Tortoise Capital Advisors L.L.C. increased its holdings in shares of Mplx Lp (NYSE:MPLX) by 6,608.7% in the 1st quarter, Holdings Channel.com reports. The firm owned 18,712,587 shares of the pipeline company’s stock after acquiring an additional 18,433,656 shares during the quarter. Mplx comprises approximately 8.0% of Tortoise Capital Advisors L.L.C.’s investment portfolio, making the stock its largest holding. Tortoise Capital Advisors L.L.C.’s holdings in Mplx were worth $479,604,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the stock. Brookfield Asset Management Inc. lifted its stake in Mplx by 55.5% during the fourth quarter. Brookfield Asset Management Inc. now owns 9,643,513 shares of the pipeline company’s stock worth $208,782,000 after purchasing an additional 3,440,850 shares during the last quarter. CIBC Private Wealth Group LLC increased its position in Mplx by 2.5% during the first quarter. CIBC Private Wealth Group LLC now owns 9,481,170 shares of the pipeline company’s stock worth $243,002,000 after buying an additional 233,680 shares during the period. JPMorgan Chase & Co. increased its position in Mplx by 11.8% during the fourth quarter. JPMorgan Chase & Co. now owns 8,909,070 shares of the pipeline company’s stock worth $192,880,000 after buying an additional 943,250 shares during the period. Kayne Anderson Capital Advisors LP increased its position in Mplx by 3.7% during the first quarter. Kayne Anderson Capital Advisors LP now owns 6,997,697 shares of the pipeline company’s stock worth $179,343,000 after buying an additional 249,081 shares during the period. Finally, Salient Capital Advisors LLC increased its position in Mplx by 53.6% during the first quarter. Salient Capital Advisors LLC now owns 5,029,337 shares of the pipeline company’s stock worth $128,902,000 after buying an additional 1,754,632 shares during the period. Hedge funds and other institutional investors own 27.79% of the company’s stock.
MPLX traded up $0.43 during trading on Thursday, reaching $27.95. 53,666 shares of the stock were exchanged, compared to its average volume of 2,051,720. The stock’s 50 day moving average price is $29.21. The company has a debt-to-equity ratio of 1.64, a current ratio of 1.15 and a quick ratio of 1.04. The firm has a market capitalization of $28.78 billion, a P/E ratio of 11.01 and a beta of 1.90. Mplx Lp has a 1 year low of $15.05 and a 1 year high of $31.40.
The company also recently announced a quarterly dividend, which was paid on Friday, May 14th. Shareholders of record on Friday, May 7th were given a dividend of $0.688 per share. This represents a $2.75 dividend on an annualized basis and a yield of 9.85%. This is an increase from Mplx’s previous quarterly dividend of $0.69. The ex-dividend date was Thursday, May 6th. Mplx’s payout ratio is presently 112.70%.
In other news, COO Gregory Scott Floerke sold 2,500 shares of the company’s stock in a transaction on Thursday, May 6th. The stock was sold at an average price of $27.00, for a total value of $67,500.00. Following the sale, the chief operating officer now directly owns 83,923 shares in the company, valued at $2,265,921. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Several research analysts have commented on MPLX shares. Wells Fargo & Company lifted their price target on Mplx from $32.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, June 24th. Morgan Stanley boosted their target price on Mplx from $32.00 to $33.00 and gave the company an “equal weight” rating in a report on Friday, June 18th. Wolfe Research lowered Mplx from an “outperform” rating to a “peer perform” rating and set a $30.00 target price on the stock. in a report on Friday, July 16th. They noted that the move was a valuation call. Raymond James boosted their target price on Mplx from $30.00 to $33.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Barclays boosted their target price on Mplx from $29.00 to $32.00 and gave the company an “overweight” rating in a report on Tuesday, May 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $28.11.
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, exchange, storage, and marketing of natural gas liquids; transportation, storage, distribution, and marketing of crude oil and refined petroleum products, as well as other hydrocarbon-based products; and sale of residue gas and condensate.
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