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Stock Market & Financial Investment News

News Breaks
February 27, 2014
07:53 EDTMPLX, MPCMPLX acquires added interest in MPLX Pipe Line Holdings from Marathon Petroleum
MPLX LP (MPLX) announced that it has agreed to acquire an additional 13% interest in MPLX Pipe Line Holdings from a subsidiary of Marathon Petroleum (MPC) for $310M. This transaction represents MPLX's second acquisition following its initial public offering in October 2012. This acquisition will increase MPLX's interest in Pipe Line Holdings to 69% from the 56% interest it held previously. Pipe Line Holdings owns a 100% interest in Marathon Pipe Line and Ohio River Pipe Line. The acquisition price represents an approximate 10 times multiple of the assets' forecasted next twelve months earnings before interest, taxes, depreciation and amortization. The transaction is expected to close effective March 1, and be immediately accretive to distributable cash flow. MPLX intends to fund the acquisition through a combination of $40M of cash on hand and a $270M borrowing on its $500M revolving credit facility.
News For MPLX;MPC From The Last 14 Days
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March 3, 2015
16:15 EDTMPCMarathon Petroleum appoints Timothy Griffith as CFO
Marathon Petroleum announced a series of key management changes at MPC headquarters, including the appointments of Donald C. Templin as executive vice president, Supply, Transportation and Marketing, and Timothy T. Griffith as senior vice president and CFO. Both will report to Heminger. Templin, who has served as senior vice president and CFO since June 2011, will provide executive oversight for Supply, Distribution and Planning, Marketing, Transportation and Logistics, and Business Development. Griffith joined MPC in August 2011 as vice president of finance and treasurer, and assumed responsibility for investor relations in early 2014. In his new role, he will oversee the Accounting and Controller's group, Information Technology, Tax, Finance and Investor Relations, and will continue to serve as treasurer. In addition to the changes outlined above, Heminger announced that George P. Shaffner has been appointed senior vice president, Health, Environment, Safety and Security, and John S. Swearingen has been appointed senior vice president, Transportation and Logistics. Also reporting to Templin will be James P. Heintschel in the newly created role of vice president, Business Development. Heintschel served as Business Development director prior to this appointment. All executives involved in the moves will remain at MPC's headquarters in Findlay. These appointments are effective immediately.
10:01 EDTMPLXOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Bacterin (BONE) initiated with a Buy at H.C. Wainwright... Cognizant (CTSH) initiated with a Buy at Argus... Comerica (CMA) initiated with a Neutral at UBS... Delphi Automotive (DLPH) initiated with a Neutral at Northcoast... Dunkin' Brands (DNKN) initiated with a Neutral at UBS... Easterly Government Properties (DEA) initiated with an Outperform at RBC Capital... Fifth Third (FITB) initiated with a Buy at UBS... Hilton (HLT) initiated with an Outperform at RBC Capital... KeyCorp (KEY) initiated with a Neutral at UBS... Ligand (LGND) initiated with a Buy at CRT Capital... M&T Bank (MTB) initiated with a Neutral at UBS... MPLX (MPLX) initiated with a Hold at Evercore ISI... Marriott (MAR) initiated with an Outperform at RBC Capital... Nexvet Biopharma (NVET) initiated with an Outperform at JMP Securities... Regions Financial (RF) initiated with a Neutral at UBS... Shell Midstream (SHLX) initiated with a Buy at Evercore ISI... Starwood (HOT) initiated with a Sector Perform at RBC Capital... Sunoco Logistics (SXL) initiated with a Hold at Evercore ISI... Syneron Medical (ELOS) initiated with a Buy at Brean Capital... Tesoro Logistics (TLLP) initiated with a Buy at Evercore ISI... Valero Energy Partners (VLP) initiated with a Buy at Evercore ISI... Vista Outdoor (VSTO) initiated with a Buy at CRT Capital... Zions Bancorp (ZION) initiated with a Sell at UBS.
07:33 EDTMPLXMorgan Stanley to hold a conference
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06:47 EDTMPLXMPLX initiated with a Hold at Evercore ISI
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