Magellan Midstream Partners (MMP) Coverage Initiated at BMO Capital Markets

BMO Capital Markets began coverage on shares of Magellan Midstream Partners (NYSE:MMP) in a research report issued on Monday. The firm set a “buy” rating and a $80.00 price target on the pipeline company’s stock. BMO Capital Markets’ price target indicates a potential upside of 16.94% from the company’s previous close.

MMP has been the topic of a number of other reports. Citigroup upgraded Magellan Midstream Partners from a “neutral” rating to a “buy” rating and set a $82.00 target price on the stock in a research report on Thursday, September 21st. Jefferies Group restated a “hold” rating and set a $70.00 target price (down from $73.00) on shares of Magellan Midstream Partners in a research report on Sunday, September 3rd. Mizuho restated a “sell” rating and set a $72.00 target price on shares of Magellan Midstream Partners in a research report on Friday, October 20th. Finally, BidaskClub cut Magellan Midstream Partners from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 17th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. Magellan Midstream Partners currently has a consensus rating of “Hold” and an average target price of $79.11.

Shares of Magellan Midstream Partners (NYSE MMP) opened at $68.41 on Monday. Magellan Midstream Partners has a 12-month low of $63.55 and a 12-month high of $81.77. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.29 and a current ratio of 0.50. The company has a market capitalization of $15,490.00, a PE ratio of 17.61, a PEG ratio of 2.27 and a beta of 0.77.

Magellan Midstream Partners (NYSE:MMP) last posted its earnings results on Thursday, November 2nd. The pipeline company reported $0.97 EPS for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.02. Magellan Midstream Partners had a return on equity of 40.99% and a net margin of 34.50%. The firm had revenue of $551.80 million for the quarter, compared to analysts’ expectations of $610.12 million. During the same period last year, the firm earned $0.91 EPS. The company’s quarterly revenue was down 3.7% on a year-over-year basis. analysts predict that Magellan Midstream Partners will post 3.88 earnings per share for the current fiscal year.

In related news, insider Jeff R. Selvidge sold 5,000 shares of Magellan Midstream Partners stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $70.64, for a total value of $353,200.00. Following the sale, the insider now directly owns 19,653 shares in the company, valued at approximately $1,388,287.92. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.24% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. Pathstone Family Office LLC acquired a new position in shares of Magellan Midstream Partners during the 2nd quarter worth approximately $148,000. Acrospire Investment Management LLC boosted its holdings in shares of Magellan Midstream Partners by 340.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 2,200 shares of the pipeline company’s stock worth $157,000 after purchasing an additional 1,700 shares during the last quarter. Glenview State Bank Trust DEPT. acquired a new position in shares of Magellan Midstream Partners during the 3rd quarter worth approximately $223,000. Doliver Capital Advisors LP acquired a new position in shares of Magellan Midstream Partners during the 2nd quarter worth approximately $234,000. Finally, M&R Capital Management Inc. boosted its holdings in shares of Magellan Midstream Partners by 16.7% during the 2nd quarter. M&R Capital Management Inc. now owns 3,500 shares of the pipeline company’s stock worth $235,000 after purchasing an additional 500 shares during the last quarter. Institutional investors own 62.48% of the company’s stock.

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