Magellan Midstream Upgraded to Overweight by Barclays (MMP)
Magellan Midstream (NYSE:MMP) was upgraded by equities research analysts at Barclays to an “overweight” rating in a research note issued to investors on Tuesday, Analyst Ratings Net reports.
A number of other firms have also recently commented on MMP. Analysts at Deutsche Bank raised their price target on shares of Magellan Midstream from $70.00 to $76.00 in a research note to investors on Monday, January 6th. They now have a “buy” rating on the stock. Finally, analysts at Zacks reiterated an “outperform” rating on shares of Magellan Midstream in a research note to investors on Thursday, November 14th. They now have a $73.00 price target on the stock. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $64.44.
Shares of Magellan Midstream (NYSE:MMP) opened at 61.38 on Tuesday. Magellan Midstream has a 52 week low of $47.07 and a 52 week high of $63.86. The stock has a 50-day moving average of $60.62 and a 200-day moving average of $57.53. The company has a market cap of $13.914 billion and a P/E ratio of 25.29.
Magellan Midstream (NYSE:MMP) last posted its quarterly earnings results on Thursday, October 31st. The company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by $0.03. The company had revenue of $443.80 million for the quarter, compared to the consensus estimate of $424.60 million. During the same quarter last year, the company posted $0.35 earnings per share. Magellan Midstream’s revenue was up 36.2% compared to the same quarter last year. On average, analysts predict that Magellan Midstream will post $2.51 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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