Magellan Midstream Partners (NYSE:MMP) Lifted to “Overweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Magellan Midstream Partners (NYSE:MMPGet Rating) from a neutral rating to an overweight rating in a research report released on Wednesday, Marketbeat.com reports. They currently have $57.00 price target on the pipeline company’s stock, up from their prior price target of $52.00.

Other equities research analysts have also issued research reports about the company. TD Securities raised their target price on Magellan Midstream Partners from $51.00 to $52.00 and gave the stock a hold rating in a research report on Friday, May 6th. Mizuho lifted their price target on Magellan Midstream Partners from $50.00 to $52.00 and gave the company a neutral rating in a research note on Wednesday, March 30th. Morgan Stanley lifted their price objective on Magellan Midstream Partners from $50.00 to $54.00 and gave the stock an underweight rating in a report on Tuesday, April 26th. StockNews.com assumed coverage on Magellan Midstream Partners in a report on Thursday, March 31st. They set a hold rating for the company. Finally, Wells Fargo & Company cut their price target on Magellan Midstream Partners to $54.00 and set an equal weight rating for the company in a report on Friday, May 20th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $52.30.

Shares of Magellan Midstream Partners stock opened at $50.94 on Wednesday. Magellan Midstream Partners has a one year low of $43.58 and a one year high of $53.85. The company has a market capitalization of $10.78 billion, a PE ratio of 11.96, a P/E/G ratio of 4.41 and a beta of 0.96. The company has a debt-to-equity ratio of 2.95, a quick ratio of 0.83 and a current ratio of 1.50. The company has a 50-day simple moving average of $49.71 and a two-hundred day simple moving average of $48.19.

Magellan Midstream Partners (NYSE:MMPGet Rating) last released its quarterly earnings data on Thursday, May 5th. The pipeline company reported $1.08 EPS for the quarter, topping the consensus estimate of $1.05 by $0.03. The business had revenue of $631.10 million for the quarter, compared to analyst estimates of $704.74 million. Magellan Midstream Partners had a return on equity of 51.92% and a net margin of 33.36%. The business’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.09 EPS. On average, equities analysts predict that Magellan Midstream Partners will post 4.17 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, May 13th. Stockholders of record on Monday, May 2nd were given a dividend of $1.0375 per share. This represents a $4.15 dividend on an annualized basis and a dividend yield of 8.15%. The ex-dividend date of this dividend was Friday, April 29th. Magellan Midstream Partners’s payout ratio is 97.42%.

Several institutional investors have recently made changes to their positions in MMP. Bank of America Corp DE raised its position in shares of Magellan Midstream Partners by 59.3% during the 4th quarter. Bank of America Corp DE now owns 3,132,338 shares of the pipeline company’s stock worth $145,467,000 after purchasing an additional 1,165,745 shares during the period. Alps Advisors Inc. grew its holdings in Magellan Midstream Partners by 6.3% in the 4th quarter. Alps Advisors Inc. now owns 11,064,905 shares of the pipeline company’s stock worth $513,854,000 after buying an additional 657,431 shares in the last quarter. Deutsche Bank AG grew its holdings in Magellan Midstream Partners by 38.7% in the 4th quarter. Deutsche Bank AG now owns 2,092,480 shares of the pipeline company’s stock worth $97,175,000 after buying an additional 583,601 shares in the last quarter. Beach Investment Counsel Inc. PA bought a new position in Magellan Midstream Partners in the 1st quarter worth approximately $23,588,000. Finally, BNP Paribas Arbitrage SA boosted its stake in Magellan Midstream Partners by 486.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 478,193 shares of the pipeline company’s stock valued at $23,465,000 after purchasing an additional 396,682 shares in the last quarter. Institutional investors and hedge funds own 53.28% of the company’s stock.

Magellan Midstream Partners Company Profile (Get Rating)

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. It operates through Refined Products and Crude Oil segments. The company operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports.

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