Key Points
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MPLX is worth a closer look if you’re a long-term income-seeking investor.
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It’s a midstream energy company, transporting a lot of oil and gas.
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If you’ve never heard of MPLX LP (NYSE: MPLX), you might want to get to know the company a little — perhaps primarily because of its dividend yield, which was recently a whopping 7.4%.
With a 7.4% dividend yield, a $10,000 investment will kick out about $740 in passive income in a single year. Park $25,000 in the stock, and you’ll collect $1,850 for the year.
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Better still, healthy and growing dividend payers tend to increase their payouts over time, and MPLX is no exception. Its total annual payout of $4.31 per share currently is up from $2.82 in 2022 and $2.04 in 2016. Its last increase was its 19th consecutive one, bumping its payout by more than 3%.
MPLX is part of the Marathon Petroleum universe, and MPLX’s stock has been a solid performer, averaging annual gains of 10.9% over the past 10 years, 19.4% over the past five years, and 26.4% over the past year.
If you’re worried about volatile energy prices these days, know that MPLX is more insulated from that than many energy companies because much of its business is merely transporting oil and gas, via relatively long-term contracts. The company’s balance sheet is solid, with manageable debt and the ability to cover its dividend obligations.
At recent levels, MPLX’s stock seems reasonably valued to slightly overvalued, with a recent forward-looking price-to-earnings (P/E) ratio of 12, a bit above the five-year average of 11.
Note too that MPLX is a master limited partnership (MLP), so if you own it, you’ll need to deal with an extra K-1 form come tax time. If your interest is piqued, give it a closer look.
Should you buy stock in MPLX right now?
Before you buy stock in MPLX, consider this:
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Selena Maranjian has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
