Shares of Magellan Midstream Partners, L.P. (NYSE:MMP) have earned an average recommendation of “Hold” from the seventeen ratings firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, twelve have assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $69.77.
Several brokerages recently weighed in on MMP. Citigroup set a $70.00 target price on shares of Magellan Midstream Partners and gave the company a “buy” rating in a research note on Saturday, February 2nd. Jefferies Financial Group downgraded shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research note on Monday, January 28th. Evercore ISI began coverage on shares of Magellan Midstream Partners in a research note on Tuesday, February 5th. They issued an “outperform” rating for the company. Mizuho began coverage on shares of Magellan Midstream Partners in a research note on Wednesday, November 28th. They issued a “neutral” rating and a $67.00 target price for the company. Finally, Wolfe Research downgraded shares of Magellan Midstream Partners to an “underperform” rating and set a $56.00 target price for the company. in a research note on Friday, February 1st.
Magellan Midstream Partners stock opened at $59.95 on Friday. Magellan Midstream Partners has a 52 week low of $54.25 and a 52 week high of $72.90. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.68 and a current ratio of 0.96. The stock has a market capitalization of $13.75 billion, a P/E ratio of 14.11, a price-to-earnings-growth ratio of 2.47 and a beta of 0.85.
Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, January 31st. The pipeline company reported $1.03 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.13). Magellan Midstream Partners had a return on equity of 40.90% and a net margin of 47.19%. The business had revenue of $865.68 million during the quarter, compared to analysts’ expectations of $710.21 million. Analysts forecast that Magellan Midstream Partners will post 4.06 EPS for the current fiscal year.
In other news, Director James R. Montague sold 2,119 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $59.83, for a total transaction of $126,779.77. Following the completion of the transaction, the director now owns 21,952 shares of the company’s stock, valued at approximately $1,313,388.16. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Lisa J. Korner sold 6,958 shares of the company’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $59.29, for a total transaction of $412,539.82. Following the transaction, the insider now directly owns 74,517 shares of the company’s stock, valued at approximately $4,418,112.93. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,696 shares of company stock valued at $2,597,682. Corporate insiders own 0.26% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Jackson Hole Capital Partners LLC acquired a new position in shares of Magellan Midstream Partners during the 4th quarter valued at about $2,297,000. Belpointe Asset Management LLC increased its stake in shares of Magellan Midstream Partners by 104.5% during the 4th quarter. Belpointe Asset Management LLC now owns 8,552 shares of the pipeline company’s stock valued at $488,000 after acquiring an additional 4,370 shares during the last quarter. Actinver Wealth Management Inc. acquired a new stake in Magellan Midstream Partners during the 4th quarter worth approximately $654,000. Executive Wealth Management LLC acquired a new stake in Magellan Midstream Partners during the 4th quarter worth approximately $69,000. Finally, Abacus Planning Group Inc. increased its position in Magellan Midstream Partners by 44.1% during the 4th quarter. Abacus Planning Group Inc. now owns 8,166 shares of the pipeline company’s stock worth $466,000 after purchasing an additional 2,500 shares in the last quarter. 66.69% of the stock is owned by institutional investors.
About Magellan Midstream Partners
Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.
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