Jennison Associates LLC Cuts Position in Mplx Lp (NYSE:MPLX)

Jennison Associates LLC trimmed its holdings in Mplx Lp (NYSE:MPLX - Free Report) by 1.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,416,928 shares of the pipeline company's stock after selling 17,949 shares during the period. Jennison Associates LLC owned 0.14% of Mplx worth $62,997,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of MPLX. Crewe Advisors LLC acquired a new stake in Mplx during the first quarter worth about $41,000. CWM LLC increased its position in Mplx by 73.3% during the second quarter. CWM LLC now owns 1,066 shares of the pipeline company's stock worth $45,000 after purchasing an additional 451 shares during the last quarter. Summit Securities Group LLC increased its position in Mplx by 450.0% during the second quarter. Summit Securities Group LLC now owns 1,100 shares of the pipeline company's stock worth $47,000 after purchasing an additional 900 shares during the last quarter. Redwood Wealth Management Group LLC acquired a new stake in Mplx during the second quarter worth about $67,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in Mplx during the second quarter worth about $88,000. 24.25% of the stock is currently owned by institutional investors and hedge funds.

Mplx Stock Up 1.5 %

Mplx stock traded up $0.69 during trading on Thursday, reaching $48.27. The stock had a trading volume of 1,739,062 shares, compared to its average volume of 1,856,956. Mplx Lp has a 52-week low of $35.51 and a 52-week high of $48.49. The business has a 50 day moving average price of $44.90 and a 200 day moving average price of $42.89. The company has a quick ratio of 0.95, a current ratio of 0.99 and a debt-to-equity ratio of 1.40. The stock has a market cap of $49.18 billion, a PE ratio of 11.38, a P/E/G ratio of 1.30 and a beta of 1.37.

Mplx (NYSE:MPLX - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.01 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.04). The company had revenue of $2.97 billion for the quarter, compared to analysts' expectations of $3.09 billion. Mplx had a return on equity of 32.70% and a net margin of 36.77%. The firm's quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.89 EPS. On average, analysts predict that Mplx Lp will post 4.31 EPS for the current year.

Mplx Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were given a dividend of $0.9565 per share. This represents a $3.83 annualized dividend and a dividend yield of 7.93%. The ex-dividend date was Friday, November 8th. This is an increase from Mplx's previous quarterly dividend of $0.85. Mplx's payout ratio is currently 90.33%.

Analyst Upgrades and Downgrades

MPLX has been the subject of a number of recent analyst reports. Barclays lifted their price target on shares of Mplx from $45.00 to $49.00 and gave the company an "overweight" rating in a research report on Thursday, October 10th. Bank of America initiated coverage on shares of Mplx in a research report on Thursday, October 17th. They set an "underperform" rating and a $43.00 price target for the company. Royal Bank of Canada lifted their price target on shares of Mplx from $50.00 to $52.00 and gave the company an "outperform" rating in a research report on Monday. Truist Financial lifted their price target on shares of Mplx from $48.00 to $55.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, UBS Group lifted their price target on shares of Mplx from $51.00 to $55.00 and gave the company a "buy" rating in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $49.44.

Insider Transactions at Mplx

In other news, VP Carl Kristopher Hagedorn sold 4,000 shares of Mplx stock in a transaction on Monday, November 18th. The shares were sold at an average price of $47.24, for a total value of $188,960.00. Following the transaction, the vice president now directly owns 14,750 shares of the company's stock, valued at $696,790. The trade was a 21.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

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.