Magellan Midstream Partners (NYSE:MMP) Upgraded by SunTrust Banks to “Buy”

SunTrust Banks upgraded shares of Magellan Midstream Partners (NYSE:MMP) from a hold rating to a buy rating in a report published on Monday morning, Briefing.com Automated Import reports. They currently have $50.00 price objective on the pipeline company’s stock, down from their previous price objective of $65.00.

A number of other equities research analysts have also recently issued reports on MMP. Morgan Stanley raised shares of Magellan Midstream Partners from an equal weight rating to an overweight rating in a research note on Monday, March 16th. Stifel Nicolaus upgraded shares of Magellan Midstream Partners from a hold rating to a buy rating and lowered their price target for the company from $67.00 to $66.00 in a report on Tuesday, February 11th. Goldman Sachs Group began coverage on shares of Magellan Midstream Partners in a report on Sunday, November 24th. They set a buy rating and a $69.00 price target for the company. Citigroup lowered their price target on shares of Magellan Midstream Partners from $70.00 to $66.00 and set a buy rating for the company in a report on Tuesday, February 4th. Finally, Mizuho reiterated a hold rating and set a $68.00 price target on shares of Magellan Midstream Partners in a report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $64.63.

Shares of Magellan Midstream Partners stock traded up $3.36 during trading on Monday, reaching $32.82. The company’s stock had a trading volume of 3,581,214 shares, compared to its average volume of 2,029,961. Magellan Midstream Partners has a 52-week low of $22.02 and a 52-week high of $67.75. The company has a market cap of $6.33 billion, a price-to-earnings ratio of 7.36 and a beta of 0.70. The firm’s 50-day moving average is $50.08 and its two-hundred day moving average is $59.90. The company has a quick ratio of 0.41, a current ratio of 0.69 and a debt-to-equity ratio of 1.79.

Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings data on Thursday, January 30th. The pipeline company reported $1.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.18 by $0.07. Magellan Midstream Partners had a net margin of 37.42% and a return on equity of 40.94%. The company had revenue of $740.68 million during the quarter, compared to analysts’ expectations of $840.57 million. During the same quarter in the prior year, the company earned $1.25 EPS. The firm’s revenue was down 14.4% on a year-over-year basis. On average, equities research analysts anticipate that Magellan Midstream Partners will post 4.25 EPS for the current year.

In other Magellan Midstream Partners news, SVP Jeff R. Selvidge sold 2,500 shares of the company’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $60.74, for a total value of $151,850.00. Following the completion of the transaction, the senior vice president now directly owns 21,780 shares in the company, valued at approximately $1,322,917.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James R. Montague sold 1,910 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $60.77, for a total transaction of $116,070.70. Following the completion of the transaction, the director now owns 21,952 shares of the company’s stock, valued at $1,334,023.04. The disclosure for this sale can be found here. Corporate insiders own 0.29% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of MMP. Colony Group LLC raised its holdings in Magellan Midstream Partners by 1.9% in the 3rd quarter. Colony Group LLC now owns 22,614 shares of the pipeline company’s stock worth $1,499,000 after purchasing an additional 414 shares in the last quarter. Voya Financial Advisors Inc. grew its position in shares of Magellan Midstream Partners by 0.8% in the 3rd quarter. Voya Financial Advisors Inc. now owns 69,108 shares of the pipeline company’s stock worth $4,587,000 after buying an additional 526 shares during the period. RDA Financial Network grew its position in shares of Magellan Midstream Partners by 37.4% in the 3rd quarter. RDA Financial Network now owns 6,591 shares of the pipeline company’s stock worth $390,000 after buying an additional 1,794 shares during the period. Virtu Financial LLC purchased a new stake in shares of Magellan Midstream Partners in the 3rd quarter worth about $1,086,000. Finally, Carnegie Capital Asset Management LLC grew its position in shares of Magellan Midstream Partners by 0.8% in the 3rd quarter. Carnegie Capital Asset Management LLC now owns 30,623 shares of the pipeline company’s stock worth $2,029,000 after buying an additional 237 shares during the period. Institutional investors and hedge funds own 64.69% of the company’s stock.

Magellan Midstream Partners Company Profile

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.

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Analyst Recommendations for Magellan Midstream Partners (NYSE:MMP)

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