Tortoise Capital Advisors L.l.c. buys $757.2 Million stake in MPLX LP (MPLX)

MPLX LP (MPLX) : Tortoise Capital Advisors L.l.c. scooped up 5,524,550 additional shares in MPLX LP during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 24,394,644 shares of MPLX LP which is valued at $757.2 Million.MPLX LP makes up approximately 5.64% of Tortoise Capital Advisors L.l.c.’s portfolio.

Other Hedge Funds, Including , Quadrature Capital Ltd added MPLX to its portfolio by purchasing 76,730 company shares during the most recent quarter which is valued at $2.4 Million. MPLX LP makes up approx 0.33% of Quadrature Capital Ltd’s portfolio. Jefferies Group sold out all of its stake in MPLX during the most recent quarter. The investment firm sold 44,200 shares of MPLX which is valued $1.4 Million.Samson Capital Management boosted its stake in MPLX in the latest quarter, The investment management firm added 62,768 additional shares and now holds a total of 343,541 shares of MPLX LP which is valued at $10.4 Million. MPLX LP makes up approx 9.90% of Samson Capital Management’s portfolio.Pbwm Holdings reduced its stake in MPLX by selling 795 shares or 1.31% in the most recent quarter. The Hedge Fund company now holds 60,098 shares of MPLX which is valued at $1.8 Million. MPLX LP makes up approx 0.68% of Pbwm Holdings’s portfolio.

MPLX LP closed down -0.02 points or -0.06% at $33.29 with 9,22,003 shares getting traded on Wednesday. Post opening the session at $33.71, the shares hit an intraday low of $32.85 and an intraday high of $34.09 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, MPLX LP reported $-0.33 EPS for the quarter, missing the analyst consensus estimate by $ -0.53 based on the information available during the earnings call on Apr 28, 2016. Analyst had a consensus of $0.20. The company had revenue of $609.00 million for the quarter, compared to analysts expectations of $621.50 million. The company’s revenue was up 203.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.46 EPS.

Many Wall Street Analysts have commented on MPLX LP. RBC Capital Mkts Initiated MPLX LP on May 2, 2016 to “Outperform”, Price Target of the shares are set at $45.MPLX LP was Upgraded by Credit Suisse to ” Outperform” on Apr 29, 2016. Stifel Upgraded MPLX LP on Apr 29, 2016 to ” Buy”, Price Target of the shares are set at $36.

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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