Magellan Midstream Partners, L.P. (NYSE:MMP) Receives Average Recommendation of “Hold” from Brokerages

Magellan Midstream Partners, L.P. (NYSE:MMPGet Rating) has earned an average rating of “Hold” from the twelve brokerages that are covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $51.22.

MMP has been the topic of several research reports. Morgan Stanley downgraded shares of Magellan Midstream Partners from an “equal weight” rating to an “underweight” rating and set a $50.00 price objective on the stock. in a report on Friday, January 7th. Mizuho increased their price target on shares of Magellan Midstream Partners from $50.00 to $52.00 and gave the company a “neutral” rating in a research report on Wednesday, March 30th. Wells Fargo & Company reduced their price target on shares of Magellan Midstream Partners from $54.00 to $52.00 and set an “equal weight” rating for the company in a research report on Thursday, December 16th. Barclays lowered shares of Magellan Midstream Partners from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $53.00 to $51.00 in a research report on Thursday, January 20th. Finally, StockNews.com began coverage on shares of Magellan Midstream Partners in a research report on Thursday, March 31st. They set a “hold” rating for the company.

NYSE:MMP opened at $50.81 on Friday. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.83 and a current ratio of 1.24. Magellan Midstream Partners has a 52 week low of $43.58 and a 52 week high of $53.85. The firm’s fifty day moving average is $48.60 and its 200-day moving average is $47.89. The firm has a market cap of $10.79 billion, a P/E ratio of 11.37, a P/E/G ratio of 4.58 and a beta of 1.04.

Magellan Midstream Partners (NYSE:MMPGet Rating) last released its earnings results on Wednesday, February 2nd. The pipeline company reported $1.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.12 by $0.12. Magellan Midstream Partners had a net margin of 35.54% and a return on equity of 49.54%. The company had revenue of $809.30 million for the quarter, compared to the consensus estimate of $732.93 million. As a group, sell-side analysts anticipate that Magellan Midstream Partners will post 4.18 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, February 14th. Stockholders of record on Monday, February 7th were issued a $1.0375 dividend. This represents a $4.15 dividend on an annualized basis and a dividend yield of 8.17%. The ex-dividend date of this dividend was Friday, February 4th. Magellan Midstream Partners’s payout ratio is 92.84%.

Several institutional investors have recently made changes to their positions in the company. Alps Advisors Inc. lifted its holdings in shares of Magellan Midstream Partners by 6.3% in the fourth quarter. Alps Advisors Inc. now owns 11,064,905 shares of the pipeline company’s stock worth $513,854,000 after buying an additional 657,431 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Magellan Midstream Partners by 0.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 5,845,141 shares of the pipeline company’s stock worth $271,447,000 after buying an additional 38,818 shares in the last quarter. Morgan Stanley raised its stake in Magellan Midstream Partners by 5.1% in the third quarter. Morgan Stanley now owns 5,790,647 shares of the pipeline company’s stock valued at $263,939,000 after purchasing an additional 282,147 shares in the last quarter. Bank of America Corp DE raised its stake in Magellan Midstream Partners by 59.3% in the fourth quarter. Bank of America Corp DE now owns 3,132,338 shares of the pipeline company’s stock valued at $145,467,000 after purchasing an additional 1,165,745 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Magellan Midstream Partners by 10.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,450,980 shares of the pipeline company’s stock valued at $113,824,000 after purchasing an additional 238,579 shares in the last quarter. 55.28% of the stock is currently owned by hedge funds and other institutional investors.

About Magellan Midstream Partners (Get Rating)

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. It operates through Refined Products and Crude Oil segments. The company operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports.

Featured Articles

Analyst Recommendations for Magellan Midstream Partners (NYSE:MMP)

Receive News & Ratings for Magellan Midstream Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Midstream Partners and related companies with MarketBeat.com's FREE daily email newsletter.