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Magellan Midstream Partners, L.P. (NYSE:MMP)‘s stock had its “neutral” rating reaffirmed by equities researchers at JPMorgan Chase & Co. in a research report issued on Wednesday. They currently have a $88.00 price objective on the stock, up from their previous price objective of $77.00. JPMorgan Chase & Co.’s price objective would suggest a potential upside of 6.41% from the stock’s previous close.

A number of other firms have also recently commented on MMP. Analysts at Raymond James reiterated an “outperform” rating on shares of Magellan Midstream Partners, L.P. in a research note on Wednesday, May 7th. They now have a $82.00 price target on the stock, up previously from $75.00. Separately, analysts at Citigroup Inc. reiterated an “overweight” rating on shares of Magellan Midstream Partners, L.P. in a research note on Wednesday, May 7th. They now have a $83.00 price target on the stock, up previously from $80.00. Finally, analysts at RBC Capital raised their price target on shares of Magellan Midstream Partners, L.P. from $80.00 to $85.00 in a research note on Wednesday, May 7th. They now have an “outperform” rating on the stock. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Magellan Midstream Partners, L.P. has an average rating of “Buy” and an average price target of $80.73.

Magellan Midstream Partners, L.P. (NYSE:MMP) traded up 0.42% on Wednesday, hitting $83.05. 144,690 shares of the company’s stock traded hands. Magellan Midstream Partners, L.P. has a 1-year low of $48.90 and a 1-year high of $83.07. The stock has a 50-day moving average of $77.5 and a 200-day moving average of $68.39. The company has a market cap of $18.858 billion and a price-to-earnings ratio of 26.43.

Magellan Midstream Partners, L.P. (NYSE:MMP) last posted its quarterly earnings results 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 $3.30 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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