residue gas and condensate.