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Tuesday, October 3, 2023

MPLX LP (NYSE:MPLX) is Waving the Bear Flag

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MPLX LP (MPLX) shares are trading at lower $22.27 and the avg recommendation for the stock is Strong Buy, while the current analyst price target stands at $23.94.

To add more color to this target, the company’s high over the last year is $27.36 and the low is $6.87. Over the last 52 weeks, MPLX is down -6.23% while the S&P 500 is up 15.47%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, MPLX reported a profit of $899.0 million. MPLX LP also saw revenues increase to $2.25 billion. In addition, MPLX has free cash flow of $2.35 billion as of 09-2020. The company’s EBITDA came in at $1.26 billion which compares well with its peers.

MPLX booked profit margins of -27.70%, its Return on Equity (ROE) is -16.00%, and its Return on Assets is -5.60%. All told, it is clear that, MPLX needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. MPLX has a short ratio of 6.35 and outstanding shares of 1.05B.

Company Outlook

MPLX has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 2.98 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at -1.99. MPLX LP MPLX also noted assets of $36.34 billion at the end of the last quarter. Investors should also keep an eye on sector updates as MPLX has historically followed its peers on positive news.

All told, MPLX LP MPLX has strung together solid data and demonstrated underlying fundamentals. At its current valuation, MPLX represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

MPLX LP MPLX is now commanding a market cap of 23.72B and a float of 387.98M. MPLX is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of MPLX stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in MPLX, either long or short, and we have not been compensated for this article.

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