Magellan Midstream Partners (NYSE:MMP) had its price objective hoisted by Stifel Nicolaus from $62.00 to $68.00 in a report issued on Friday, BenzingaRatingsTable reports. They currently have a hold rating on the pipeline company’s stock.
A number of other analysts have also commented on MMP. Johnson Rice assumed coverage on Magellan Midstream Partners in a research report on Thursday, May 30th. They issued an accumulate rating and a $71.00 price objective for the company. Zacks Investment Research upgraded Magellan Midstream Partners from a sell rating to a hold rating in a research report on Tuesday, April 16th. ValuEngine upgraded Magellan Midstream Partners from a sell rating to a hold rating in a research report on Thursday, May 23rd. Bank of America lifted their price objective on Magellan Midstream Partners from $63.00 to $66.00 and gave the stock a neutral rating in a research report on Tuesday. Finally, Raymond James lifted their price objective on Magellan Midstream Partners from $69.00 to $71.00 and gave the stock an outperform rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company. Magellan Midstream Partners currently has a consensus rating of Hold and a consensus price target of $68.86.
Shares of Magellan Midstream Partners stock traded down $0.13 during trading on Friday, reaching $66.64. The company’s stock had a trading volume of 905,125 shares, compared to its average volume of 710,571. The stock has a 50-day moving average of $64.60. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.70 and a quick ratio of 0.39. Magellan Midstream Partners has a one year low of $54.25 and a one year high of $72.90. The firm has a market capitalization of $15.11 billion, a PE ratio of 15.68, a P/E/G ratio of 2.60 and a beta of 0.74.
Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.20 EPS for the quarter, topping the Zacks’ consensus estimate of $1.07 by $0.13. The firm had revenue of $701.70 million during the quarter, compared to analyst estimates of $658.67 million. Magellan Midstream Partners had a return on equity of 38.97% and a net margin of 47.92%. The company’s revenue was up 8.9% on a year-over-year basis. During the same period last year, the company earned $0.94 earnings per share. Sell-side analysts forecast that Magellan Midstream Partners will post 4.2 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th will be given a dividend of $1.013 per share. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.92. This represents a $4.05 annualized dividend and a dividend yield of 6.08%. The ex-dividend date of this dividend is Tuesday, August 6th. Magellan Midstream Partners’s payout ratio is presently 94.59%.
In other news, insider Jeff R. Selvidge sold 4,000 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $63.64, for a total transaction of $254,560.00. Following the completion of the transaction, the insider now directly owns 23,397 shares in the company, valued at approximately $1,488,985.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.26% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. F3Logic LLC bought a new stake in Magellan Midstream Partners in the 2nd quarter valued at approximately $1,422,000. Holderness Investments Co. lifted its stake in Magellan Midstream Partners by 8.0% in the 2nd quarter. Holderness Investments Co. now owns 10,820 shares of the pipeline company’s stock valued at $692,000 after acquiring an additional 800 shares in the last quarter. Spectrum Management Group Inc. bought a new stake in Magellan Midstream Partners in the 2nd quarter valued at approximately $138,000. Duff & Phelps Investment Management Co. lifted its stake in Magellan Midstream Partners by 10.0% in the 2nd quarter. Duff & Phelps Investment Management Co. now owns 503,330 shares of the pipeline company’s stock valued at $32,213,000 after acquiring an additional 45,790 shares in the last quarter. Finally, Capital Wealth Planning LLC bought a new stake in Magellan Midstream Partners in the 2nd quarter valued at approximately $221,000. Institutional investors and hedge funds own 68.68% of the company’s stock.
Magellan Midstream Partners Company Profile
Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.
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