Magellan Midstream Partners (MMP) Now Covered by Analysts at Bank of America

Bank of America initiated coverage on shares of Magellan Midstream Partners (NYSE:MMP) in a research note issued to investors on Tuesday, The Fly reports. The brokerage issued a buy rating on the pipeline company’s stock.

Several other equities research analysts have also recently issued reports on MMP. Citigroup raised shares of Magellan Midstream Partners from a neutral rating to a buy rating and set a $82.00 target price on the stock in a research note on Thursday, September 21st. Mizuho reaffirmed a sell rating and set a $72.00 target price on shares of Magellan Midstream Partners in a research note on Friday, October 20th. BMO Capital Markets initiated coverage on shares of Magellan Midstream Partners in a research note on Monday, December 11th. They set a buy rating and a $80.00 target price on the stock. Finally, Credit Suisse Group initiated coverage on shares of Magellan Midstream Partners in a research note on Thursday, January 4th. They set an underperform rating on the stock. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. The company presently has an average rating of Hold and an average target price of $77.97.

Shares of Magellan Midstream Partners (NYSE MMP) traded up $0.30 on Tuesday, reaching $72.66. 533,300 shares of the company’s stock traded hands, compared to its average volume of 835,583. Magellan Midstream Partners has a 52 week low of $63.55 and a 52 week 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 firm has a market cap of $16,630.00, a PE ratio of 19.64, a PEG ratio of 2.36 and a beta of 0.77.

Magellan Midstream Partners (NYSE:MMP) last announced its earnings results on Thursday, November 2nd. The pipeline company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.02. Magellan Midstream Partners had a net margin of 34.50% and a return on equity of 40.99%. The company had revenue of $551.80 million for the quarter, compared to analysts’ expectations of $610.12 million. During the same quarter in the previous year, the company posted $0.91 EPS. The firm’s quarterly revenue was down 3.7% on a year-over-year basis. sell-side analysts predict that Magellan Midstream Partners will post 3.87 EPS for the current year.

Several hedge funds have recently made changes to their positions in MMP. Beach Investment Management LLC. boosted its position in shares of Magellan Midstream Partners by 1,479.2% during the 2nd quarter. Beach Investment Management LLC. now owns 762,331 shares of the pipeline company’s stock valued at $54,331,000 after acquiring an additional 714,059 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Magellan Midstream Partners by 20.3% in the second quarter. Bank of New York Mellon Corp now owns 93,487 shares of the pipeline company’s stock valued at $6,663,000 after buying an additional 15,789 shares during the last quarter. Comerica Bank lifted its position in Magellan Midstream Partners by 17.6% in the second quarter. Comerica Bank now owns 18,232 shares of the pipeline company’s stock valued at $1,290,000 after buying an additional 2,724 shares during the last quarter. Principal Financial Group Inc. acquired a new position in Magellan Midstream Partners in the second quarter valued at about $5,161,000. Finally, Alliancebernstein L.P. lifted its position in Magellan Midstream Partners by 6.4% in the second quarter. Alliancebernstein L.P. now owns 56,641 shares of the pipeline company’s stock valued at $4,037,000 after buying an additional 3,395 shares during the last quarter. 62.03% of the stock is currently owned by hedge funds and other institutional investors.

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Magellan Midstream Partners Company Profile

The Fly

Analyst Recommendations for Magellan Midstream Partners (NYSE:MMP)

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