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MPLX Posted Strong 3Q17 Results, Distributions Rose 4%

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Part 3
MPLX Posted Strong 3Q17 Results, Distributions Rose 4% PART 3 OF 3

Wall Street Analysts Are Bullish on MPLX

94% analysts rate MPLX a “buy”

Of the analysts surveyed by Reuters, 94% rated MPLX (MPLX) as a “buy,” and the remaining 6% rated it as a “hold.” The consensus target price for MPLX is $41.00.

MPLX is currently trading at $34.13. If MPLX reaches its target price, it would imply a 20% price return for investors.

Wall Street Analysts Are Bullish on MPLX

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As the chart above shows, more analysts turned bullish on MPLX over the last 12 months.

As for MPLX’s peers, 58% of the analysts rated Kinder Morgan (KMI) as a “buy,” 92% of the analysts rated Enterprise Products Partners (EPD) as a “buy,” and 25% of analysts rated ONEOK (OKE) as a “buy.”

Year-to-date performance

MPLX rose 5% on October 26, 2017, following the 3Q17 earnings release, and its stock is down 2% year-to-date. In comparison, EPD is down 8%, and KMI is down 17% year-to-date.

The Energy Select Sector SPDR ETF (XLE) is down 12% year-to-date. In comparison, the SPDR S&P 500 ETF (SPY) (SPX-INDEX) is up 13% year-to-date.

Short interest

Short interest in MPLX rose marginally from ~15.3 million shares on September 29, 2017, to ~15.4 million shares on October 13, 2017. Based on its average trading volume of nearly 1.4 million shares, it would take nearly 11 days to cover all open short positions in MPLX.

ONEOK is scheduled to report its 3Q17 results on October 31, 2017. For a pre-earnings analysis, please read ONEOK Is Expected to Report Higher 3Q17 Earnings.

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