UBS Reiterates Buy Rating on MPLX LP (MPLX)

UBS analyst Brian Reynolds reiterated a Buy rating and $64.00 price target on MPLX LP (NYSE: MPLX).

The analyst commented, "We are raising our estimates because of the following tailwinds: 1) higher ownership interest in BANGL (now owns 100%), 2) higher ownership interest in Matterhorn, and 3) one-month contribution from the Northwind Midstream acquisition. We also note that MPLX had undertaken heavy maintenance activity in 2Q, so we expect to see volume growth (especially on the NGL side) in 3Q. Hence, we adjust our 3Q25 Nat Gas/NGL EBITDA estimate from $490M to $534M, and we adjust our 3Q25 Crude Oil/Product Logistics EBITDA estimate from $1,138M to $1,171M. Some headwinds include project-related expenses (~$40M, as highlighted on the 2Q call, non-recurring in nature) mainly impacting the Crude Oil segment along with NGL price sensitivity (~$6M) and lower refining utilization (~92% guidance from MPC for 3Q25 vs. 97% actual for 2Q25)."

For an analyst ratings summary and ratings history on MPLX LP click here. For more ratings news on MPLX LP click here.

Shares of MPLX LP closed at $49.95 yesterday.

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