Magellan Midstream Partners (NYSE:MMP) had its target price upped by Bank of America from $71.00 to $77.00 in a research note released on Monday. Bank of America currently has a buy rating on the pipeline company’s stock.
MMP has been the topic of a number of other research reports. Goldman Sachs Group downgraded 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. Credit Suisse Group initiated coverage on Magellan Midstream Partners in a research note on Thursday, October 11th. They set a neutral rating and a $77.00 price target on the stock. 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. Stifel Nicolaus set a $67.00 price target on Magellan Midstream Partners and gave the stock a hold rating in a research note on Friday. Finally, ValuEngine downgraded Magellan Midstream Partners from a hold rating to a sell rating in a research note on Thursday, November 1st. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $74.44.
NYSE:MMP traded down $1.54 during mid-day trading on Monday, reaching $61.45. 14,248 shares of the stock were exchanged, compared to its average volume of 901,085. The company has a market capitalization of $14.00 billion, a PE ratio of 16.13, a P/E/G ratio of 2.34 and a beta of 0.82. The company has a quick ratio of 0.31, a current ratio of 0.54 and a debt-to-equity ratio of 2.04. Magellan Midstream Partners has a 1 year low of $54.82 and a 1 year high of $75.82.
Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings results on Thursday, November 1st. The pipeline company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.07. The firm had revenue of $638.00 million for the quarter, compared to the consensus estimate of $621.97 million. Magellan Midstream Partners had a return on equity of 45.36% and a net margin of 47.75%. The firm’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.97 EPS. As a group, sell-side analysts anticipate that Magellan Midstream Partners will post 4.36 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Wednesday, November 7th will be paid a $0.9775 dividend. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.96. This represents a $3.91 annualized dividend and a dividend yield of 6.36%. The ex-dividend date is Tuesday, November 6th. Magellan Midstream Partners’s dividend payout ratio (DPR) is 100.52%.
In other Magellan Midstream Partners news, insider Douglas J. May sold 5,000 shares of Magellan Midstream Partners stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $68.69, for a total value of $343,450.00. Following the transaction, the insider now directly owns 33,000 shares in the company, valued at approximately $2,266,770. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jeff R. Selvidge sold 5,500 shares of Magellan Midstream Partners stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $68.70, for a total value of $377,850.00. Following the completion of the transaction, the senior vice president now owns 20,380 shares in the company, valued at $1,400,106. The disclosure for this sale can be found here. Insiders sold a total of 40,500 shares of company stock worth $2,786,500 over the last quarter. Company insiders own 0.26% of the company’s stock.
Several hedge funds have recently made changes to their positions in the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in shares of Magellan Midstream Partners in the second quarter valued at approximately $119,556,000. Wells Fargo & Company MN boosted its stake in shares of Magellan Midstream Partners by 42.4% in the third quarter. Wells Fargo & Company MN now owns 1,348,835 shares of the pipeline company’s stock valued at $91,342,000 after buying an additional 401,929 shares in the last quarter. Tortoise Capital Advisors L.L.C. boosted its stake in shares of Magellan Midstream Partners by 2.4% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 15,001,029 shares of the pipeline company’s stock valued at $1,036,271,000 after buying an additional 352,807 shares in the last quarter. Cortland Advisers LLC purchased a new stake in shares of Magellan Midstream Partners in the second quarter valued at approximately $21,095,000. Finally, Charles Schwab Investment Advisory Inc. purchased a new stake in shares of Magellan Midstream Partners in the second quarter valued at approximately $19,419,000. Institutional investors own 63.22% 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.
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