Several other equities research analysts have also recently commented on MMP. SunTrust Banks initiated coverage on Magellan Midstream Partners in a research report on Friday, January 18th. They set a “hold” rating and a $65.00 price objective on the stock. Jefferies Financial Group cut Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research report on Monday, January 28th. Wolfe Research cut Magellan Midstream Partners to an “underperform” rating and set a $56.00 price objective on the stock. in a research report on Friday, February 1st. Citigroup set a $70.00 price objective on Magellan Midstream Partners and gave the company a “buy” rating in a research report on Saturday, February 2nd. Finally, Evercore ISI initiated coverage on Magellan Midstream Partners in a research report on Tuesday, February 5th. They set an “outperform” rating on the stock. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $69.38.
Shares of NYSE:MMP opened at $61.12 on Wednesday. Magellan Midstream Partners has a 1-year low of $54.25 and a 1-year high of $72.90. The company has a quick ratio of 0.68, a current ratio of 0.96 and a debt-to-equity ratio of 1.59. The firm has a market cap of $14.04 billion, a PE ratio of 14.38, a P/E/G ratio of 2.52 and a beta of 0.85.
Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, January 31st. The pipeline company reported $1.03 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.13). Magellan Midstream Partners had a net margin of 47.19% and a return on equity of 40.90%. The business had revenue of $865.68 million for the quarter, compared to analysts’ expectations of $710.21 million. On average, sell-side analysts predict that Magellan Midstream Partners will post 4.06 EPS for the current fiscal year.
In other Magellan Midstream Partners news, CEO Michael N. Mears sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $59.35, for a total value of $1,780,500.00. Following the transaction, the chief executive officer now directly owns 183,185 shares of the company’s stock, valued at $10,872,029.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Lisa J. Korner sold 6,958 shares of the firm’s stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $59.29, for a total value of $412,539.82. Following the completion of the transaction, the insider now directly owns 74,517 shares in the company, valued at $4,418,112.93. The disclosure for this sale can be found here. Insiders sold 43,696 shares of company stock worth $2,597,682 over the last three months. Insiders own 0.26% of the company’s stock.
A number of large investors have recently made changes to their positions in MMP. Howe & Rusling Inc. boosted its position in Magellan Midstream Partners by 155.1% in the fourth quarter. Howe & Rusling Inc. now owns 472 shares of the pipeline company’s stock worth $27,000 after purchasing an additional 287 shares during the last quarter. AdvisorNet Financial Inc boosted its position in Magellan Midstream Partners by 132.8% in the fourth quarter. AdvisorNet Financial Inc now owns 533 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 304 shares during the last quarter. CWM LLC boosted its position in Magellan Midstream Partners by 103.7% in the first quarter. CWM LLC now owns 556 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 283 shares during the last quarter. Arlington Partners LLC purchased a new position in Magellan Midstream Partners in the fourth quarter worth about $40,000. Finally, Massey Quick Simon & CO. LLC boosted its position in Magellan Midstream Partners by 308.6% in the first quarter. Massey Quick Simon & CO. LLC now owns 662 shares of the pipeline company’s stock worth $40,000 after purchasing an additional 500 shares during the last quarter. 66.73% of the stock is currently owned by institutional investors and hedge funds.
Magellan Midstream Partners Company Profile
Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates diesel fuel, kerosene, heating oil, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.
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