Magellan Midstream Partners, L.P. (MMP) Receives Average Recommendation of “Hold” from Brokerages

Shares of Magellan Midstream Partners, L.P. (NYSE:MMP) have been given a consensus rating of “Hold” by the nineteen brokerages that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $74.50.

A number of brokerages have weighed in on MMP. ValuEngine lowered shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research note on Friday, September 14th. 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 research note on Monday, October 8th. Credit Suisse Group began coverage on shares of Magellan Midstream Partners in a research note on Thursday, October 11th. They issued a “neutral” rating and a $77.00 price target on the stock. Zacks Investment Research lowered shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research report on Friday, November 16th. Finally, Bank of America boosted their price objective on shares of Magellan Midstream Partners from $71.00 to $77.00 and gave the stock a “buy” rating in a research report on Monday, November 5th.

In other Magellan Midstream Partners news, CEO Michael N. Mears sold 30,000 shares of the company’s 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 sale, the chief executive officer now directly owns 169,295 shares of the company’s stock, valued at $11,654,267.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jeff R. Selvidge sold 5,500 shares of the company’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $68.70, for a total transaction of $377,850.00. Following the sale, the senior vice president now directly owns 20,380 shares in the company, valued at $1,400,106. The disclosure for this sale can be found here. Insiders have sold 40,500 shares of company stock worth $2,786,500 over the last ninety days. Insiders own 0.26% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. ACG Wealth raised its position in Magellan Midstream Partners by 9.7% during the third quarter. ACG Wealth now owns 9,010 shares of the pipeline company’s stock worth $610,000 after acquiring an additional 799 shares in the last quarter. Newport Wealth Strategies Inc. increased its holdings in shares of Magellan Midstream Partners by 16.9% in the second quarter. Newport Wealth Strategies Inc. now owns 5,539 shares of the pipeline company’s stock valued at $383,000 after purchasing an additional 801 shares during the last quarter. Bartlett & Co. LLC increased its holdings in shares of Magellan Midstream Partners by 9.9% in the third quarter. Bartlett & Co. LLC now owns 8,985 shares of the pipeline company’s stock valued at $608,000 after purchasing an additional 806 shares during the last quarter. First Western Capital Management Co increased its holdings in shares of Magellan Midstream Partners by 13.5% in the second quarter. First Western Capital Management Co now owns 6,865 shares of the pipeline company’s stock valued at $474,000 after purchasing an additional 815 shares during the last quarter. Finally, Spinnaker Trust increased its holdings in shares of Magellan Midstream Partners by 2.4% in the third quarter. Spinnaker Trust now owns 38,503 shares of the pipeline company’s stock valued at $2,606,000 after purchasing an additional 903 shares during the last quarter. 65.61% of the stock is currently owned by hedge funds and other institutional investors.

Shares of MMP opened at $60.96 on Friday. 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 has a twelve month low of $54.82 and a twelve month high of $75.82. The company has a market capitalization of $13.73 billion, a price-to-earnings ratio of 16.00, a P/E/G ratio of 2.33 and a beta of 0.81.

Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings results on Thursday, November 1st. The pipeline company reported $1.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.07. Magellan Midstream Partners had a net margin of 47.75% and a return on equity of 43.31%. The firm 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 posted $0.97 earnings per share. The business’s revenue was up 11.4% on a year-over-year basis. Analysts anticipate that Magellan Midstream Partners will post 4.31 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 14th. Stockholders of record on Wednesday, November 7th were given a $0.9775 dividend. This represents a $3.91 dividend on an annualized basis and a dividend yield of 6.41%. The ex-dividend date of this dividend was Tuesday, November 6th. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.96. Magellan Midstream Partners’s payout ratio is currently 102.62%.

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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