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MPLX Stock: Analysts Expect 22% Upside

Rekha Khandelwal, CFA - Author

Nov. 2 2018, Updated 11:10 a.m. ET

MPLX’s YTD performance

So far, MPLX (MPLX) stock has fallen ~4% in 2018. In comparison, Magellan Midstream Partners (MMP) has fallen ~14%. Enterprise Products Partners (EPD) stock is roughly flat, while ONEOK (OKE) and Plains All American Pipeline (PAA) have risen 19% and 7%, respectively. MPLX’s mean target price, provided by Reuters-surveyed analysts, is $42. The target price implies an upside potential of ~22% from MPLX’s current price of $34.5.

The above graph shows how analysts’ recommendations and the mean target price for MPLX have changed over 12 months. Of the 16 analysts covering MPLX, eight rated it as a “strong buy,” seven analysts rated it as a “buy,” and one analyst rated it as a “hold.”

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Peers’ ratings

On November 2, Barclays cut its target price for Magellan Midstream Partners (MMP) from $74 to $70. Of the 18 analysts covering Magellan Midstream Partners, five rated it as a “strong buy,” four rated it as a “buy,” eight rated it as a “hold,” and one rated it as a “sell.” The mean target price for Magellan Midstream Partners is $75.6.

In comparison, 13 of the 24 analysts covering Enterprise Products Partners (EPD) rated it as a “strong buy,” ten rated it as a “buy,” and one rated it as a “hold.”

On November 1, Stifel cut its target price for ONEOK (OKE) from $65 to $64. On the same day, Morgan Stanley raised its target price for the stock from $65 to $67. Half of the surveyed analysts covering ONEOK rated it as a “hold.”


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