Magellan Midstream Partners (NYSE:MMP) Raised to Buy at The Goldman Sachs Group

Magellan Midstream Partners (NYSE:MMPGet Rating) was upgraded by The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, The Fly reports.

Other research analysts have also issued 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 objective on Magellan Midstream Partners from $50.00 to $52.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 30th. JPMorgan Chase & Co. raised Magellan Midstream Partners from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $52.00 to $57.00 in a research report on Wednesday, May 25th. Wells Fargo & Company raised Magellan Midstream Partners from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $54.00 to $56.00 in a research report on Tuesday, May 31st. Finally, StockNews.com started coverage on Magellan Midstream Partners in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Magellan Midstream Partners has a consensus rating of “Hold” and an average price target of $52.50.

NYSE:MMP traded up $0.16 during trading hours on Wednesday, hitting $53.54. 24,221 shares of the company were exchanged, compared to its average volume of 904,477. The stock has a market capitalization of $11.33 billion, a price-to-earnings ratio of 12.57, a price-to-earnings-growth ratio of 4.92 and a beta of 0.96. The company has a current ratio of 1.50, a quick ratio of 1.01 and a debt-to-equity ratio of 2.95. Magellan Midstream Partners has a one year low of $43.58 and a one year high of $53.85. The company has a fifty day simple moving average of $50.08 and a 200 day simple moving average of $48.38.

Magellan Midstream Partners (NYSE:MMPGet Rating) last announced its earnings results on Thursday, May 5th. The pipeline company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.03. The business had revenue of $631.10 million during 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%. Magellan Midstream Partners’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same period last year, the company earned $1.09 EPS. Equities research analysts predict that Magellan Midstream Partners will post 4.04 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the company. Alps Advisors Inc. boosted its stake in Magellan Midstream Partners by 6.3% during the 4th quarter. Alps Advisors Inc. now owns 11,064,905 shares of the pipeline company’s stock valued at $513,854,000 after purchasing an additional 657,431 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Magellan Midstream Partners by 1.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,951,963 shares of the pipeline company’s stock valued at $292,064,000 after purchasing an additional 106,822 shares during the last quarter. Morgan Stanley boosted its stake in Magellan Midstream Partners by 5.1% during the 3rd quarter. Morgan Stanley now owns 5,790,647 shares of the pipeline company’s stock valued at $263,939,000 after purchasing an additional 282,147 shares during the last quarter. Bank of America Corp DE boosted its stake in 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 valued at $145,467,000 after purchasing an additional 1,165,745 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Magellan Midstream Partners by 10.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,697,017 shares of the pipeline company’s stock valued at $132,343,000 after purchasing an additional 246,037 shares during the last quarter. Institutional investors 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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