Barclays Cuts Magellan Midstream Partners (MMP) Price Target to $76.00

Magellan Midstream Partners (NYSE:MMP) had its price objective decreased by equities research analysts at Barclays from $78.00 to $76.00 in a research report issued to clients and investors on Friday. The brokerage currently has an “equal weight” rating on the pipeline company’s stock. Barclays’ price objective indicates a potential upside of 7.80% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. Credit Suisse Group started coverage on Magellan Midstream Partners in a report on Thursday, January 4th. They issued an “underperform” rating on the stock. Mizuho reiterated a “sell” rating and issued a $72.00 price target on shares of Magellan Midstream Partners in a report on Friday, October 20th. BMO Capital Markets started coverage on Magellan Midstream Partners in a report on Monday, December 11th. They issued a “buy” rating and a $80.00 price target on the stock. Royal Bank of Canada reiterated a “hold” rating and issued a $81.00 price target on shares of Magellan Midstream Partners in a report on Tuesday, January 16th. Finally, Bank of America started coverage on Magellan Midstream Partners in a report on Tuesday, January 9th. They issued a “buy” rating on the stock. Three analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $77.36.

Shares of Magellan Midstream Partners (NYSE MMP) traded down $1.07 during mid-day trading on Friday, hitting $70.50. The stock had a trading volume of 1,272,624 shares, compared to its average volume of 834,082. The company has a quick ratio of 0.29, a current ratio of 0.50 and a debt-to-equity ratio of 1.90. The company has a market capitalization of $16,080.00, a PE ratio of 18.50, a PEG ratio of 2.28 and a beta of 0.61. Magellan Midstream Partners has a 12 month low of $63.55 and a 12 month high of $81.77.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings results on Thursday, February 1st. The pipeline company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.08). The firm had revenue of $673.30 million during the quarter, compared to the consensus estimate of $690.18 million. Magellan Midstream Partners had a net margin of 34.50% and a return on equity of 40.99%. Magellan Midstream Partners’s revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.93 EPS. equities research analysts forecast that Magellan Midstream Partners will post 3.88 earnings per share for the current year.

A number of large investors have recently added to or reduced their stakes in MMP. Alliancebernstein L.P. lifted its stake in Magellan Midstream Partners by 6.4% in the second quarter. Alliancebernstein L.P. now owns 56,641 shares of the pipeline company’s stock valued at $4,037,000 after buying an additional 3,395 shares during the period. Balyasny Asset Management LLC acquired a new position in Magellan Midstream Partners in the second quarter valued at about $7,097,000. Macquarie Group Ltd. lifted its stake in Magellan Midstream Partners by 2.5% in the second quarter. Macquarie Group Ltd. now owns 287,992 shares of the pipeline company’s stock valued at $20,525,000 after buying an additional 7,000 shares during the period. Janus Henderson Group PLC acquired a new position in Magellan Midstream Partners in the second quarter valued at about $1,728,000. Finally, CNH Partners LLC lifted its stake in Magellan Midstream Partners by 1.1% in the second quarter. CNH Partners LLC now owns 9,057 shares of the pipeline company’s stock valued at $645,000 after buying an additional 100 shares during the period. 62.15% of the stock is currently owned by hedge funds and other institutional investors.

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About Magellan Midstream Partners

Magellan Midstream Partners, L.P. is principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil. The Company operates through three segments: refined products, crude oil and marine storage. As of December 31, 2016, its asset portfolio, including the assets of its joint ventures, consisted of its refined products segment, consisting 9,700-mile refined products pipeline system with 53 terminals, as well as 26 independent terminals not connected to its pipeline system and its 1,100-mile ammonia pipeline system; its crude oil segment, consisted of approximately 2,200 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 26 million barrels, of which 16 million are used for contract storage, and its marine storage segment, consisted of five marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels.

Analyst Recommendations for Magellan Midstream Partners (NYSE:MMP)