RBC Capital Markets Reiterates “Buy” Rating for Magellan Midstream Partners L.P. (MMP)

Magellan Midstream Partners L.P. (NYSE:MMP)‘s stock had its “buy” rating reiterated by investment analysts at RBC Capital Markets in a research note issued to investors on Friday. They presently have a $84.00 target price on the stock. RBC Capital Markets’ target price would suggest a potential upside of 10.76% from the company’s current price.

MMP has been the topic of several other research reports. Zacks Investment Research upgraded Magellan Midstream Partners L.P. from a “hold” rating to a “buy” rating and set a $78.00 price objective on the stock in a report on Wednesday, October 5th. Goldman Sachs Group, Inc. (The) upgraded Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $76.00 to $85.00 in a report on Thursday, December 15th. Mizuho started coverage on Magellan Midstream Partners L.P. in a report on Thursday, September 29th. They set a “neutral” rating and a $73.00 price objective on the stock. Deutsche Bank AG started coverage on Magellan Midstream Partners L.P. in a report on Tuesday, January 3rd. They set a “buy” rating and a $86.00 price objective on the stock. Finally, Ladenburg Thalmann started coverage on Magellan Midstream Partners L.P. in a report on Monday, December 19th. They set a “buy” rating and a $80.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company. Magellan Midstream Partners L.P. currently has an average rating of “Hold” and a consensus price target of $78.00.

Analyst Recommendations for Magellan Midstream Partners L.P. (NYSE:MMP)

Shares of Magellan Midstream Partners L.P. (NYSE:MMP) opened at 75.84 on Friday. The company has a market cap of $17.28 billion, a price-to-earnings ratio of 21.73 and a beta of 0.77. Magellan Midstream Partners L.P. has a 12 month low of $55.25 and a 12 month high of $77.50. The company’s 50-day moving average price is $72.50 and its 200-day moving average price is $71.07.

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. Magellan Midstream Partners L.P. had a net margin of 36.82% and a return on equity of 38.77%. The firm had revenue of $586.67 million for the quarter, compared to analysts’ expectations of $291.99 million. During the same period in the previous year, the business earned $0.86 earnings per share. Magellan Midstream Partners L.P.’s revenue for the quarter was up 6.3% compared to the same quarter last year. Analysts anticipate that Magellan Midstream Partners L.P. will post $3.54 EPS for the current year.

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Institutional investors have recently bought and sold shares of the company. Enterprise Financial Services Corp raised its stake in shares of Magellan Midstream Partners L.P. by 10.1% in the third quarter. Enterprise Financial Services Corp now owns 1,450 shares of the company’s stock worth $103,000 after buying an additional 133 shares in the last quarter. Bellwether Investment Group LLC purchased a new stake in shares of Magellan Midstream Partners L.P. during the second quarter worth $109,000. Independent Portfolio Consultants Inc. raised its stake in shares of Magellan Midstream Partners L.P. by 59.0% in the third quarter. Independent Portfolio Consultants Inc. now owns 2,236 shares of the company’s stock worth $158,000 after buying an additional 830 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Magellan Midstream Partners L.P. by 7,232.3% in the second quarter. Tower Research Capital LLC TRC now owns 2,273 shares of the company’s stock worth $173,000 after buying an additional 2,242 shares in the last quarter. Finally, Carroll Financial Associates Inc. raised its stake in shares of Magellan Midstream Partners L.P. by 24.4% in the third quarter. Carroll Financial Associates Inc. now owns 2,480 shares of the company’s stock worth $175,000 after buying an additional 486 shares in the last quarter. 63.53% of the stock is owned by institutional investors.

About Magellan Midstream Partners L.P.

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