ValuEngine upgraded shares of Magellan Midstream Partners (NYSE:MMP) from a sell rating to a hold rating in a report issued on Monday morning.
A number of other equities research analysts have also weighed in on 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. Goldman Sachs Group lowered Magellan Midstream Partners from a buy rating to a neutral rating and set a $76.00 price target on the stock. in a research note on Monday, October 8th. Wells Fargo & Co dropped their price target on Magellan Midstream Partners from $74.00 to $72.00 and set a market perform rating on the stock in a research note on Tuesday, November 6th. Mizuho started coverage on Magellan Midstream Partners in a research note on Wednesday, November 28th. They set a neutral rating and a $67.00 price target on the stock. Finally, Barclays dropped their price target on Magellan Midstream Partners from $74.00 to $70.00 and set an equal weight rating on the stock in a research note on Friday, November 2nd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the stock. Magellan Midstream Partners has a consensus rating of Hold and an average target price of $74.06.
Shares of MMP stock traded down $0.33 during trading hours on Monday, reaching $62.19. 6,562 shares of the company’s stock were exchanged, compared to its average volume of 1,061,570. Magellan Midstream Partners has a 1 year low of $54.25 and a 1 year high of $75.82. The firm has a market capitalization of $13.50 billion, a price-to-earnings ratio of 16.29, a PEG ratio of 2.32 and a beta of 0.78. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.44 and a current ratio of 0.60.
Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings results on Thursday, November 1st. The pipeline company reported $1.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.03 by $0.07. Magellan Midstream Partners had a return on equity of 43.31% and a net margin of 47.75%. The business had revenue of $638.00 million for the quarter, compared to analyst estimates of $621.97 million. During the same quarter in the previous year, the firm earned $0.97 earnings per share. The company’s revenue was up 11.4% on a year-over-year basis. As a group, equities analysts forecast that Magellan Midstream Partners will post 4.33 earnings per share for the current year.
In related news, insider Lisa J. Korner sold 10,000 shares of Magellan Midstream Partners stock in a transaction dated Monday, December 10th. The stock was sold at an average price of $58.14, for a total transaction of $581,400.00. Following the completion of the sale, the insider now owns 73,257 shares of the company’s stock, valued at $4,259,161.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.26% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Tortoise Capital Advisors L.L.C. lifted its holdings in shares of Magellan Midstream Partners by 12.1% during the third quarter. Tortoise Capital Advisors L.L.C. now owns 16,823,215 shares of the pipeline company’s stock worth $1,139,268,000 after purchasing an additional 1,822,186 shares during the period. Kayne Anderson Capital Advisors LP lifted its holdings in Magellan Midstream Partners by 7.3% in the third quarter. Kayne Anderson Capital Advisors LP now owns 3,901,841 shares of the pipeline company’s stock valued at $264,219,000 after acquiring an additional 266,114 shares during the period. Morgan Stanley lifted its holdings in Magellan Midstream Partners by 5.7% in the second quarter. Morgan Stanley now owns 2,726,493 shares of the pipeline company’s stock valued at $188,347,000 after acquiring an additional 146,573 shares during the period. Advisory Research Inc. lifted its holdings in Magellan Midstream Partners by 12.0% in the third quarter. Advisory Research Inc. now owns 2,670,441 shares of the pipeline company’s stock valued at $180,842,000 after acquiring an additional 286,070 shares during the period. Finally, Brookfield Asset Management Inc. lifted its holdings in Magellan Midstream Partners by 8.6% in the third quarter. Brookfield Asset Management Inc. now owns 2,478,836 shares of the pipeline company’s stock valued at $167,867,000 after acquiring an additional 196,760 shares during the period. 65.52% of the stock is owned by hedge funds and other institutional investors.
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.
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