BidaskClub lowered shares of Magellan Midstream Partners L.P. (NYSE:MMP) from a sell rating to a strong sell rating in a report released on Thursday.

MMP has been the subject of a number of other reports. Zacks Investment Research lowered Magellan Midstream Partners L.P. from a hold rating to a sell rating in a research note on Tuesday, July 11th. Royal Bank Of Canada reissued a hold rating and set a $80.00 price target on shares of Magellan Midstream Partners L.P. in a research note on Tuesday, June 20th. Macquarie began coverage on Magellan Midstream Partners L.P. in a research note on Friday, April 21st. They set a neutral rating and a $80.00 price target for the company. Credit Suisse Group raised Magellan Midstream Partners L.P. from an underperform rating to a neutral rating and increased their price target for the company from $80.00 to $84.00 in a research note on Thursday, May 4th. Finally, UBS AG raised Magellan Midstream Partners L.P. from a neutral rating to a buy rating and set a $82.00 price target for the company in a research note on Tuesday, July 18th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $79.77.

Magellan Midstream Partners L.P. (MMP) opened at 64.84 on Thursday. The company’s 50 day moving average price is $69.29 and its 200-day moving average price is $73.87. The stock has a market capitalization of $14.79 billion, a PE ratio of 17.58 and a beta of 0.80. Magellan Midstream Partners L.P. has a one year low of $64.25 and a one year high of $81.77.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.03. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. The company had revenue of $619.40 million during the quarter, compared to analyst estimates of $561.70 million. During the same period in the prior year, the company earned $0.82 earnings per share. The firm’s revenue was up 19.4% on a year-over-year basis. Analysts expect that Magellan Midstream Partners L.P. will post $3.91 earnings per share for the current year.

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The business also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, July 31st were given a dividend of $0.89 per share. The ex-dividend date was Thursday, July 27th. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. This represents a $3.56 dividend on an annualized basis and a yield of 5.49%. Magellan Midstream Partners L.P.’s dividend payout ratio is 96.74%.

In other news, insider Douglas J. May sold 8,000 shares of the stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $75.00, for a total value of $600,000.00. Following the sale, the insider now directly owns 27,599 shares in the company, valued at $2,069,925. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.24% of the company’s stock.

Large investors have recently modified their holdings of the company. Founders Capital Management acquired a new stake in shares of Magellan Midstream Partners L.P. during the first quarter valued at $109,000. Catalyst Capital Advisors LLC increased its stake in shares of Magellan Midstream Partners L.P. by 23.7% in the first quarter. Catalyst Capital Advisors LLC now owns 1,568 shares of the pipeline company’s stock valued at $121,000 after buying an additional 300 shares during the last quarter. NEXT Financial Group Inc increased its stake in shares of Magellan Midstream Partners L.P. by 7.5% in the second quarter. NEXT Financial Group Inc now owns 1,807 shares of the pipeline company’s stock valued at $129,000 after buying an additional 126 shares during the last quarter. Independent Portfolio Consultants Inc. increased its stake in shares of Magellan Midstream Partners L.P. by 4.6% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,968 shares of the pipeline company’s stock valued at $140,000 after buying an additional 87 shares during the last quarter. Finally, AlphaMark Advisors LLC increased its stake in shares of Magellan Midstream Partners L.P. by 444.9% in the first quarter. AlphaMark Advisors LLC now owns 1,929 shares of the pipeline company’s stock valued at $148,000 after buying an additional 1,575 shares during the last quarter. Hedge funds and other institutional investors own 62.46% of the company’s stock.

About Magellan Midstream Partners L.P.

Analyst Recommendations for Magellan Midstream Partners L.P. (NYSE:MMP)

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