Magellan Midstream Partners (MMP) Stock Rating Upgraded by ValuEngine

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

A number of other brokerages have also weighed in on MMP. Stifel Nicolaus lifted their price target on shares of Magellan Midstream Partners from $71.00 to $73.00 and gave the company a “hold” rating in a report on Friday, August 3rd. Zacks Investment Research upgraded shares of Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a report on Monday, July 16th. BMO Capital Markets reiterated a “buy” rating and issued a $85.00 price target on shares of Magellan Midstream Partners in a report on Friday, July 13th. Barclays lifted their price target on shares of Magellan Midstream Partners from $69.00 to $72.00 and gave the company an “equal weight” rating in a report on Wednesday, July 11th. Finally, Goldman Sachs Group lowered shares of Magellan Midstream Partners from a “buy” rating to a “neutral” rating and set a $76.00 price target on the stock. in a report on Monday, October 8th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. Magellan Midstream Partners presently has an average rating of “Hold” and an average price target of $74.64.

MMP stock traded up $0.67 during midday trading on Friday, hitting $65.27. The stock had a trading volume of 1,650,700 shares, compared to its average volume of 903,215. The stock has a market capitalization of $14.78 billion, a P/E ratio of 17.13, a PEG ratio of 2.58 and a beta of 0.79. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.31 and a current ratio of 0.54. Magellan Midstream Partners has a 12-month low of $54.82 and a 12-month high of $75.82.

Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings results on Thursday, August 2nd. The pipeline company reported $1.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.04. The company had revenue of $644.10 million for the quarter, compared to analyst estimates of $662.37 million. Magellan Midstream Partners had a net margin of 33.54% and a return on equity of 42.90%. Magellan Midstream Partners’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter last year, the business earned $0.91 EPS. Research analysts forecast that Magellan Midstream Partners will post 4.19 earnings per share for the current fiscal year.

In related news, CEO Michael N. Mears sold 30,000 shares of Magellan Midstream Partners stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $68.84, for a total transaction of $2,065,200.00. Following the transaction, the chief executive officer now owns 169,295 shares in the company, valued at approximately $11,654,267.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Douglas J. May sold 5,000 shares of Magellan Midstream Partners stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $68.69, for a total transaction of $343,450.00. Following the transaction, the insider now owns 33,000 shares in the company, valued at approximately $2,266,770. The disclosure for this sale can be found here. Insiders have sold a total of 40,500 shares of company stock worth $2,786,500 in the last 90 days. Company insiders own 0.26% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Charles Schwab Investment Advisory Inc. acquired a new position in shares of Magellan Midstream Partners during the 2nd quarter valued at $19,419,000. Global X Management Co LLC lifted its holdings in shares of Magellan Midstream Partners by 7.4% during the 2nd quarter. Global X Management Co LLC now owns 1,218,874 shares of the pipeline company’s stock valued at $84,200,000 after acquiring an additional 83,828 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of Magellan Midstream Partners by 212.1% during the 2nd quarter. Sei Investments Co. now owns 151,665 shares of the pipeline company’s stock valued at $10,477,000 after acquiring an additional 103,070 shares in the last quarter. Aperio Group LLC lifted its holdings in shares of Magellan Midstream Partners by 92.2% during the 2nd quarter. Aperio Group LLC now owns 14,016 shares of the pipeline company’s stock valued at $968,000 after acquiring an additional 6,725 shares in the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of Magellan Midstream Partners during the 2nd quarter valued at $106,000. Institutional investors and hedge funds own 63.80% of the company’s stock.

About Magellan Midstream Partners

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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Analyst Recommendations for Magellan Midstream Partners (NYSE:MMP)

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