Short Interest in Mplx Lp (NYSE:MPLX) Increases By 7.0%

Mplx Lp (NYSE:MPLX) was the target of a large growth in short interest during the month of June. As of June 30th, there was short interest totalling 11,557,500 shares, a growth of 7.0% from the May 30th total of 10,800,000 shares. Based on an average daily volume of 1,820,000 shares, the days-to-cover ratio is currently 6.4 days. Approximately 4.1% of the shares of the company are sold short.

Several research firms have weighed in on MPLX. Zacks Investment Research upgraded Garrett Motion from a “sell” rating to a “hold” rating in a research report on Friday, May 10th. Bank of America raised their price objective on Armstrong World Industries from $95.00 to $108.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Wells Fargo & Co reduced their price objective on Teva Pharmaceutical Industries from $18.00 to $17.00 and set a “market perform” rating on the stock in a research note on Thursday, May 9th. ValuEngine raised XPO Logistics from a “strong sell” rating to a “sell” rating in a research note on Thursday, April 4th. Finally, BMO Capital Markets began coverage on Mplx in a research note on Monday, June 10th. They issued a “market perform” rating and a $35.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. Mplx presently has a consensus rating of “Buy” and a consensus price target of $38.80.

Shares of Mplx stock opened at $31.87 on Wednesday. The company has a debt-to-equity ratio of 2.03, a current ratio of 0.93 and a quick ratio of 0.85. The company has a market cap of $25.48 billion, a price-to-earnings ratio of 13.92 and a beta of 1.16. The firm’s 50-day moving average price is $31.72. Mplx has a 12 month low of $28.32 and a 12 month high of $39.01.

Mplx (NYSE:MPLX) last issued its earnings results on Wednesday, May 8th. The pipeline company reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.02. Mplx had a return on equity of 27.44% and a net margin of 28.57%. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same period in the prior year, the business posted $0.61 EPS. Mplx’s quarterly revenue was up 15.9% compared to the same quarter last year. On average, analysts expect that Mplx will post 2.51 EPS for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MPLX. Financial Counselors Inc. bought a new position in Mplx during the 1st quarter valued at approximately $561,000. Knott David M lifted its position in shares of Mplx by 6.5% in the first quarter. Knott David M now owns 329,558 shares of the pipeline company’s stock valued at $10,839,000 after acquiring an additional 20,000 shares in the last quarter. Energy Income Partners LLC lifted its position in shares of Mplx by 19.1% in the fourth quarter. Energy Income Partners LLC now owns 1,556,537 shares of the pipeline company’s stock valued at $47,163,000 after acquiring an additional 249,145 shares in the last quarter. GYL Financial Synergies LLC purchased a new position in shares of Mplx in the first quarter valued at about $1,843,000. Finally, Institutional & Family Asset Management LLC increased its holdings in shares of Mplx by 2.4% in the first quarter. Institutional & Family Asset Management LLC now owns 31,716 shares of the pipeline company’s stock worth $1,043,000 after purchasing an additional 735 shares during the last quarter. Institutional investors own 30.74% of the company’s stock.

Mplx Company Profile

MPLX LP owns and operates midstream energy infrastructure and logistics assets primarily in the United States. The company also provides fuels distribution services. 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; and transportation, storage, and distribution of crude oil and refined petroleum products.

Further Reading: Closed-End Mutual Funds (CEFs)

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