Magellan Midstream Partners L.P. (NYSE: MMP) shares rose in value Thursday Dec 15 with slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Analysts at Goldman Sachs Group Inc. upgraded shares of Magellan Midstream Partners L.P. (NYSE: MMP) from Neutral to Buy today. Goldman Sachs Group Inc. currently has a rating of Buy on the shares. The one-year price target of $78.19 is above the opening price of $72.37, resulting a number of other analysts to report on the stock recently. Looking back over the last 52 weeks, Magellan Midstream Partners L.P. stock has a high of $77.45. Usually, after analysts assign an upgrade report on a stock, they will later issue other updates, such as a price target change.
Shares of Magellan Midstream Partners L.P. (NYSE: MMP) opened at $72.37 on Tuesday and has traded in a range between, $72.08 and $72.97, and last traded at $72.64, a jump of $0.52 or 0.72% from the previous closing price.
Magellan Midstream Partners L.P. (NYSE: MMP) now has a market cap of 16.55B.
Magellan Midstream Partners L.P. (NYSE: MMP) Average Daily Trading Volume
126,824 shares crossed the trading desk yesterday, below the average, out of a total float 227,189,000. Swing traders often use upticks in trading volume to determine heavy volume accumulation or dissemination by institutional investors, so look for trading volume to pick up in the coming days.
As with all possible breakouts, investors look for volume to be at least 40%-50% above normal on the breakout to show that fund managers and other professional investors are jumping in.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors have substantial teams of analysts that investigate thousands of stocks, so it is good validation to see them buying a stock you are researching.
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 spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
With that in mind, Magellan Midstream Partners L.P. (NYSE: MMP) now has a 50-day MA of $68.44 and 200-day MA of $70.90. It has traded in a 52-week range between $55.25 – 77.45 and today’s last price is 6.21%% lower than the 52 week high of $77.45.
Earnings growth is a crucial factor to research when buying stocks and investors watch for companies that have been successful at growing their earnings by at least 25% for 3 consecutive years.
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