Magellan Midstream Partners (MMP) Lifted to Hold at ValuEngine

Magellan Midstream Partners (NYSE:MMP) was upgraded by equities researchers at ValuEngine from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday, ValuEngine reports.

Other equities research analysts have also recently issued research reports about the stock. Zacks Investment Research raised shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, April 16th. Bank of America cut shares of Magellan Midstream Partners from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $69.00 to $62.00 in a research report on Wednesday, February 27th. LADENBURG THALM/SH SH set a $75.00 price target on shares of Magellan Midstream Partners and gave the stock a “buy” rating in a research report on Tuesday, March 26th. Citigroup set a $70.00 price target on shares of Magellan Midstream Partners and gave the stock a “buy” rating in a research report on Saturday, February 2nd. Finally, Credit Suisse Group lowered their price target on shares of Magellan Midstream Partners from $76.00 to $68.00 and set a “neutral” rating for the company in a research report on Monday, February 11th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. Magellan Midstream Partners currently has an average rating of “Hold” and a consensus target price of $69.38.

Magellan Midstream Partners stock opened at $62.90 on Thursday. The stock has a market capitalization of $14.28 billion, a price-to-earnings ratio of 14.80, a P/E/G ratio of 2.56 and a beta of 0.85. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.70 and a quick ratio of 0.39. Magellan Midstream Partners has a 1 year low of $54.25 and a 1 year high of $72.90.

Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings results on Wednesday, May 1st. The pipeline company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.06. Magellan Midstream Partners had a net margin of 47.92% and a return on equity of 38.97%. The firm had revenue of $628.90 million during the quarter, compared to analysts’ expectations of $692.56 million. During the same quarter in the prior year, the company earned $1.05 EPS. The company’s revenue was down 7.3% compared to the same quarter last year. As a group, research analysts expect that Magellan Midstream Partners will post 4.02 earnings per share for the current fiscal year.

In related news, insider Jeff R. Selvidge sold 2,500 shares of the stock in a transaction that occurred on Wednesday, February 27th. The shares were sold at an average price of $60.34, for a total transaction of $150,850.00. Following the completion of the sale, the insider now owns 25,897 shares of the company’s stock, valued at $1,562,624.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James R. Montague sold 2,119 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $59.83, for a total transaction of $126,779.77. Following the sale, the director now directly owns 21,952 shares of the company’s stock, valued at approximately $1,313,388.16. The disclosure for this sale can be found here. Insiders have sold 6,738 shares of company stock valued at $404,643 in the last three months. 0.26% of the stock is currently owned by corporate insiders.

A number of large investors have recently bought and sold shares of MMP. Howe & Rusling Inc. lifted its position in Magellan Midstream Partners by 155.1% during the fourth quarter. Howe & Rusling Inc. now owns 472 shares of the pipeline company’s stock valued at $27,000 after acquiring an additional 287 shares during the last quarter. Golden State Wealth Management LLC acquired a new position in Magellan Midstream Partners during the 1st quarter valued at approximately $27,000. AdvisorNet Financial Inc increased its stake in Magellan Midstream Partners by 132.8% during the 4th quarter. AdvisorNet Financial Inc now owns 533 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 304 shares in the last quarter. CWM LLC increased its stake in Magellan Midstream Partners by 103.7% during the 1st quarter. CWM LLC now owns 556 shares of the pipeline company’s stock valued at $34,000 after purchasing an additional 283 shares in the last quarter. Finally, Massey Quick Simon & CO. LLC increased its stake in Magellan Midstream Partners by 308.6% during the 1st quarter. Massey Quick Simon & CO. LLC now owns 662 shares of the pipeline company’s stock valued at $40,000 after purchasing an additional 500 shares in the last quarter. 66.81% of the stock is owned by institutional investors.

About Magellan Midstream Partners

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.

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Analyst Recommendations for Magellan Midstream Partners (NYSE:MMP)

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