Magellan Midstream Partners, L.P. Receives Outperform Rating from Raymond James (MMP)
Magellan Midstream Partners, L.P. (NYSE:MMP)‘s stock had its “outperform” rating reiterated by research analysts at Raymond James in a report released on Wednesday. They currently have a $85.00 price objective on the stock, up from their previous price objective of $82.00. Raymond James’ price objective points to a potential upside of 6.05% from the stock’s previous close.
MMP has been the subject of a number of other recent research reports. Analysts at Wunderlich reiterated a “buy” rating on shares of Magellan Midstream Partners, L.P. in a research note on Wednesday. They now have a $89.00 price target on the stock, up previously from $85.00. Separately, analysts at Goldman Sachs downgraded shares of Magellan Midstream Partners, L.P. from a “buy” rating to a “neutral” rating in a research note on Thursday, July 24th. Finally, analysts at Zacks upgraded shares of Magellan Midstream Partners, L.P. from a “neutral” rating to an “outperform” rating in a research note on Wednesday, July 2nd. They now have a $102.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Magellan Midstream Partners, L.P. currently has an average rating of “Buy” and an average target price of $84.18.
Magellan Midstream Partners, L.P. (NYSE:MMP) traded up 0.11% on Wednesday, hitting $80.15. The stock had a trading volume of 558,600 shares. Magellan Midstream Partners, L.P. has a 52 week low of $51.93 and a 52 week high of $86.72. The stock has a 50-day moving average of $83.36 and a 200-day moving average of $75.49. The company has a market cap of $18.200 billion and a P/E ratio of 25.59.
Magellan Midstream Partners, L.P. (NYSE:MMP) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by $0.01. The company had revenue of $496.45 million for the quarter, compared to the consensus estimate of $503.27 million. During the same quarter in the previous year, the company posted $0.65 earnings per share. The company’s revenue for the quarter was up 11.8% on a year-over-year basis. On average, analysts predict that Magellan Midstream Partners, L.P. will post $3.30 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, August 14th. Shareholders of record on Monday, August 4th will be paid a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 3.19%. The ex-dividend date is Thursday, July 31st. This is a positive change from Magellan Midstream Partners, L.P.’s previous quarterly dividend of $0.61.
Magellan Midstream Partners, L.P. is engaged in the transportation, storage and distribution of refined petroleum products.
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