MPLX LP (MPLX)
Energy · NYQ · US
Fundamentals
Valuation and ratings
MPLX LP trades at USD57.17, which is 31% above the USD39.18 our discounted cash flow model puts on the business. On that measure it screens as expensive, which is not the same as saying it will fall.
Our moat model scores it 78 out of 100, which is a wide moat. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 12.2 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About MPLX LP
MPLX LP owns and operates midstream energy infrastructure and logistics assets primarily in the United States. It operates in two segments, Crude Oil and Products Logistics; and Natural Gas and NGL Services. The company is involved in the gathering, processing, and transportation of natural gas; gathering, transportation, fractionation, storage, and marketing of natural gas liquids; gathering, storage, transportation, and distribution of crude oil and refined products, as well as other hydrocarbon-based products and renewables; and sale of residue gas and condensate. It also engages in inland marine businesses, comprising fleet of boats and barges transport light products, heavy oils, crude oil, renewable fuels, chemicals, and feedstocks in the Mid-Continent and Gulf Coast regions, as well as a marine repair facility located on the Ohio River; and distribution of fuel, as well as operates refining logistics, terminals, rail facilities, and storage caverns. In addition, it operates terminal facilities for the receipt, storage, blending, additization, handling, and redelivery of refined petroleum products through the pipeline, rail, marine, and truck transportation. MPLX GP LLC acts as the general partner of MPLX LP. The company was incorporated in 2012 and is headquartered in Findlay, Ohio. MPLX LP operates as a subsidiary of Marathon Petroleum Corporation.
MPLX passes 4 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Smart money ownership
3 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Glenn Greenberg, Brave Warrior Advisors, LLC$185.68M · 4.6% of book
- David Tepper, Appaloosa LP$28.68M · 0.5% of book
- Ken Griffin, CITADEL ADVISORS LLC$299.4K · 0.0% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is MPLX LP (MPLX) undervalued?
Against our discounted cash flow estimate of USD39.18, MPLX at USD57.17 is 31% above fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own MPLX?
3 of the institutions we track reported a position in MPLX in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is MPLX's P/E ratio?
MPLX trades at 12.2 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
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Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.