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

Shares of Magellan Midstream Partners, L.P. (NYSE:MMPGet Rating) have been assigned an average recommendation of “Hold” from the eleven ratings firms that are presently covering the company, Marketbeat Ratings reports. Two investment 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. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $51.63.

Several research analysts recently issued reports on MMP shares. Barclays lowered shares of Magellan Midstream Partners from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $53.00 to $51.00 in a research report on Thursday, January 20th. StockNews.com initiated coverage on shares of Magellan Midstream Partners in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Bank of America lowered their price target on shares of Magellan Midstream Partners from $50.00 to $49.00 and set an “underperform” rating for the company in a research note on Tuesday, January 18th. Mizuho boosted their price target on shares of Magellan Midstream Partners from $50.00 to $52.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 30th. Finally, Morgan Stanley boosted their price target on shares of Magellan Midstream Partners from $50.00 to $54.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 26th.

A number of hedge funds have recently added to or reduced their stakes in MMP. 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 worth $145,467,000 after buying an additional 1,165,745 shares in the last quarter. Alps Advisors Inc. raised its stake in 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. Deutsche Bank AG raised its stake in Magellan Midstream Partners by 38.7% in the fourth quarter. Deutsche Bank AG now owns 2,092,480 shares of the pipeline company’s stock worth $97,175,000 after buying an additional 583,601 shares in the last quarter. Beach Investment Counsel Inc. PA bought a new position in Magellan Midstream Partners in the first quarter worth about $23,588,000. Finally, Fractal Investments LLC bought a new position in Magellan Midstream Partners in the fourth quarter worth about $18,223,000. 53.28% of the stock is owned by institutional investors.

MMP opened at $48.00 on Tuesday. Magellan Midstream Partners has a one year low of $43.58 and a one year high of $53.85. The company has a fifty day moving average price of $49.48 and a 200-day moving average price of $48.19. The firm has a market capitalization of $10.19 billion, a P/E ratio of 11.27, a price-to-earnings-growth ratio of 4.26 and a beta of 0.96. The company has a debt-to-equity ratio of 2.68, a current ratio of 1.24 and a quick ratio of 0.83.

Magellan Midstream Partners (NYSE:MMPGet Rating) last announced 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 return on equity of 50.45% and a net margin of 33.36%. The company had revenue of $631.10 million during the quarter, compared to analysts’ expectations of $704.74 million. During the same quarter last year, the firm posted $1.09 earnings per share. The firm’s revenue was down 6.5% on a year-over-year basis. On average, analysts expect that Magellan Midstream Partners will post 4.35 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 13th. Stockholders of record on Monday, May 2nd will be paid a dividend of $1.0375 per share. This represents a $4.15 annualized dividend and a dividend yield of 8.65%. The ex-dividend date is Friday, April 29th. Magellan Midstream Partners’s dividend payout ratio (DPR) is 97.42%.

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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Analyst Recommendations for Magellan Midstream Partners (NYSE:MMP)

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