In a report released today, Christopher Sighinolfi from Jefferies upgraded MPLX LP (NYSE: MPLX) to Buy, with a price target of $38. The company’s shares closed yesterday at $33.60.
According to TipRanks.com, Sighinolfi is a 5-star analyst with an average return of 11.4% and a 68.0% success rate. Sighinolfi covers the Basic Materials sector, focusing on stocks such as Enterprise Products Partners LP, Energy Transfer Partners LP, and Dcp Midstream Partners Lp.
Currently, the analyst consensus on MPLX LP is a Strong Buy with an average price target of $40.
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Based on MPLX LP’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $1.36 billion and net profit of $421 million. In comparison, last year the company earned revenue of $913 million and had a net profit of $116 million.
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MPLX LP is a fee-based, growth-oriented limited partnership company. It is engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of natural gas liquids; and the gathering, transportation and storage of crude oil and refined petroleum products.
