Magellan Midstream Partners (NYSE:MMP)‘s stock had its “sell” rating reiterated by research analysts at Mizuho in a note issued to investors on Wednesday. They currently have a $66.00 price target on the pipeline company’s stock. Mizuho’s target price would indicate a potential upside of 5.84% from the company’s current price.
Other analysts also recently issued reports about the company. UBS lifted their price target on Magellan Midstream Partners from $80.00 to $81.00 and gave the stock a “buy” rating in a report on Friday, March 2nd. Bank of America started coverage on Magellan Midstream Partners in a report on Tuesday, January 9th. They set a “buy” rating for the company. Jefferies Group raised Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $73.00 price target for the company in a report on Thursday, April 5th. Barclays decreased their price target on Magellan Midstream Partners from $78.00 to $76.00 and set an “equal weight” rating for the company in a report on Friday, February 2nd. Finally, Royal Bank of Canada reaffirmed a “hold” rating and set a $81.00 price target on shares of Magellan Midstream Partners in a report on Tuesday, January 16th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $75.77.
NYSE:MMP opened at $62.36 on Wednesday. The firm has a market capitalization of $14,394.55, a P/E ratio of 16.37, a P/E/G ratio of 2.53 and a beta of 0.72. The company has a quick ratio of 0.51, a current ratio of 0.73 and a debt-to-equity ratio of 2.01. Magellan Midstream Partners has a 12-month low of $54.82 and a 12-month high of $78.00.
Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings results on Thursday, February 1st. The pipeline company reported $1.04 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.12 by ($0.08). The business had revenue of $673.30 million for the quarter, compared to analysts’ expectations of $690.18 million. Magellan Midstream Partners had a return on equity of 40.85% and a net margin of 34.67%. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period last year, the firm earned $0.93 earnings per share. equities research analysts predict that Magellan Midstream Partners will post 4.02 earnings per share for the current year.
In other news, CEO Michael N. Mears sold 22,251 shares of the business’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $68.03, for a total value of $1,513,735.53. Following the completion of the sale, the chief executive officer now directly owns 196,473 shares of the company’s stock, valued at approximately $13,366,058.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael N. Mears sold 10,000 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $68.00, for a total value of $680,000.00. Following the completion of the sale, the chief executive officer now directly owns 196,473 shares of the company’s stock, valued at $13,360,164. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by insiders.
Several institutional investors have recently bought and sold shares of MMP. Brookfield Asset Management Inc. purchased a new stake in shares of Magellan Midstream Partners in the 4th quarter valued at about $111,367,000. Atlantic Trust Group LLC lifted its holdings in shares of Magellan Midstream Partners by 43.4% in the 3rd quarter. Atlantic Trust Group LLC now owns 3,149,302 shares of the pipeline company’s stock valued at $223,789,000 after purchasing an additional 953,808 shares during the last quarter. Tortoise Capital Advisors L.L.C. lifted its holdings in shares of Magellan Midstream Partners by 5.3% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 14,238,881 shares of the pipeline company’s stock valued at $1,011,815,000 after purchasing an additional 717,317 shares during the last quarter. Payden & Rygel increased its position in Magellan Midstream Partners by 2,049.7% in the 4th quarter. Payden & Rygel now owns 393,400 shares of the pipeline company’s stock valued at $27,908,000 after acquiring an additional 375,100 shares during the period. Finally, Kayne Anderson Capital Advisors LP increased its position in Magellan Midstream Partners by 9.5% in the 4th quarter. Kayne Anderson Capital Advisors LP now owns 3,464,977 shares of the pipeline company’s stock valued at $245,789,000 after acquiring an additional 301,252 shares during the period. 62.31% of the stock is owned by institutional investors and hedge funds.
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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