Magellan Midstream Partners (NYSE:MMP) Research Coverage Started at StockNews.com

StockNews.com initiated coverage on shares of Magellan Midstream Partners (NYSE:MMP – Get Rating) in a research note published on Thursday. The brokerage issued a hold rating on the pipeline company’s stock.

A number of other brokerages have also issued reports on MMP. Wolfe Research lowered shares of Magellan Midstream Partners from a peer perform rating to an underperform rating and set a $49.00 price objective for the company. in a report on Wednesday, November 16th. Royal Bank of Canada reissued an outperform rating and issued a $59.00 price objective on shares of Magellan Midstream Partners in a report on Wednesday. Barclays raised shares of Magellan Midstream Partners from an equal weight rating to an overweight rating and set a $59.00 price objective for the company in a report on Wednesday, January 18th. Wells Fargo & Company upped their target price on shares of Magellan Midstream Partners from $56.00 to $58.00 and gave the company an equal weight rating in a research report on Tuesday, February 7th. Finally, Morgan Stanley upped their target price on shares of Magellan Midstream Partners from $54.00 to $56.00 and gave the company an underweight rating in a research report on Monday, January 9th. Two analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Hold and an average target price of $56.27.

Magellan Midstream Partners Trading Down 0.1 %

Shares of MMP traded down $0.06 during mid-day trading on Thursday, reaching $52.60. The stock had a trading volume of 3,801,039 shares, compared to its average volume of 762,297. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.98 and a quick ratio of 0.49. Magellan Midstream Partners has a 52-week low of $44.79 and a 52-week high of $60.55. The business’s fifty day moving average is $53.22 and its 200 day moving average is $51.49. The firm has a market cap of $10.69 billion, a price-to-earnings ratio of 10.63, a P/E/G ratio of 7.81 and a beta of 0.92.

Magellan Midstream Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 14th. Stockholders of record on Tuesday, February 7th were given a dividend of $1.048 per share. This represents a $4.19 annualized dividend and a dividend yield of 7.97%. The ex-dividend date was Monday, February 6th. This is a boost from Magellan Midstream Partners’s previous quarterly dividend of $1.05. Magellan Midstream Partners’s dividend payout ratio is currently 84.65%.

Institutional Trading of Magellan Midstream Partners

Several hedge funds have recently made changes to their positions in the business. Buckingham Strategic Wealth LLC lifted its position in shares of Magellan Midstream Partners by 1.4% during the third quarter. Buckingham Strategic Wealth LLC now owns 13,859 shares of the pipeline company’s stock worth $658,000 after purchasing an additional 196 shares in the last quarter. FLC Capital Advisors lifted its position in shares of Magellan Midstream Partners by 0.8% during the fourth quarter. FLC Capital Advisors now owns 24,890 shares of the pipeline company’s stock worth $1,250,000 after purchasing an additional 200 shares in the last quarter. Visionary Wealth Advisors lifted its position in shares of Magellan Midstream Partners by 3.9% during the second quarter. Visionary Wealth Advisors now owns 5,540 shares of the pipeline company’s stock worth $265,000 after purchasing an additional 210 shares in the last quarter. Cutter & CO Brokerage Inc. lifted its position in shares of Magellan Midstream Partners by 1.4% during the fourth quarter. Cutter & CO Brokerage Inc. now owns 17,786 shares of the pipeline company’s stock worth $893,000 after purchasing an additional 241 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Magellan Midstream Partners by 53.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 691 shares of the pipeline company’s stock worth $35,000 after purchasing an additional 241 shares in the last quarter. Institutional investors and hedge funds own 51.06% of the company’s stock.

About Magellan Midstream Partners

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Magellan Midstream Partners LP engages in the transportation, storage, and distribution of petroleum products and crude oil. It operates through the following segments: Refined Products and Crude Oil. The Refined Products segment consists of an approximately 9,800-mile refined petroleum products pipeline system with 54 terminals and two marine storage terminals.