Bank of America began coverage on shares of Magellan Midstream Partners (NYSE:MMP) in a research report report published on Tuesday, January 9th, The Fly reports. The brokerage issued a buy rating on the pipeline company’s stock.
Other research analysts have also recently issued research reports about the company. Credit Suisse Group assumed coverage on Magellan Midstream Partners in a research note on Thursday, January 4th. They issued an underperform rating on the stock. Citigroup upgraded Magellan Midstream Partners from a neutral rating to a buy rating and set a $82.00 price objective on the stock in a research note on Thursday, September 21st. BMO Capital Markets began coverage on Magellan Midstream Partners in a research note on Monday, December 11th. They set a buy rating and a $80.00 price objective on the stock. Finally, Mizuho restated a sell rating and set a $72.00 price objective on shares of Magellan Midstream Partners in a research note on Friday, October 20th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $77.36.
Shares of Magellan Midstream Partners (NYSE:MMP) traded down $1.07 during midday trading on Tuesday, hitting $70.50. The stock had a trading volume of 1,274,041 shares, compared to its average volume of 834,082. Magellan Midstream Partners has a 52 week low of $63.55 and a 52 week high of $81.77. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.50 and a quick ratio of 0.29. The stock has a market capitalization of $16,080.00, a P/E ratio of 18.50, a price-to-earnings-growth ratio of 2.28 and a beta of 0.61.
Magellan Midstream Partners (NYSE:MMP) last issued its earnings results on Thursday, February 1st. The pipeline company reported $1.04 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.12 by ($0.08). Magellan Midstream Partners had a return on equity of 40.99% and a net margin of 34.50%. The company had revenue of $673.30 million during the quarter, compared to analysts’ expectations of $690.18 million. During the same period in the previous year, the company earned $0.93 EPS. Magellan Midstream Partners’s quarterly revenue was up 9.5% on a year-over-year basis. sell-side analysts expect that Magellan Midstream Partners will post 3.88 earnings per share for the current fiscal year.
The firm also recently disclosed a dividend, which will be paid on Wednesday, February 14th. Investors of record on Tuesday, February 6th will be issued a $0.92 dividend. This represents a yield of 0.0125170068027211%. This is a positive change from Magellan Midstream Partners’s previous dividend of $0.84. The ex-dividend date is Monday, February 5th. Magellan Midstream Partners’s dividend payout ratio is 95.01%.
A number of hedge funds have recently modified their holdings of the stock. Welch Group LLC bought a new position in Magellan Midstream Partners during the 4th quarter valued at $135,000. Pathstone Family Office LLC bought a new position in Magellan Midstream Partners during the 2nd quarter valued at $148,000. Acrospire Investment Management LLC boosted its stake in Magellan Midstream Partners by 340.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 2,200 shares of the pipeline company’s stock valued at $157,000 after purchasing an additional 1,700 shares in the last quarter. Glenview State Bank Trust DEPT. bought a new position in Magellan Midstream Partners during the 3rd quarter valued at $223,000. Finally, Personal Capital Advisors Corp bought a new position in Magellan Midstream Partners during the 4th quarter valued at $228,000. 62.15% of the stock is owned by institutional investors and hedge funds.
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About Magellan Midstream Partners
Magellan Midstream Partners, L.P. is principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil. The Company operates through three segments: refined products, crude oil and marine storage. As of December 31, 2016, its asset portfolio, including the assets of its joint ventures, consisted of its refined products segment, consisting 9,700-mile refined products pipeline system with 53 terminals, as well as 26 independent terminals not connected to its pipeline system and its 1,100-mile ammonia pipeline system; its crude oil segment, consisted of approximately 2,200 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 26 million barrels, of which 16 million are used for contract storage, and its marine storage segment, consisted of five marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels.
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