Magellan Midstream Partners (NYSE:MMP) Now Covered by Analysts at StockNews.com

StockNews.com began coverage on shares of Magellan Midstream Partners (NYSE:MMP – Get Rating) in a report released on Friday. The firm set a “hold” rating on the pipeline company’s stock.

MMP has been the topic of a number of other research reports. US Capital Advisors lowered Magellan Midstream Partners from an “overweight” rating to a “hold” rating in a research note on Friday, May 19th. Wells Fargo & Company boosted their target price on Magellan Midstream Partners from $56.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 7th. Stifel Nicolaus downgraded Magellan Midstream Partners from a “buy” rating to a “hold” rating and boosted their target price for the stock from $61.00 to $64.00 in a research report on Thursday, May 18th. Mizuho boosted their target price on Magellan Midstream Partners from $53.00 to $56.00 in a research report on Monday, May 15th. Finally, Barclays boosted their target price on Magellan Midstream Partners from $59.00 to $60.00 in a research report on Tuesday, April 18th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $59.68.

Magellan Midstream Partners Price Performance

Magellan Midstream Partners stock opened at $61.60 on Friday. The company has a debt-to-equity ratio of 2.96, a quick ratio of 0.44 and a current ratio of 0.97. The firm has a market cap of $12.45 billion, a P/E ratio of 11.18 and a beta of 0.91. The business’s fifty day moving average is $55.93 and its two-hundred day moving average is $53.48. Magellan Midstream Partners has a 52 week low of $44.79 and a 52 week high of $64.42.

Magellan Midstream Partners (NYSE:MMP – Get Rating) last posted its quarterly earnings data on Thursday, May 4th. The pipeline company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.11. The company had revenue of $869.70 million for the quarter, compared to analyst estimates of $731.28 million. Magellan Midstream Partners had a return on equity of 57.78% and a net margin of 33.72%. The business’s revenue was up 28.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.08 earnings per share. Equities research analysts forecast that Magellan Midstream Partners will post 5.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Magellan Midstream Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Moneta Group Investment Advisors LLC increased its holdings in shares of Magellan Midstream Partners by 100,697.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 50,811,771 shares of the pipeline company’s stock worth $2,551,259,000 after acquiring an additional 50,761,361 shares in the last quarter. Energy Income Partners LLC increased its holdings in shares of Magellan Midstream Partners by 2.9% in the fourth quarter. Energy Income Partners LLC now owns 6,620,265 shares of the pipeline company’s stock worth $332,404,000 after acquiring an additional 189,427 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Magellan Midstream Partners by 1.8% in the first quarter. Goldman Sachs Group Inc. now owns 5,951,963 shares of the pipeline company’s stock worth $292,064,000 after acquiring an additional 106,822 shares in the last quarter. Morgan Stanley increased its holdings in shares of Magellan Midstream Partners by 0.4% in the fourth quarter. Morgan Stanley now owns 4,358,092 shares of the pipeline company’s stock worth $218,820,000 after acquiring an additional 16,875 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Magellan Midstream Partners by 4.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,509,874 shares of the pipeline company’s stock worth $190,446,000 after acquiring an additional 164,259 shares in 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.