Magellan Midstream Partners (NYSE:MMP) Downgraded by TD Securities to “Tender”

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 (NYSE:MMP – Get Rating) last announced its earnings results on Thursday, May 4th. The pipeline company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.11. Magellan Midstream Partners had a return on equity of 57.78% and a net margin of 33.72%. The firm had revenue of $869.70 million for the quarter, compared to the consensus estimate of $731.28 million. During the same quarter in the previous year, the business earned $1.08 EPS. The company’s revenue was up 28.9% compared to the same quarter last year. On average, equities analysts anticipate that Magellan Midstream Partners will post 5.33 EPS for the current year.

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

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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.