Top 5 Stock Picks of Henry Breck’s Heronetta Management

2. MPLX LP (NYSE:MPLX)

Heronetta Management’s Stake Value: $11.75 million

Percentage of Heronetta Management’s 13F Portfolio: 9.05%

Number of Hedge Fund Holders: 11

MPLX LP (NYSE:MPLX) is an MLP that operates midstream energy infrastructure and logistics. It was formed by Marathon Petroleum Corporation (NYSE:MPC) and they own the majority limited partner interest in the company.

MPLX LP (NYSE:MPLX) has beaten the estimates by a good margin in the previous four quarters. In the third quarter of 2021, the EPS for the company was $0.74 compared to $0.70 estimates. Similarly, the revenue for the same quarter was $2.56 billion compared to the $2.38 billion analyst forecast.

Out of the 873 hedge funds tracked by Insider Monkey, 11 of them held stakes worth $115.64 million in MPLX LP (NYSE:MPLX) in the second quarter of 2021. In the previous quarter, 8 hedge funds had stakes worth $136.19 million in the company.

Miller/Howard Investments mentioned MPLX LP (NYSE:MPLX) in its first quarter 2021 investor letter. Here is what the firm said:

“Lastly, we added MPLX LP (MPLX) in the with-MLP version. MLPX pays a high dividend and is cheap relative to similar pipeline companies… We increased our weight in MPLX LP (MPLX), which provides exposure to Permian volumes and northeast natural gas volumes. In addition, the company’s FCF yield was above the portfolio’s FCF yield.”