Magellan Midstream Partners (MMP) – Investment Analysts’ Recent Ratings Updates

Magellan Midstream Partners (NYSE: MMP) has recently received a number of price target changes and ratings updates:

  • 1/14/2020 – Magellan Midstream Partners was upgraded by analysts at Barclays PLC from an “equal weight” rating to an “overweight” rating. They now have a $69.00 price target on the stock, up previously from $68.00.
  • 1/8/2020 – Magellan Midstream Partners was upgraded by analysts at Wolfe Research from an “underperform” rating to a “peer perform” rating.
  • 1/7/2020 – Magellan Midstream Partners was upgraded by analysts at Wells Fargo & Co from an “equal weight” rating to an “overweight” rating. They now have a $70.00 price target on the stock.
  • 1/7/2020 – Magellan Midstream Partners was upgraded by analysts at ValuEngine from a “sell” rating to a “hold” rating.
  • 1/6/2020 – Magellan Midstream Partners is now covered by analysts at Morgan Stanley. They set an “equal weight” rating and a $58.00 price target on the stock.
  • 11/24/2019 – Magellan Midstream Partners is now covered by analysts at Goldman Sachs Group Inc. They set a “buy” rating and a $69.00 price target on the stock.

Shares of Magellan Midstream Partners stock opened at $64.37 on Monday. The company has a quick ratio of 0.53, a current ratio of 0.83 and a debt-to-equity ratio of 1.81. The stock’s fifty day moving average is $62.02 and its two-hundred day moving average is $64.05. Magellan Midstream Partners, L.P. has a 52 week low of $56.75 and a 52 week high of $67.75. The company has a market capitalization of $14.70 billion, a PE ratio of 14.05, a price-to-earnings-growth ratio of 2.31 and a beta of 0.71.

Magellan Midstream Partners (NYSE:MMP) last released its earnings results on Thursday, October 31st. The pipeline company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.10. The business had revenue of $656.60 million during the quarter, compared to the consensus estimate of $673.05 million. Magellan Midstream Partners had a return on equity of 38.78% and a net margin of 36.75%. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period last year, the company earned $1.10 earnings per share. As a group, research analysts anticipate that Magellan Midstream Partners, L.P. will post 4.71 earnings per share for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the stock. UBS Group AG boosted its stake in shares of Magellan Midstream Partners by 5.3% during the second quarter. UBS Group AG now owns 5,670,200 shares of the pipeline company’s stock valued at $362,892,000 after purchasing an additional 283,790 shares in the last quarter. Kayne Anderson Capital Advisors LP lifted its holdings in Magellan Midstream Partners by 5.1% during the third quarter. Kayne Anderson Capital Advisors LP now owns 5,231,749 shares of the pipeline company’s stock worth $346,699,000 after buying an additional 254,700 shares during the period. Chickasaw Capital Management LLC boosted its position in Magellan Midstream Partners by 24.4% during the 3rd quarter. Chickasaw Capital Management LLC now owns 3,243,127 shares of the pipeline company’s stock valued at $214,922,000 after acquiring an additional 635,252 shares in the last quarter. Morgan Stanley boosted its position in Magellan Midstream Partners by 1.3% during the 2nd quarter. Morgan Stanley now owns 2,275,757 shares of the pipeline company’s stock valued at $145,647,000 after acquiring an additional 28,865 shares in the last quarter. Finally, BlackRock Inc. increased its holdings in shares of Magellan Midstream Partners by 1.3% in the 2nd quarter. BlackRock Inc. now owns 1,055,419 shares of the pipeline company’s stock valued at $67,547,000 after acquiring an additional 13,518 shares during the period. Institutional investors own 63.98% of the company’s stock.

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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