Magellan Midstream Partners (NYSE:MMP) Upgraded to “Overweight” at Barclays

Barclays upgraded shares of Magellan Midstream Partners (NYSE:MMPGet Rating) from an equal weight rating to an overweight rating in a report released on Wednesday morning, The Fly reports. Barclays currently has $59.00 price objective on the pipeline company’s stock.

Other equities analysts have also recently issued reports about the stock. Mizuho lifted their price target on shares of Magellan Midstream Partners from $52.00 to $53.00 and gave the stock a neutral rating in a research note on Friday, October 28th. Morgan Stanley lifted their price target on shares of Magellan Midstream Partners from $54.00 to $56.00 and gave the stock an underweight rating in a research note on Monday, January 9th. Raymond James lifted their price target on shares of Magellan Midstream Partners from $54.00 to $55.00 and gave the stock an outperform rating in a research note on Friday, October 28th. TD Securities lifted their price target on shares of Magellan Midstream Partners from $52.00 to $54.00 and gave the stock a hold rating in a research note on Friday, October 28th. Finally, StockNews.com assumed coverage on shares of Magellan Midstream Partners in a research note on Wednesday, October 12th. They set a hold rating for the company. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Magellan Midstream Partners has an average rating of Hold and an average target price of $55.73.

Magellan Midstream Partners Stock Performance

Shares of NYSE:MMP opened at $52.29 on Wednesday. Magellan Midstream Partners has a 52 week low of $44.79 and a 52 week high of $54.40. The stock has a market capitalization of $10.72 billion, a P/E ratio of 10.09, a PEG ratio of 2.04 and a beta of 0.93. The firm has a fifty day simple moving average of $51.21 and a two-hundred day simple moving average of $50.60. The company has a quick ratio of 0.51, a current ratio of 1.00 and a debt-to-equity ratio of 2.86.

Magellan Midstream Partners (NYSE:MMPGet Rating) last issued its quarterly earnings data on Thursday, October 27th. The pipeline company reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.15. Magellan Midstream Partners had a net margin of 34.72% and a return on equity of 55.55%. The business had revenue of $876.10 million during the quarter, compared to analysts’ expectations of $733.97 million. On average, analysts expect that Magellan Midstream Partners will post 5.07 earnings per share for the current fiscal year.

Insider Activity

In other news, Director James R. Montague sold 2,892 shares of the business’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $53.43, for a total value of $154,519.56. Following the completion of the sale, the director now owns 25,095 shares in the company, valued at approximately $1,340,825.85. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Goldman Sachs Group Inc. raised its stake in shares of Magellan Midstream Partners by 1.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,951,963 shares of the pipeline company’s stock worth $292,064,000 after acquiring an additional 106,822 shares in the last quarter. Chickasaw Capital Management LLC raised its stake in shares of Magellan Midstream Partners by 7.5% during the 3rd quarter. Chickasaw Capital Management LLC now owns 3,254,675 shares of the pipeline company’s stock worth $154,630,000 after acquiring an additional 227,849 shares in the last quarter. UBS Group AG raised its stake in shares of Magellan Midstream Partners by 1.3% during the 3rd quarter. UBS Group AG now owns 3,122,676 shares of the pipeline company’s stock worth $148,359,000 after acquiring an additional 40,655 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Magellan Midstream Partners by 13.1% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,050,188 shares of the pipeline company’s stock worth $145,677,000 after acquiring an additional 353,171 shares in the last quarter. Finally, Clearbridge Investments LLC raised its stake in shares of Magellan Midstream Partners by 5.8% during the 2nd quarter. Clearbridge Investments LLC now owns 2,851,727 shares of the pipeline company’s stock worth $136,198,000 after acquiring an additional 156,016 shares in the last quarter. Institutional investors own 51.06% of the company’s stock.

Magellan Midstream Partners Company Profile

(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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