Brokerages Set Magellan Midstream Partners, L.P. (MMP) PT at $78.12

Shares of Magellan Midstream Partners, L.P. (NYSE:MMP) have been assigned a consensus recommendation of “Hold” from the nineteen analysts that are currently covering the firm. Three analysts have rated the stock with a sell recommendation, ten have issued a hold recommendation and six have given a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $78.51.

Several equities analysts recently commented on the company. Vetr lowered Magellan Midstream Partners, L.P. from a “buy” rating to a “hold” rating and set a $78.61 price target on the stock. in a research report on Tuesday, January 24th. Deutsche Bank AG assumed coverage on Magellan Midstream Partners, L.P. in a research report on Tuesday, January 3rd. They set a “buy” rating and a $86.00 price target on the stock. Royal Bank of Canada lowered Magellan Midstream Partners, L.P. from an “outperform” rating to a “sector perform” rating in a research report on Friday, February 3rd. Citigroup Inc lowered Magellan Midstream Partners, L.P. from a “buy” rating to a “neutral” rating in a research report on Monday, March 6th. Finally, Macquarie assumed coverage on Magellan Midstream Partners, L.P. in a research report on Friday. They set a “neutral” rating and a $80.00 price target on the stock.

In related news, insider Lisa J. Korner sold 10,000 shares of the company’s stock in a transaction on Wednesday, February 8th. The stock was sold at an average price of $78.67, for a total transaction of $786,700.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael N. Mears sold 50,000 shares of the company’s stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $78.74, for a total value of $3,937,000.00. Following the transaction, the chief executive officer now owns 184,440 shares of the company’s stock, valued at $14,522,805.60. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of MMP. Energy Income Partners LLC bought a new position in shares of Magellan Midstream Partners, L.P. during the fourth quarter worth approximately $273,606,000. Alps Advisors Inc. increased its position in shares of Magellan Midstream Partners, L.P. by 7.9% in the third quarter. Alps Advisors Inc. now owns 12,735,658 shares of the pipeline company’s stock worth $900,920,000 after buying an additional 929,828 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of Magellan Midstream Partners, L.P. during the fourth quarter worth approximately $22,267,000. Schroder Investment Management Group increased its position in shares of Magellan Midstream Partners, L.P. by 266.2% in the third quarter. Schroder Investment Management Group now owns 407,550 shares of the pipeline company’s stock worth $28,830,000 after buying an additional 296,250 shares during the last quarter. Finally, Bank of Montreal Can raised its position in shares of Magellan Midstream Partners, L.P. by 26.9% in the third quarter. Bank of Montreal Can now owns 1,141,097 shares of the pipeline company’s stock worth $80,722,000 after buying an additional 241,866 shares during the period. Hedge funds and other institutional investors own 63.42% of the company’s stock.

Magellan Midstream Partners, L.P. (NYSE:MMP) traded down 0.11% during mid-day trading on Monday, reaching $75.83. 498,124 shares of the company were exchanged. Magellan Midstream Partners, L.P. has a 1-year low of $64.25 and a 1-year high of $81.77. The firm has a market capitalization of $17.29 billion, a P/E ratio of 21.54 and a beta of 0.82. The stock has a 50-day moving average of $77.04 and a 200 day moving average of $74.07.

Magellan Midstream Partners, L.P. (NYSE:MMP) last released its quarterly earnings results on Thursday, February 2nd. The pipeline company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.96 by $0.08. The firm had revenue of $614.92 million for the quarter, compared to analyst estimates of $610.41 million. Magellan Midstream Partners, L.P. had a return on equity of 40.66% and a net margin of 36.40%. Magellan Midstream Partners, L.P.’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.86 EPS. Equities research analysts forecast that Magellan Midstream Partners, L.P. will post $3.88 earnings per share for the current year.

The company also recently declared a dividend, which will be paid on Monday, May 15th. Stockholders of record on Monday, May 1st will be issued a $0.8725 dividend. This is an increase from Magellan Midstream Partners, L.P.’s previous dividend of $0.84. The ex-dividend date is Thursday, April 27th. Magellan Midstream Partners, L.P.’s payout ratio is 97.44%.

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Magellan Midstream Partners, L.P. Company Profile

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