TD Securities downgraded shares of Magellan Midstream Partners (NYSE:MMP – Get Rating) from a hold rating to a tender rating in a research note issued to investors on Tuesday morning, BayStreet.CA reports. They currently have $67.50 target price on the pipeline company’s stock, up from their previous target price of $55.00.
Several other equities analysts also recently commented on the company. StockNews.com began coverage on Magellan Midstream Partners in a research note on Thursday, March 16th. They issued a hold rating on the stock. Barclays upped their price objective on Magellan Midstream Partners from $59.00 to $60.00 in a research note on Tuesday, April 18th. Royal Bank of Canada reiterated an outperform rating and issued a $59.00 price objective on shares of Magellan Midstream Partners in a research note on Wednesday, March 15th. Raymond James downgraded Magellan Midstream Partners from an outperform rating to a market perform rating in a research note on Thursday, April 20th. Finally, Wells Fargo & Company boosted 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 report on Tuesday, February 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $57.86.
Magellan Midstream Partners Price Performance
Shares of NYSE MMP opened at $61.38 on Tuesday. Magellan Midstream Partners has a twelve month low of $44.79 and a twelve month high of $64.42. The stock’s 50 day moving average price is $54.61 and its 200-day moving average price is $53.03. The company has a market capitalization of $12.40 billion, a PE ratio of 11.14, a PEG ratio of 2.01 and a beta of 0.91. The company has a quick ratio of 0.44, a current ratio of 0.97 and a debt-to-equity ratio of 2.96.
Magellan Midstream Partners Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, May 15th. Stockholders of record on Monday, May 8th were issued a $1.0475 dividend. The ex-dividend date was Friday, May 5th. This represents a $4.19 annualized dividend and a dividend yield of 6.83%. Magellan Midstream Partners’s payout ratio is currently 76.04%.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the company. SVB Wealth LLC increased its holdings in shares of Magellan Midstream Partners by 5.2% in the third quarter. SVB Wealth LLC now owns 32,069 shares of the pipeline company’s stock worth $1,523,000 after purchasing an additional 1,579 shares during the period. MGO One Seven LLC increased its stake in Magellan Midstream Partners by 2.9% in the fourth quarter. MGO One Seven LLC now owns 11,805 shares of the pipeline company’s stock valued at $593,000 after acquiring an additional 334 shares during the last quarter. Centaurus Financial Inc. increased its stake in Magellan Midstream Partners by 31.9% in the third quarter. Centaurus Financial Inc. now owns 3,003 shares of the pipeline company’s stock valued at $143,000 after acquiring an additional 727 shares during the last quarter. Concord Wealth Partners bought a new position in Magellan Midstream Partners in the fourth quarter valued at $49,000. Finally, Commonwealth Equity Services LLC increased its stake in Magellan Midstream Partners by 5.5% in the third quarter. Commonwealth Equity Services LLC now owns 105,546 shares of the pipeline company’s stock valued at $5,014,000 after acquiring an additional 5,490 shares during the last quarter. Institutional investors own 51.06% of the company’s stock.
About Magellan Midstream Partners
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.
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