Magellan Midstream Partners L.P. (NYSE:MMP) has been assigned an average recommendation of “Hold” from the seventeen ratings firms that are currently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $79.04.

Several equities analysts have recently weighed in on the company. Mizuho reissued a “sell” rating and set a $72.00 price target on shares of Magellan Midstream Partners L.P. in a report on Friday, October 20th. Citigroup Inc. raised Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 target price on the stock in a report on Thursday, September 21st. Jefferies Group LLC reaffirmed a “hold” rating and issued a $70.00 target price (down from $73.00) on shares of Magellan Midstream Partners L.P. in a report on Sunday, September 3rd. BidaskClub cut Magellan Midstream Partners L.P. from a “sell” rating to a “strong sell” rating in a report on Thursday, August 17th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $77.00 target price on shares of Magellan Midstream Partners L.P. in a report on Thursday, August 3rd.

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Magellan Midstream Partners L.P. (NYSE:MMP) last released its quarterly earnings results on Thursday, November 2nd. The pipeline company reported $0.97 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.02). The firm had revenue of $551.80 million for the quarter, compared to the consensus estimate of $610.12 million. Magellan Midstream Partners L.P. had a net margin of 34.63% and a return on equity of 41.81%. Magellan Midstream Partners L.P.’s quarterly revenue was down 3.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.91 earnings per share.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Shareholders of record on Thursday, November 2nd will be issued a $0.905 dividend. This represents a $3.62 annualized dividend and a yield of 5.27%. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.89. The ex-dividend date of this dividend is Wednesday, November 1st. Magellan Midstream Partners L.P.’s dividend payout ratio is presently 96.74%.

In other Magellan Midstream Partners L.P. news, insider Jeff R. Selvidge sold 5,000 shares of the company’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $70.64, for a total value of $353,200.00. Following the sale, the insider now directly owns 19,653 shares of the company’s stock, valued at $1,388,287.92. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.24% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the business. Private Trust Co. NA raised its position in shares of Magellan Midstream Partners L.P. by 5.7% in the second quarter. Private Trust Co. NA now owns 18,792 shares of the pipeline company’s stock worth $1,339,000 after acquiring an additional 1,009 shares during the period. Bogart Wealth LLC raised its position in shares of Magellan Midstream Partners L.P. by 56.6% in the second quarter. Bogart Wealth LLC now owns 21,614 shares of the pipeline company’s stock worth $1,540,000 after acquiring an additional 7,811 shares during the period. Brighton Jones LLC acquired a new position in shares of Magellan Midstream Partners L.P. in the first quarter worth about $426,000. Cetera Investment Advisers acquired a new position in shares of Magellan Midstream Partners L.P. in the second quarter worth about $1,414,000. Finally, Patriot Financial Group Insurance Agency LLC raised its position in shares of Magellan Midstream Partners L.P. by 5.2% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 7,081 shares of the pipeline company’s stock worth $492,000 after acquiring an additional 350 shares during the period. Institutional investors and hedge funds own 61.10% of the company’s stock.

Magellan Midstream Partners L.P. Company Profile

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

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