Highland Capital Management Lp Lowers stake in MPLX LP (MPLX)

MPLX LP (MPLX) : Highland Capital Management Lp reduced its stake in MPLX LP by 0.03% during the most recent quarter end. The investment management company now holds a total of 794,259 shares of MPLX LP which is valued at $26,051,695 after selling 246 shares in MPLX LP , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.MPLX LP makes up approximately 1.39% of Highland Capital Management Lp’s portfolio.

Other Hedge Funds, Including , Pentwater Capital Management Lp reduced its stake in MPLX by selling 60,000 shares or 44.44% in the most recent quarter. The Hedge Fund company now holds 75,000 shares of MPLX which is valued at $2,460,000. MPLX LP makes up approx 0.05% of Pentwater Capital Management Lp’s portfolio.Neuberger Berman Group boosted its stake in MPLX in the latest quarter, The investment management firm added 92,201 additional shares and now holds a total of 545,084 shares of MPLX LP which is valued at $17,796,993. MPLX LP makes up approx 0.02% of Neuberger Berman Group’s portfolio.Center Coast Capital Advisors Lp boosted its stake in MPLX in the latest quarter, The investment management firm added 181,426 additional shares and now holds a total of 7,433,330 shares of MPLX LP which is valued at $250,874,888. MPLX LP makes up approx 6.97% of Center Coast Capital Advisors Lp’s portfolio. Lowe Fs added MPLX to its portfolio by purchasing 87 company shares during the most recent quarter which is valued at $2,878.

MPLX LP opened for trading at $33.73 and hit $34.08 on the upside on Wednesday, eventually ending the session at $33.94, with a gain of 0.89% or 0.3 points. The heightened volatility saw the trading volume jump to 1,011,858 shares. Company has a market cap of $11,527 M.

On the company’s financial health, MPLX LP reported $-0.11 EPS for the quarter, missing the analyst consensus estimate by $ -0.29 based on the information available during the earnings call on Jul 28, 2016. Analyst had a consensus of $0.18. The company had revenue of $564.00 million for the quarter, compared to analysts expectations of $604.36 million. The company’s revenue was up 161.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 EPS.

Many Wall Street Analysts have commented on MPLX LP. Jefferies Initiated MPLX LP on Aug 23, 2016 to “Hold”, Price Target of the shares are set at $35.Barclays Resumed MPLX LP on Jul 19, 2016 to “Overweight”, Price Target of the shares are set at $42.

MPLX LP is a fee-based master limited partnership (MLP) formed by Marathon Petroleum Corporation (MPC) to own operate develop and acquire pipelines and other midstream assets related to the transportation and storage of crude oil refined products and other hydrocarbon-based products. The Company’s assets include interest in a network of common carrier crude oil and product pipeline systems and storage assets in the Midwest and Gulf Coast regions of the United States. It has interest in a butane cavern in Neal West Virginia with one million barrels of natural gas liquids storage capacity. It charges tariff for transporting crude oil refined products and other hydrocarbon-based products through its pipelines and at its barge dock and fees for storing crude oil and products at its storage facilities. It also operates additional crude oil and product pipelines owned by MPC and third parties for which the Company is paid operating fees. It also has interest in Pipe Line Holdings.

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