ValuEngine upgraded shares of Magellan Midstream Partners (NYSE:MMP) from a sell rating to a hold rating in a report released on Friday morning.
Several other analysts have also recently commented on the company. Zacks Investment Research cut Magellan Midstream Partners from a buy rating to a hold rating in a report on Thursday, July 19th. Barclays increased their target price on Magellan Midstream Partners from $72.00 to $74.00 and gave the stock an equal weight rating in a report on Monday, August 6th. Credit Suisse Group assumed coverage on Magellan Midstream Partners in a report on Thursday, October 11th. They set a neutral rating and a $77.00 target price on the stock. Jefferies Financial Group cut Magellan Midstream Partners from a buy rating to a hold rating in a report on Wednesday, July 18th. Finally, Goldman Sachs Group cut Magellan Midstream Partners from a buy rating to a neutral rating and set a $76.00 target price on the stock. in a report on Monday, October 8th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. Magellan Midstream Partners currently has a consensus rating of Hold and an average target price of $74.64.
Magellan Midstream Partners stock traded up $0.67 during mid-day trading on Friday, hitting $65.27. 1,650,734 shares of the company were exchanged, compared to its average volume of 663,906. The company has a debt-to-equity ratio of 2.04, a current ratio of 0.54 and a quick ratio of 0.31. Magellan Midstream Partners has a 1-year low of $54.82 and a 1-year high of $75.82. The firm has a market capitalization of $14.74 billion, a P/E ratio of 17.13, a P/E/G ratio of 2.57 and a beta of 0.79.
Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, August 2nd. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.04. Magellan Midstream Partners had a return on equity of 42.90% and a net margin of 33.54%. The firm had revenue of $644.10 million during the quarter, compared to analyst estimates of $662.37 million. During the same period in the prior year, the company posted $0.91 earnings per share. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, equities research analysts predict that Magellan Midstream Partners will post 4.19 EPS for the current fiscal year.
In related news, SVP Jeff R. Selvidge sold 5,500 shares of the firm’s stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $68.70, for a total value of $377,850.00. Following the transaction, the senior vice president now owns 20,380 shares in the company, valued at $1,400,106. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Douglas J. May sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $68.69, for a total value of $343,450.00. Following the completion of the transaction, the insider now owns 33,000 shares in the company, valued at approximately $2,266,770. The disclosure for this sale can be found here. In the last quarter, insiders sold 40,500 shares of company stock worth $2,786,500. 0.26% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of the stock. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in shares of Magellan Midstream Partners during the second quarter worth about $106,000. Legacy Advisors LLC raised its position in shares of Magellan Midstream Partners by 87.3% during the second quarter. Legacy Advisors LLC now owns 1,547 shares of the pipeline company’s stock worth $107,000 after purchasing an additional 721 shares during the period. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Magellan Midstream Partners during the second quarter worth about $165,000. NEXT Financial Group Inc acquired a new stake in shares of Magellan Midstream Partners during the third quarter worth about $196,000. Finally, Summit Financial Group Inc. acquired a new stake in shares of Magellan Midstream Partners during the second quarter worth about $207,000. Institutional investors and hedge funds own 63.80% of the company’s stock.
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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