Magellan Midstream Partners L.P. (NYSE:MMP) was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating in a report issued on Thursday.

Several other research firms also recently issued reports on MMP. Royal Bank Of Canada reaffirmed a “hold” rating and set a $80.00 price objective on shares of Magellan Midstream Partners L.P. in a report on Tuesday, March 14th. UBS AG reaffirmed a “neutral” rating and set a $82.00 price objective (up from $81.00) on shares of Magellan Midstream Partners L.P. in a report on Thursday, March 23rd. Macquarie began coverage on shares of Magellan Midstream Partners L.P. in a report on Friday, April 21st. They set a “neutral” rating and a $80.00 price objective for the company. Credit Suisse Group raised shares of Magellan Midstream Partners L.P. from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $80.00 to $84.00 in a report on Thursday, May 4th. Finally, Jefferies Group LLC began coverage on shares of Magellan Midstream Partners L.P. in a report on Thursday, June 22nd. They set a “hold” rating and a $73.00 price objective for the company. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $78.97.

Magellan Midstream Partners L.P. (MMP) traded up 0.63% during midday trading on Thursday, reaching $69.99. 673,094 shares of the company traded hands. The stock has a market capitalization of $15.96 billion, a price-to-earnings ratio of 19.50 and a beta of 0.81. The firm has a 50 day moving average of $71.79 and a 200-day moving average of $75.38. Magellan Midstream Partners L.P. has a 12 month low of $64.25 and a 12 month high of $81.77.

Magellan Midstream Partners L.P. (NYSE:MMP) last posted its quarterly earnings data on Wednesday, May 3rd. The pipeline company reported $0.98 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.08. The business had revenue of $519.80 million during the quarter, compared to the consensus estimate of $554.22 million. Magellan Midstream Partners L.P. had a net margin of 35.16% and a return on equity of 41.17%. Magellan Midstream Partners L.P.’s quarterly revenue was down 19.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.87 EPS. Analysts forecast that Magellan Midstream Partners L.P. will post $3.87 EPS for the current fiscal year.

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In related news, insider Douglas J. May sold 8,000 shares of the stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $75.00, for a total transaction of $600,000.00. Following the completion of the sale, the insider now owns 27,599 shares in the company, valued at approximately $2,069,925. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.24% of the company’s stock.

Several large investors have recently made changes to their positions in MMP. Founders Capital Management bought a new stake in shares of Magellan Midstream Partners L.P. during the first quarter worth approximately $109,000. Acropolis Investment Management LLC bought a new stake in shares of Magellan Midstream Partners L.P. during the first quarter worth approximately $118,000. Catalyst Capital Advisors LLC raised its stake in shares of Magellan Midstream Partners L.P. by 23.7% in the first quarter. Catalyst Capital Advisors LLC now owns 1,568 shares of the pipeline company’s stock worth $121,000 after buying an additional 300 shares in the last quarter. Independent Portfolio Consultants Inc. raised its stake in shares of Magellan Midstream Partners L.P. by 4.6% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,968 shares of the pipeline company’s stock worth $140,000 after buying an additional 87 shares in the last quarter. Finally, AlphaMark Advisors LLC raised its stake in shares of Magellan Midstream Partners L.P. by 444.9% in the first quarter. AlphaMark Advisors LLC now owns 1,929 shares of the pipeline company’s stock worth $148,000 after buying an additional 1,575 shares in the last quarter. Institutional investors and hedge funds own 62.58% of the company’s stock.

About Magellan Midstream Partners L.P.

Analyst Recommendations for Magellan Midstream Partners L.P. (NYSE:MMP)

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