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Magellan Midstream (NYSE:MMP) was downgraded by research analysts at Ladenburg Thalmann from a “buy” rating to a “neutral” rating in a report released on Friday, Stock Ratings Network reports. They currently have a $74.00 price target on the stock, up from their previous price target of $71.00. Ladenburg Thalmann’s price objective suggests a potential upside of 2.41% from the company’s current price. The analysts noted that the move was a valuation call.

A number of other analysts have also recently weighed in on MMP. Analysts at Barclays reiterated an “overweight” rating on shares of Magellan Midstream in a research note on Thursday. They now have a $80.00 price target on the stock. Separately, analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Magellan Midstream in a research note on Thursday. They now have a $77.00 price target on the stock. Finally, analysts at Raymond James raised their price target on shares of Magellan Midstream from $69.00 to $75.00 in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $74.88.

Shares of Magellan Midstream (NYSE:MMP) traded up 1.27% during mid-day trading on Friday, hitting $73.18. The stock had a trading volume of 273,711 shares. Magellan Midstream has a 52-week low of $48.90 and a 52-week high of $73.52. The stock’s 50-day moving average is $69.38 and its 200-day moving average is $63.24. The company has a market cap of $16.617 billion and a P/E ratio of 28.23.

Magellan Midstream (NYSE:MMP) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.83 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.82 by $0.01. The company had revenue of $190.00 million for the quarter, compared to the consensus estimate of $552.95 million. During the same quarter last year, the company posted $0.69 earnings per share. Magellan Midstream’s revenue was up 14.7% compared to the same quarter last year. On average, analysts predict that Magellan Midstream will post $2.89 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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