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What's next for the stock? We take a look at earnings estimates for some clues.\n\nArticle Content:\n\nMPLX Quick QuoteMPLX\nYou follow Realtime BLOG - edit\nRealtime BLOG\nA month has gone by since the last earnings report for MPLX LP (MPLX Quick QuoteMPLX - Free Report) . Shares have lost about 0.9% in that time frame, outperforming the S&P 500.\nWill the recent negative trend continue leading up to its next earnings release, or is MPLX LP due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.\nMPLX reported fourth-quarter 2022 earnings of 78 cents per unit, missing the Zacks Consensus Estimate of 84 cents. The bottom line was in line with the year-ago quarter\u2019s 78 cents.\nTotal quarterly revenues of $2,662 million surpassed the Zacks Consensus Estimate of $2,553 million. However, the top line declined from the prior-year quarter\u2019s $2,734 million.\nLower-than-expected quarterly earnings resulted from lower contributions from gathering and processing\u00a0operations. The negatives were partially offset by lower contributions from gathering and processing\u00a0operations, and declining costs and expenses.\nMPLX\u2019s adjusted EBITDA from the\u00a0Logistics and Storage\u00a0segment increased from $934 million a year ago to $979 million. \u00a0Higher pipeline tariff rates and contributions from joint ventures aided the segment. Total pipeline throughputs for the fourth quarter were 5.6 million barrels per day (bpd), almost flat from the year-ago period.\nAdjusted EBITDA from the\u00a0Gathering and Processing\u00a0segment was $475 million, down from $511 million in the prior-year quarter. The segment was affected by a decline in natural gas liquid prices. Gathered volumes averaged 6.2 billion cubic feet per day (Bcf/d), suggesting a 14% increase from the year-ago period. Processed volumes of 8.6 Bcf/d marked a 1% increase from the year-ago quarter.\nFor fourth-quarter 2022, total costs and expenses of MPLX were $1,602 million, down from the year-ago quarter\u2019s $1,678 million.\nDistributable cash flow attributable to MPLX for fourth-quarter 2022 was $1,270 million, providing 1.6X distribution coverage, up from $1,207 million in the year-ago quarter.\nDistribution per unit was 77.5 cents for the reported quarter, indicating a 10% increase from the prior-year quarter\u2019s distribution. The distribution will be paid out on Feb 14, 2023, to common unitholders of record as of Feb 6, 2023.\nAdjusted free cash flow for the quarter under review declined to $1,093 million from $1,103 million in the corresponding period of 2021.\nAs of Dec 31, 2022, the partnership\u2019s cash and cash equivalents were $238 million. Its total debt amounted to $19.8 billion.\nFor 2023, MPLX stated its capital spending outlook of $950 million, which includes $800 million of growth capital and $150 million of maintenance capital. The metric suggests a significant improvement from the $855 million reported in 2022.\nHow Have Estimates Been Moving Since Then?\nIn the past month, investors have witnessed an upward trend in fresh estimates.\nVGM Scores\nCurrently, MPLX LP has an average Growth Score of C, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.\nOverall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.\nOutlook\nEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, MPLX LP has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.\nMPLX LP (MPLX) - free report >>\nOur experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days.\nRecent stocks from this report have soared up to +178.7% in 3 months - this month's picks could be even better. See our report's 7 new picks today, absolutely FREE.\nThis page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. Each of the company logos represented herein are trademarks of Microsoft Corporation; Dow Jones & Company; Nasdaq, Inc.; Forbes Media, LLC; Investor's Business Daily, Inc.; and Morningstar, Inc.\nAt the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1988 it has more than doubled the S&P 500 with an average gain of +23.96% per year. These returns cover a period from January 1, 1988 through October 2, 2023. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The monthly returns are then compounded to arrive at the annual return. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Zacks Ranks stocks can, and often do, change throughout the month. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations.\n\nSource: Zacks Investment Research\n", "timestamp_ms": 1677774645000, "published_utc": "2023-03-02T16:30:45Z", "article_url": "https://www.zacks.com/stock/news/2061176/why-is-mplx-lp-mplx-down-09-since-last-earnings-report", "label_type": [ "[2][a] Fundamental Analysis", "[2][c] Stock Recommendations", "[1][c] Company-Specific News" ], "label_time": [ "[1][a] Short-Term Retrospective (\u2264 3 months)", "[2][b] Recent Trends (Past Few Weeks \u2013 Ongoing)" ], "label_sentiment": [ "[2][b] Mixed Outlook" ] }, "trend": { "input_percentage_change": -0.9379342877836806, "input_bin_label": "-2% ~ +2%", "output_percentage_change": 0.0872602168473676, "output_bin_label": "-2% ~ +2%", "overall_percentage_change": -0.31455533314269213, "overall_bin_label": "-2% ~ +2%" }, "technical": { "in_sma_10": [ 34.97, 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