Magellan Midstream Sets New 1-Year High at $58.19 (MMP)
Magellan Midstream (NYSE:MMP) set a new 52-week high on Monday, AnalystRatingsNetwork reports. The company traded as high as $58.19 and last traded at $57.91, with a volume of 217,647 shares. The stock had previously closed at $57.34.
MMP has been the subject of a number of recent research reports. Analysts at Deutsche Bank raised their price target on shares of Magellan Midstream from $55.00 to $60.00 in a research note to investors on Monday, September 16th. They now have a “hold” rating on the stock. Separately, analysts at Zacks upgraded shares of Magellan Midstream from a “neutral” rating to an “outperform” rating in a research note to investors on Tuesday, August 27th. They now have a $66.00 price target on the stock. Finally, analysts at Ladenburg Thalmann upgraded shares of Magellan Midstream from a “neutral” rating to a “buy” rating in a research note to investors on Thursday, August 8th. They now have a $60.00 price target on the stock, up previously from $55.00. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $61.00.
Magellan Midstream has a 1-year low of $39.06 and a 1-year high of $57.91. The stock has a 50-day moving average of $55.33 and a 200-day moving average of $53.90. The company has a market cap of $13.111 billion and a price-to-earnings ratio of 27.66.
Magellan Midstream (NYSE:MMP) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.65 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.53 by $0.12. The company had revenue of $443.92 million for the quarter, compared to the consensus estimate of $461.90 million. During the same quarter in the prior year, the company posted $1.01 earnings per share. The company’s quarterly revenue was down 1.2% on a year-over-year basis. On average, analysts predict that Magellan Midstream will post $2.48 earnings per share for the current fiscal year.
Magellan Midstream Partners, L.P. is engaged in the transportation, storage and distribution of refined petroleum products.
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