Magellan Midstream Partners, L.P. (NYSE:MMP) has received an average recommendation of “Hold” from the seventeen brokerages that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, twelve have given a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $69.00.
A number of equities research analysts have commented on the company. Johnson Rice assumed coverage on Magellan Midstream Partners in a research report on Thursday, May 30th. They set an “accumulate” rating and a $71.00 price objective for the company. ValuEngine upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research report on Thursday, May 23rd. Bank of America raised 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, July 30th. Raymond James raised 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, August 2nd. Finally, Stifel Nicolaus raised their price objective on Magellan Midstream Partners from $62.00 to $68.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd.
In related news, insider Jeff R. Selvidge sold 7,000 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $66.38, for a total value of $464,660.00. Following the transaction, the insider now directly owns 17,897 shares of the company’s stock, valued at approximately $1,188,002.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeff R. Selvidge sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $63.64, for a total value of $254,560.00. Following the completion of the transaction, the insider now directly owns 23,397 shares in the company, valued at $1,488,985.08. The disclosure for this sale can be found here. 0.26% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Manchester Financial Inc. bought a new position in Magellan Midstream Partners in the 2nd quarter worth approximately $25,000. CWM LLC grew its holdings in shares of Magellan Midstream Partners by 103.7% during the 1st quarter. CWM LLC now owns 556 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 283 shares in the last quarter. Massey Quick Simon & CO. LLC grew its holdings in shares of Magellan Midstream Partners by 308.6% during the 1st quarter. Massey Quick Simon & CO. LLC now owns 662 shares of the pipeline company’s stock worth $40,000 after purchasing an additional 500 shares in the last quarter. Weaver Consulting Group acquired a new stake in shares of Magellan Midstream Partners during the 2nd quarter worth approximately $41,000. Finally, Investors Research Corp acquired a new stake in shares of Magellan Midstream Partners during the 1st quarter worth approximately $49,000. 70.17% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:MMP traded up $0.74 during midday trading on Wednesday, reaching $67.33. The company had a trading volume of 90,314 shares, compared to its average volume of 853,827. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.38 and a current ratio of 0.66. Magellan Midstream Partners has a 1-year low of $54.25 and a 1-year high of $71.85. The firm has a market cap of $15.23 billion, a price-to-earnings ratio of 15.84, a price-to-earnings-growth ratio of 2.62 and a beta of 0.74. The company has a fifty day simple moving average of $65.40 and a two-hundred day simple moving average of $62.27.
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. Magellan Midstream Partners had a return on equity of 38.48% and a net margin of 48.33%. The firm had revenue of $701.70 million during the quarter, compared to analyst estimates of $658.67 million. During the same period last year, the company posted $0.94 EPS. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. Analysts expect that Magellan Midstream Partners will post 4.18 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were paid a dividend of $1.013 per share. The ex-dividend date was Tuesday, August 6th. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.92. This represents a $4.05 dividend on an annualized basis and a dividend yield of 6.02%. Magellan Midstream Partners’s dividend payout ratio (DPR) is 95.29%.
About Magellan Midstream Partners
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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