Magellan Midstream Partners (NYSE:MMP) Sees Strong Trading Volume on Analyst Upgrade

Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) shares saw strong trading volume on Tuesday after Mizuho raised their price target on the stock from $53.00 to $56.00. 1,008,486 shares traded hands during mid-day trading, an increase of 3% from the previous session’s volume of 974,539 shares.The stock last traded at $61.67 and had previously closed at $62.61.

Other research analysts have also recently issued reports about the stock. Wells Fargo & Company raised their price objective on shares of Magellan Midstream Partners from $56.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 7th. Barclays boosted their price target on Magellan Midstream Partners from $59.00 to $60.00 in a research report on Tuesday, April 18th. Raymond James cut shares of Magellan Midstream Partners from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 20th. StockNews.com initiated coverage on Magellan Midstream Partners in a report on Thursday, March 16th. They set a “hold” rating for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $59.00 price target on shares of Magellan Midstream Partners in a report on Wednesday, March 15th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $57.86.

Institutional Trading of Magellan Midstream Partners

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Register Financial Advisors LLC purchased a new position in shares of Magellan Midstream Partners in the first quarter valued at about $27,000. CoreCap Advisors LLC bought a new position in shares of Magellan Midstream Partners during the fourth quarter valued at $28,000. Accurate Wealth Management LLC bought a new stake in shares of Magellan Midstream Partners in the fourth quarter worth approximately $31,000. Phocas Financial Corp. purchased a new stake in Magellan Midstream Partners during the 4th quarter valued at $35,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Magellan Midstream Partners by 53.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 691 shares of the pipeline company’s stock valued at $35,000 after purchasing an additional 241 shares during the period. Hedge funds and other institutional investors own 51.06% of the company’s stock.

Magellan Midstream Partners Trading Down 2.0 %

The stock’s fifty day simple moving average is $54.61 and its 200 day simple moving average is $53.03. The company has a quick ratio of 0.44, a current ratio of 0.97 and a debt-to-equity ratio of 2.96. The firm has a market capitalization of $12.40 billion, a PE ratio of 11.14, a PEG ratio of 3.68 and a beta of 0.91.

Magellan Midstream Partners (NYSE:MMP – Get Rating) last announced its quarterly earnings results on Thursday, May 4th. The pipeline company reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.11. Magellan Midstream Partners had a net margin of 33.72% and a return on equity of 57.78%. The company had revenue of $869.70 million for the quarter, compared to the consensus estimate of $731.28 million. During the same period in the previous year, the firm posted $1.08 EPS. Magellan Midstream Partners’s revenue for the quarter was up 28.9% compared to the same quarter last year. On average, sell-side analysts predict that Magellan Midstream Partners, L.P. will post 4.95 earnings per share for the current year.

Magellan Midstream Partners Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 15th. Stockholders of record on Monday, May 8th were given a dividend of $1.0475 per share. This represents a $4.19 dividend on an annualized basis and a dividend yield of 6.83%. The ex-dividend date was Friday, May 5th. Magellan Midstream Partners’s payout ratio is presently 76.04%.

About Magellan Midstream Partners

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Magellan Midstream Partners LP engages in the transportation, storage, and distribution of petroleum products and crude oil. It operates through the following segments: Refined Products and Crude Oil. The Refined Products segment consists of an approximately 9,800-mile refined petroleum products pipeline system with 54 terminals and two marine storage terminals.