Magellan Midstream Partners (NYSE:MMP) Coverage Initiated by Analysts at StockNews.com

Analysts at StockNews.com began coverage on shares of Magellan Midstream Partners (NYSE:MMP) in a research note issued on Wednesday. The firm set a “hold” rating on the pipeline company’s stock.

Several other research firms have also issued reports on MMP. Royal Bank of Canada lowered shares of Magellan Midstream Partners from an “outperform” rating to a “sector perform” rating and increased their price target for the stock from $59.00 to $66.00 in a research report on Wednesday, May 17th. Mizuho raised their price objective on shares of Magellan Midstream Partners from $53.00 to $56.00 in a report on Monday, May 15th. Stifel Nicolaus lowered shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating and raised their price objective for the stock from $61.00 to $64.00 in a report on Thursday, May 18th. Argus lowered shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a report on Wednesday, August 16th. Finally, TD Securities raised their price objective on shares of Magellan Midstream Partners from $67.50 to $69.00 and gave the stock a “tender” rating in a report on Friday, August 4th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $60.70.

Magellan Midstream Partners Stock Performance

NYSE:MMP opened at $66.44 on Wednesday. Magellan Midstream Partners has a 12-month low of $45.52 and a 12-month high of $66.78. The company has a quick ratio of 0.60, a current ratio of 1.08 and a debt-to-equity ratio of 2.91. The firm has a market capitalization of $13.43 billion, a PE ratio of 13.24 and a beta of 0.90. The firm has a 50-day moving average price of $64.13 and a 200 day moving average price of $58.97.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings results on Thursday, August 3rd. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.13. Magellan Midstream Partners had a net margin of 29.55% and a return on equity of 58.77%. The firm had revenue of $877.20 million during the quarter, compared to analyst estimates of $797.91 million. Research analysts anticipate that Magellan Midstream Partners will post 5.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magellan Midstream Partners

A number of hedge funds and other institutional investors have recently bought and sold shares of MMP. Moneta Group Investment Advisors LLC boosted its stake in Magellan Midstream Partners by 100,697.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 50,811,771 shares of the pipeline company’s stock valued at $2,551,259,000 after acquiring an additional 50,761,361 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Magellan Midstream Partners by 208.3% in the second quarter. JPMorgan Chase & Co. now owns 5,033,800 shares of the pipeline company’s stock valued at $313,706,000 after acquiring an additional 3,400,925 shares during the last quarter. Citigroup Inc. boosted its stake in Magellan Midstream Partners by 714.0% in the second quarter. Citigroup Inc. now owns 1,933,976 shares of the pipeline company’s stock valued at $120,525,000 after acquiring an additional 1,696,395 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in Magellan Midstream Partners by 94.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,666,575 shares of the pipeline company’s stock valued at $133,889,000 after acquiring an additional 1,296,233 shares during the last quarter. Finally, Westchester Capital Management LLC bought a new position in Magellan Midstream Partners in the second quarter valued at approximately $73,786,000. 54.84% of the stock is owned by institutional investors.

About Magellan Midstream Partners

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates refined products pipeline that transports gasoline, diesel and aviation fuel, kerosene, and heating oil to refiners, 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.