Magellan Midstream Partners L.P. (MMP) Stock Rating Upgraded by Zacks Investment Research
Magellan Midstream Partners L.P. (NYSE:MMP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $78.00 price target on the stock. Zacks Investment Research’s price target would indicate a potential upside of 12.41% from the stock’s current price.
According to Zacks, “Magellan Midstream owns a large and diverse asset portfolio that provides highly certain cash flows. Despite crude's historic decline, the partnership's low-risk business structure has enabled it to maintain its excellent track record of earnings surprise history, beating estimates in three of the last four quarters. Other positive attributes include its investment grade rating and strong track record for distribution growth. Finally, Magellan Midstream’s fee-based transportation and storage assets make it less susceptible to commodity price weakness. Therefore, being incrementally more positive on the partnership – particularly with its yield fairly well protected – we see the stock performing above the broader market.”
Other research analysts also recently issued reports about the stock. Credit Suisse Group AG set a $74.00 price target on shares of Magellan Midstream Partners L.P. and gave the stock a “sell” rating in a research report on Wednesday, August 3rd. Morgan Stanley downgraded shares of Magellan Midstream Partners L.P. from an “equal” rating to an “underweight” rating and decreased their price target for the stock from $73.00 to $69.00 in a research report on Thursday, August 18th. Mizuho assumed coverage on shares of Magellan Midstream Partners L.P. in a research report on Thursday, September 29th. They issued a “neutral” rating and a $73.00 price target on the stock. Seaport Global Securities assumed coverage on shares of Magellan Midstream Partners L.P. in a research report on Tuesday, June 14th. They issued a “buy” rating and a $82.00 price target on the stock. Finally, Wunderlich reiterated a “hold” rating and issued a $71.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Friday, August 5th. Three analysts have rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $77.97.
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Magellan Midstream Partners L.P. (NYSE:MMP) traded up 0.23% on Wednesday, hitting $69.39. 1,165,861 shares of the stock were exchanged. Magellan Midstream Partners L.P. has a 12 month low of $54.51 and a 12 month high of $77.45. The company has a 50-day moving average of $69.84 and a 200 day moving average of $70.93. The firm has a market cap of $15.81 billion, a P/E ratio of 18.60 and a beta of 0.71.
Magellan Midstream Partners L.P. (NYSE:MMP) last issued its earnings results on Tuesday, August 2nd. The company reported $0.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.07. Magellan Midstream Partners L.P. had a net margin of 38.97% and a return on equity of 38.58%. The company had revenue of $518.90 million for the quarter, compared to analysts’ expectations of $519.12 million. During the same quarter last year, the company posted $0.78 earnings per share. The firm’s quarterly revenue was up 5.0% on a year-over-year basis. Equities research analysts expect that Magellan Midstream Partners L.P. will post $3.52 earnings per share for the current fiscal year.
Several institutional investors have recently modified their holdings of MMP. Catawba Capital Management VA boosted its position in Magellan Midstream Partners L.P. by 5.6% in the third quarter. Catawba Capital Management VA now owns 40,862 shares of the company’s stock worth $2,891,000 after buying an additional 2,155 shares in the last quarter. Independent Portfolio Consultants Inc. boosted its position in Magellan Midstream Partners L.P. by 59.0% in the third quarter. Independent Portfolio Consultants Inc. now owns 2,236 shares of the company’s stock worth $158,000 after buying an additional 830 shares in the last quarter. Telemus Capital LLC boosted its position in Magellan Midstream Partners L.P. by 2.1% in the third quarter. Telemus Capital LLC now owns 7,559 shares of the company’s stock worth $535,000 after buying an additional 152 shares in the last quarter. Fulton Bank N.A. boosted its position in Magellan Midstream Partners L.P. by 4.2% in the third quarter. Fulton Bank N.A. now owns 6,265 shares of the company’s stock worth $443,000 after buying an additional 250 shares in the last quarter. Finally, Evercore Wealth Management LLC boosted its position in Magellan Midstream Partners L.P. by 4.9% in the second quarter. Evercore Wealth Management LLC now owns 12,698 shares of the company’s stock worth $965,000 after buying an additional 589 shares in the last quarter. 62.52% of the stock is owned by institutional investors and hedge funds.
About Magellan Midstream Partners L.P.
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