Magellan Midstream Partners L.P. (NYSE: MMP) shares were down on Monday February 6 on lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock, increasing the price target of stock.
Investors turned cautious in early trading today with the Dow Jones Industrial Average DJIA, was off by 17 points, or 0.1%, to 20.054.
The S&P 500 SPX, -0.14% eased 5 points, or 0.2%, to 2,293, with seven of the 11 main sectors trading lower. Nearly all main sectors were trading lower, while materials and consumer staples led the losses.
The Nasdaq Composite COMP, -0.14% slipped 10 points, or 0.2%, at 5,144.
Magellan Midstream Partners L.P. (NYSE: MMP) had its price target increased by equities researchers at Mizuho from $73.00 to $74.00. With a rating of Neutral on the stock, the company has a 52-week high of $81.70. A number of other analysts have issued reports on the company recently, and the company has secured a consensus one-year price target of $81.29, higher than the opening price of $78.26.
Yesterday Magellan Midstream Partners L.P. (NYSE: MMP) shares last traded at $78.22, which is a dip of $0.41 compared to the previous closing price. Opening at $78.26, they varied from $78.12 and $78.57 throughout the day.
Magellan Midstream Partners L.P. (NYSE: MMP) currently has a market cap of 17.82B.
Magellan Midstream Partners L.P. (NYSE: MMP) Average Daily Trading Volume
The stock’s average daily volume is 763,969 shares out of a total float 227,105,000 and some 67,546 shares traded hands yesterday, 19 percent below normal. lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use increases in trading volume to identify heavy volume accumulation or distribution by institutional investors.
While increased trading for short periods will not mean much will not mean much, however, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors retain substantial teams of analysts researching thousands of stocks. Thus, watching their interests is a good way to make sure you are buying the right stocks.
Magellan Midstream Partners L.P. (NYSE: MMP) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
Trades for Magellan Midstream Partners L.P. (NYSE: MMP) have ranged from $55.75 – 81.70, and the stock now has a 50-day MA of $76.25 and 200-day MA of $71.38. Today’s last price is 4.26%% under the 52 week high of $81.70.
Earnings growth is an important factor to consider when investing in stocks and investors identify companies that have raised their earnings by at least 25% over a 3 year period.
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