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Equities researchers at Credit Suisse hoisted their price objective on shares of Magellan Midstream Partners, L.P. (NYSE:MMP) from $4.00 to $84.00 in a research report issued on Wednesday, American Banking News.com reports. The firm currently has an “outperform” rating on the stock. Credit Suisse’s price target suggests a potential upside of 7.50% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Magellan Midstream Partners, L.P. in a research note on Tuesday, April 15th. They now have a $77.00 price target on the stock. Separately, analysts at RBC Capital raised their price target on shares of Magellan Midstream Partners, L.P. from $72.00 to $80.00 in a research note on Monday, April 14th. They now have an “outperform” rating on the stock. Finally, analysts at Ladenburg Thalmann downgraded shares of Magellan Midstream Partners, L.P. from a “buy” rating to a “neutral” rating in a research note on Friday, April 11th. They now have a $74.00 price target on the stock, up previously from $71.00. They noted that the move was a valuation call. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Magellan Midstream Partners, L.P. currently has a consensus rating of “Buy” and an average price target of $79.17.

Magellan Midstream Partners, L.P. (NYSE:MMP) opened at 78.14 on Wednesday. Magellan Midstream Partners, L.P. has a one year low of $48.90 and a one year high of $79.99. The stock has a 50-day moving average of $72.93 and a 200-day moving average of $65.88. The company has a market cap of $17.743 billion and a P/E ratio of 24.87.

Magellan Midstream Partners, L.P. (NYSE:MMP) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $1.07 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.67 by $0.40. The company had revenue of $618.60 million for the quarter, compared to the consensus estimate of $509.20 million. During the same quarter last year, the company posted $0.51 earnings per share. Magellan Midstream Partners, L.P.’s revenue was up 43.1% compared to the same quarter last year. On average, analysts predict that Magellan Midstream Partners, L.P. will post $3.13 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Thursday, May 15th. Stockholders of record on Thursday, May 8th will be given a dividend of $0.6125 per share. This represents a $2.45 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend is Tuesday, May 6th. This is a boost from Magellan Midstream Partners, L.P.’s previous quarterly dividend of $0.59.

Magellan Midstream Partners, L.P. is engaged in the transportation, storage and distribution of refined petroleum products.

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