MPLX LP (MPLX) : Traders are bullish on MPLX LP (MPLX) as it has outperformed the S&P 500 by a wide margin of 1.62% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 2.87%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 3.04% in the last 1 week, and is up 1.07% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
The stock has recorded a 20-day Moving Average of 3.18% and the 50-Day Moving Average is 2.92%.The 200 Day SMA reached 11.78%
MPLX LP (NYSE:MPLX): After opening at $33.13, the stock dipped to an intraday low of $32.42 on Friday. However, the bulls stepped in to buy at lower levels and pushed the stock higher. The stock touched an intraday high of $33.89 and the buying power remained strong till the end. The stock closed at $33.86 for the day, a gain of 3.23% for the day session. The total traded volume was 933,581. The stocks close on the previous trading day was $33.86.
MPLX LP (MPLX) stock is expected to deviate a maximum of $3.68 from the average target price of $37.7 for the short term period. 10 Street Experts have initiated coverage on the stock with the most promising target being $45 and the most muted being $34.
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 Companys 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.