MPLX LP (NYSE:MPLX) declared a quarterly dividend on Wednesday, July 26th, Fidelity reports. Shareholders of record on Monday, August 7th will be paid a dividend of 0.5625 per share by the pipeline company on Monday, August 14th. This represents a $2.25 annualized dividend and a yield of 6.46%. The ex-dividend date of this dividend is Thursday, August 3rd. This is a positive change from MPLX’s previous quarterly dividend of $0.44.
MPLX has raised its dividend by an average of 25.3% annually over the last three years and has raised its dividend annually for the last 3 consecutive years. MPLX has a payout ratio of 244.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect MPLX to earn $1.78 per share next year, which means the company may not be able to cover its $2.25 annual dividend with an expected future payout ratio of 126.4%.
MPLX (NYSE:MPLX) traded down 0.23% during midday trading on Tuesday, hitting $34.77. 123,916 shares of the stock were exchanged. The stock has a market cap of $13.03 billion, a PE ratio of 41.54 and a beta of 1.35. MPLX has a 1-year low of $30.09 and a 1-year high of $39.43. The company’s 50 day moving average is $34.16 and its 200-day moving average is $35.65.
MPLX (NYSE:MPLX) last posted its earnings results on Thursday, July 27th. The pipeline company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.10. MPLX had a return on equity of 6.13% and a net margin of 19.07%. The company had revenue of $916 million for the quarter, compared to analyst estimates of $884.70 million. During the same quarter in the previous year, the firm earned ($0.11) earnings per share. The firm’s quarterly revenue was up 31.2% compared to the same quarter last year. On average, analysts expect that MPLX will post $0.97 earnings per share for the current year.
MPLX has been the topic of several analyst reports. Jefferies Group LLC reiterated a “buy” rating and issued a $44.00 target price on shares of MPLX in a research note on Wednesday, April 19th. TheStreet upgraded MPLX from a “c” rating to a “b-” rating in a research note on Friday, April 28th. Zacks Investment Research lowered MPLX from a “hold” rating to a “sell” rating in a research note on Friday, May 12th. BidaskClub upgraded MPLX from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. Finally, Guggenheim initiated coverage on MPLX in a research note on Thursday, July 20th. They issued a “buy” rating and a $40.00 target price on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $42.55.
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In other news, CEO Gary R. Heminger bought 9,000 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The stock was purchased at an average price of $33.26 per share, with a total value of $299,340.00. Following the completion of the acquisition, the chief executive officer now directly owns 167,896 shares of the company’s stock, valued at approximately $5,584,220.96. The purchase was disclosed in a legal filing with the SEC, which is available through this link.
MPLX Company Profile
MPLX LP is a master limited partnership (MLP) formed by Marathon Petroleum Corporation (MPC) to own, operate, develop and acquire midstream energy infrastructure assets. The Company is engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of natural gas liquids (NGLs), and the gathering, transportation and storage of crude oil and refined petroleum products.
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