Magellan Midstream Partners (NYSE:MMP) had its price objective decreased by equities researchers at Bank of America from $78.00 to $77.00 in a report released on Friday. The firm presently has a “buy” rating on the pipeline company’s stock. Bank of America’s price target indicates a potential upside of 9.22% from the company’s previous close.
A number of other analysts have also commented on the company. Stifel Nicolaus reaffirmed a “hold” rating and set a $69.00 price objective on shares of Magellan Midstream Partners in a research note on Friday. Royal Bank of Canada reaffirmed a “hold” rating and set a $79.00 price objective on shares of Magellan Midstream Partners in a research note on Friday. Barclays decreased their price objective on Magellan Midstream Partners from $78.00 to $76.00 and set an “equal weight” rating on the stock in a research note on Friday. Credit Suisse Group began coverage on Magellan Midstream Partners in a research note on Thursday, January 4th. They set an “underperform” rating on the stock. Finally, BMO Capital Markets began coverage on Magellan Midstream Partners in a research note on Monday, December 11th. They set a “buy” rating and a $80.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. Magellan Midstream Partners has an average rating of “Hold” and an average price target of $77.36.
Magellan Midstream Partners (MMP) traded down $1.07 on Friday, hitting $70.50. The company had a trading volume of 1,272,625 shares, compared to its average volume of 871,005. The company has a current ratio of 0.50, a quick ratio of 0.29 and a debt-to-equity ratio of 1.90. The firm has a market capitalization of $16,160.00, a price-to-earnings ratio of 18.52, a P/E/G ratio of 2.28 and a beta of 0.61. Magellan Midstream Partners has a fifty-two week low of $63.55 and a fifty-two week high of $81.77.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MMP. Alliancebernstein L.P. lifted its position in Magellan Midstream Partners by 6.4% during the second quarter. Alliancebernstein L.P. now owns 56,641 shares of the pipeline company’s stock worth $4,037,000 after buying an additional 3,395 shares during the period. Balyasny Asset Management LLC purchased a new position in shares of Magellan Midstream Partners in the 2nd quarter worth about $7,097,000. Macquarie Group Ltd. raised its holdings in shares of Magellan Midstream Partners by 2.5% in the 2nd quarter. Macquarie Group Ltd. now owns 287,992 shares of the pipeline company’s stock worth $20,525,000 after purchasing an additional 7,000 shares during the period. Janus Henderson Group PLC purchased a new position in shares of Magellan Midstream Partners in the 2nd quarter worth about $1,728,000. Finally, CNH Partners LLC raised its holdings in shares of Magellan Midstream Partners by 1.1% in the 2nd quarter. CNH Partners LLC now owns 9,057 shares of the pipeline company’s stock worth $645,000 after purchasing an additional 100 shares during the period. Hedge funds and other institutional investors own 62.15% of the company’s stock.
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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.
