Magellan Midstream Partners (NYSE:MMP) Given New $52.00 Price Target at TD Securities

Magellan Midstream Partners (NYSE:MMPGet Rating) had its target price upped by TD Securities from $51.00 to $52.00 in a research report report published on Friday morning, BayStreet.CA reports. They currently have a hold rating on the pipeline company’s stock.

Other equities research analysts have also issued reports about the company. Barclays lowered Magellan Midstream Partners from an overweight rating to an equal weight rating and dropped their price target for the company from $53.00 to $51.00 in a research report on Thursday, January 20th. Mizuho lifted their price target on Magellan Midstream Partners from $50.00 to $52.00 and gave the company a neutral rating in a research report on Wednesday, March 30th. Morgan Stanley lifted their price target on Magellan Midstream Partners from $50.00 to $54.00 and gave the company an underweight rating in a research report on Tuesday, April 26th. Bank of America dropped their price target on Magellan Midstream Partners from $50.00 to $49.00 and set an underperform rating on the stock in a research report on Tuesday, January 18th. Finally, StockNews.com assumed coverage on Magellan Midstream Partners in a research report on Thursday, March 31st. They set a hold rating on the stock. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Magellan Midstream Partners has a consensus rating of Hold and a consensus target price of $51.56.

Shares of MMP traded up $0.19 during mid-day trading on Friday, hitting $49.09. 1,866,157 shares of the company’s stock traded hands, compared to its average volume of 1,142,494. The company has a quick ratio of 0.83, a current ratio of 1.24 and a debt-to-equity ratio of 2.68. Magellan Midstream Partners has a 1 year low of $43.58 and a 1 year high of $53.85. The firm has a market capitalization of $10.43 billion, a P/E ratio of 11.52, a PEG ratio of 4.57 and a beta of 0.96. The business’s 50-day moving average price is $49.50 and its 200-day moving average price is $48.25.

Magellan Midstream Partners (NYSE:MMPGet Rating) last posted its earnings results on Thursday, May 5th. The pipeline company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.05 by ($0.27). Magellan Midstream Partners had a net margin of 35.54% and a return on equity of 49.54%. The business had revenue of $631.10 million for the quarter, compared to analysts’ expectations of $704.74 million. During the same period last year, the firm posted $1.09 earnings per share. Magellan Midstream Partners’s quarterly revenue was down 6.5% on a year-over-year basis. Sell-side analysts anticipate that Magellan Midstream Partners will post 4.35 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, May 13th. Shareholders of record on Monday, May 2nd will be issued a $1.0375 dividend. This represents a $4.15 annualized dividend and a yield of 8.45%. The ex-dividend date of this dividend is Friday, April 29th. Magellan Midstream Partners’s dividend payout ratio (DPR) is 97.42%.

A number of institutional investors have recently added to or reduced their stakes in the business. Jacobi Capital Management LLC bought a new stake in Magellan Midstream Partners in the first quarter worth $500,000. Independent Advisor Alliance lifted its holdings in shares of Magellan Midstream Partners by 2.0% during the first quarter. Independent Advisor Alliance now owns 10,464 shares of the pipeline company’s stock valued at $513,000 after purchasing an additional 210 shares in the last quarter. GraniteShares Advisors LLC lifted its holdings in shares of Magellan Midstream Partners by 9.7% during the first quarter. GraniteShares Advisors LLC now owns 17,269 shares of the pipeline company’s stock valued at $847,000 after purchasing an additional 1,531 shares in the last quarter. First Foundation Advisors bought a new position in shares of Magellan Midstream Partners during the first quarter valued at $254,000. Finally, Resources Investment Advisors LLC. lifted its holdings in shares of Magellan Midstream Partners by 58.3% during the first quarter. Resources Investment Advisors LLC. now owns 7,237 shares of the pipeline company’s stock valued at $355,000 after purchasing an additional 2,664 shares in the last quarter. 53.28% of the stock is currently owned by institutional investors and hedge funds.

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.

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