Magellan Midstream Partners (NYSE:MMP)‘s stock had its “neutral” rating restated by research analysts at JPMorgan Chase & Co. in a report issued on Tuesday. They currently have a $75.00 price target on the pipeline company’s stock, down from their previous price target of $78.00. JPMorgan Chase & Co.’s target price would suggest a potential upside of 17.33% from the company’s current price.
Several other research firms have also weighed in on MMP. Bank of America initiated coverage on shares of Magellan Midstream Partners in a report on Tuesday, January 9th. They issued a “buy” rating on the stock. UBS Group boosted their target price on shares of Magellan Midstream Partners from $80.00 to $81.00 and gave the company a “buy” rating in a report on Friday, March 2nd. Royal Bank of Canada reiterated a “hold” rating and issued a $81.00 target price on shares of Magellan Midstream Partners in a report on Tuesday, January 16th. BMO Capital Markets initiated coverage on shares of Magellan Midstream Partners in a report on Monday, December 11th. They issued a “buy” rating and a $80.00 target price on the stock. Finally, Mitsubishi UFJ Financial Group reiterated a “neutral” rating on shares of Magellan Midstream Partners in a report on Friday, February 2nd. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $77.08.
Magellan Midstream Partners (NYSE:MMP) traded down $0.44 during trading hours on Tuesday, reaching $63.92. 159,251 shares of the company’s stock traded hands, compared to its average volume of 898,018. The company has a quick ratio of 0.51, a current ratio of 0.73 and a debt-to-equity ratio of 2.01. The firm has a market cap of $14,590.00, a price-to-earnings ratio of 16.78, a price-to-earnings-growth ratio of 2.60 and a beta of 0.71. Magellan Midstream Partners has a 12 month low of $62.31 and a 12 month high of $78.48.
In other news, CEO Michael N. Mears sold 22,251 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $68.03, for a total value of $1,513,735.53. Following the transaction, the chief executive officer now directly owns 196,473 shares in the company, valued at approximately $13,366,058.19. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael N. Mears sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $68.00, for a total transaction of $680,000.00. Following the completion of the transaction, the chief executive officer now owns 196,473 shares in the company, valued at $13,360,164. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Prime Capital Investment Advisors LLC acquired a new position in shares of Magellan Midstream Partners in the 4th quarter worth approximately $107,000. Welch Group LLC acquired a new stake in Magellan Midstream Partners during the 4th quarter worth approximately $135,000. SWS Partners acquired a new stake in Magellan Midstream Partners during the 4th quarter worth approximately $152,000. CoreCommodity Management LLC acquired a new stake in Magellan Midstream Partners during the 4th quarter worth approximately $158,000. Finally, Captrust Financial Advisors acquired a new stake in Magellan Midstream Partners during the 4th quarter worth approximately $179,000. Hedge funds and other institutional investors own 62.38% of the company’s stock.
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Magellan Midstream Partners Company Profile
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.
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