Magellan Midstream Partners (MMP) Stock Rating Upgraded by ValuEngine

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Magellan Midstream Partners (NYSE:MMP) was upgraded by analysts at ValuEngine from a “sell” rating to a “hold” rating in a report issued on Thursday.

Other analysts have also issued reports about the company. Jefferies Financial Group upgraded Magellan Midstream Partners from a “hold” rating to a “buy” rating in a research note on Thursday, December 20th. Zacks Investment Research upgraded Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $69.00 price objective on the stock in a research note on Thursday, November 15th. Citigroup set a $70.00 price objective on Magellan Midstream Partners and gave the company a “buy” rating in a research note on Saturday, February 2nd. SunTrust Banks initiated coverage on Magellan Midstream Partners in a research note on Friday, January 18th. They set a “hold” rating and a $65.00 price objective on the stock. Finally, Mizuho initiated coverage on Magellan Midstream Partners in a research note on Wednesday, November 28th. They set a “neutral” rating and a $67.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $70.18.

Shares of NYSE:MMP traded up $0.74 during midday trading on Thursday, reaching $60.23. 1,076,700 shares of the company traded hands, compared to its average volume of 1,190,908. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.44 and a current ratio of 0.96. Magellan Midstream Partners has a 12 month low of $54.25 and a 12 month high of $72.90. The firm has a market cap of $13.43 billion, a price-to-earnings ratio of 14.17, a PEG ratio of 2.38 and a beta of 0.85.

Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, January 31st. The pipeline company reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.13). Magellan Midstream Partners had a net margin of 47.19% and a return on equity of 40.90%. The company had revenue of $865.68 million for the quarter, compared to the consensus estimate of $710.21 million. Equities analysts predict that Magellan Midstream Partners will post 4.06 EPS for the current fiscal year.

In related news, insider Jeff R. Selvidge sold 2,500 shares of the business’s stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $60.34, for a total transaction of $150,850.00. Following the completion of the transaction, the insider now directly owns 25,897 shares in the company, valued at $1,562,624.98. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Lisa J. Korner sold 10,000 shares of the business’s stock in a transaction dated Monday, December 10th. The stock was sold at an average price of $58.14, for a total value of $581,400.00. Following the transaction, the insider now owns 73,257 shares of the company’s stock, valued at $4,259,161.98. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,577 shares of company stock valued at $3,052,303. 0.26% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its holdings in shares of Magellan Midstream Partners by 5.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 99,048 shares of the pipeline company’s stock worth $6,842,000 after purchasing an additional 5,154 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Magellan Midstream Partners by 1.2% in the 2nd quarter. Northern Trust Corp now owns 157,464 shares of the pipeline company’s stock worth $10,877,000 after purchasing an additional 1,816 shares in the last quarter. Aperio Group LLC boosted its holdings in shares of Magellan Midstream Partners by 17.8% in the 3rd quarter. Aperio Group LLC now owns 16,512 shares of the pipeline company’s stock worth $1,118,000 after purchasing an additional 2,496 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of Magellan Midstream Partners by 13.5% in the 3rd quarter. First Trust Advisors LP now owns 93,853 shares of the pipeline company’s stock worth $6,356,000 after purchasing an additional 11,143 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Magellan Midstream Partners by 43.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 108,506 shares of the pipeline company’s stock worth $7,347,000 after purchasing an additional 32,705 shares in the last quarter. Institutional investors and hedge funds own 65.35% of the company’s stock.

Magellan Midstream Partners Company Profile

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.

Further Reading: What is a good rate of return for a mutual fund?

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Analyst Recommendations for Magellan Midstream Partners (NYSE:MMP)

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