Magellan Midstream Partners L.P. (NYSE:MMP) has earned an average rating of “Hold” from the seventeen ratings firms that are presently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $79.04.
A number of brokerages have recently issued reports on MMP. BidaskClub downgraded shares of Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Zacks Investment Research cut shares of Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Mizuho cut shares of Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $74.00 to $72.00 in a research note on Monday, July 10th. Stifel Nicolaus reiterated a “hold” rating and issued a $81.00 price objective on shares of Magellan Midstream Partners L.P. in a research note on Wednesday, July 19th. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $80.00 price objective on shares of Magellan Midstream Partners L.P. in a research note on Monday, July 24th.
In related news, insider Jeff R. Selvidge sold 5,000 shares of the firm’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $70.64, for a total value of $353,200.00. Following the completion of the transaction, the insider now directly owns 19,653 shares of the company’s stock, valued at $1,388,287.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.24% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. NEXT Financial Group Inc boosted its stake in Magellan Midstream Partners L.P. by 7.5% during the second quarter. NEXT Financial Group Inc now owns 1,807 shares of the pipeline company’s stock worth $129,000 after buying an additional 126 shares during the period. Independent Portfolio Consultants Inc. boosted its stake in Magellan Midstream Partners L.P. by 4.6% during the second quarter. Independent Portfolio Consultants Inc. now owns 1,968 shares of the pipeline company’s stock worth $140,000 after buying an additional 87 shares during the period. Pathstone Family Office LLC purchased a new position in Magellan Midstream Partners L.P. during the second quarter worth $148,000. Acrospire Investment Management LLC boosted its stake in Magellan Midstream Partners L.P. by 340.0% during the second quarter. Acrospire Investment Management LLC now owns 2,200 shares of the pipeline company’s stock worth $157,000 after buying an additional 1,700 shares during the period. Finally, Glenview State Bank Trust DEPT. purchased a new position in Magellan Midstream Partners L.P. during the third quarter worth $223,000. 61.10% of the stock is owned by institutional investors.
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Shares of Magellan Midstream Partners L.P. (MMP) traded up $1.28 during midday trading on Thursday, hitting $68.14. 994,033 shares of the stock were exchanged, compared to its average volume of 702,170. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.45 and a current ratio of 0.71. The stock has a market cap of $15,537.62, a P/E ratio of 17.88, a PEG ratio of 2.32 and a beta of 0.78. Magellan Midstream Partners L.P. has a 12-month low of $63.92 and a 12-month high of $81.77.
Magellan Midstream Partners L.P. (NYSE:MMP) last announced its quarterly earnings results on Thursday, November 2nd. The pipeline company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.02. The firm had revenue of $551.80 million for the quarter, compared to the consensus estimate of $610.12 million. Magellan Midstream Partners L.P. had a net margin of 34.50% and a return on equity of 41.10%. The business’s quarterly revenue was down 3.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.91 EPS. equities research analysts forecast that Magellan Midstream Partners L.P. will post 3.87 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Thursday, November 2nd will be issued a $0.905 dividend. The ex-dividend date is Wednesday, November 1st. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.89. This represents a $3.62 dividend on an annualized basis and a dividend yield of 5.31%. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is 97.84%.
About Magellan Midstream Partners L.P.
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