Stock analysts at Credit Suisse Group started coverage on shares of Magellan Midstream Partners (NYSE:MMP) in a note issued to investors on Thursday, The Fly reports. The firm set a “neutral” rating and a $77.00 price target on the pipeline company’s stock. Credit Suisse Group’s price target suggests a potential upside of 16.53% from the company’s current price.

Other analysts also recently issued reports about the stock. Stifel Nicolaus upped their price objective on shares of Magellan Midstream Partners from $71.00 to $73.00 and gave the stock a “hold” rating in a report on Friday, August 3rd. Zacks Investment Research raised shares of Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $76.00 price objective for the company in a report on Monday, July 16th. ValuEngine downgraded shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a report on Monday, July 2nd. BMO Capital Markets reaffirmed a “buy” rating and set a $85.00 price objective on shares of Magellan Midstream Partners in a report on Friday, July 13th. Finally, Barclays upped their price objective on shares of Magellan Midstream Partners from $69.00 to $72.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 11th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the stock. Magellan Midstream Partners presently has a consensus rating of “Hold” and an average target price of $74.64.

MMP stock opened at $66.08 on Thursday. The company has a quick ratio of 0.31, a current ratio of 0.54 and a debt-to-equity ratio of 2.04. The company has a market capitalization of $15.45 billion, a price-to-earnings ratio of 17.34, a price-to-earnings-growth ratio of 2.70 and a beta of 0.79. Magellan Midstream Partners has a 12 month low of $54.82 and a 12 month high of $75.82.

Magellan Midstream Partners (NYSE:MMP) last posted its earnings results on Thursday, August 2nd. The pipeline company reported $1.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.04. The company had revenue of $644.10 million during the quarter, compared to the consensus estimate of $662.37 million. Magellan Midstream Partners had a net margin of 33.54% and a return on equity of 42.90%. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 earnings per share. On average, equities research analysts predict that Magellan Midstream Partners will post 4.18 EPS for the current fiscal year.

In related news, CEO Michael N. Mears sold 30,000 shares of the company’s stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $68.84, for a total transaction of $2,065,200.00. Following the completion of the transaction, the chief executive officer now directly owns 169,295 shares in the company, valued at approximately $11,654,267.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Douglas J. May sold 5,000 shares of the company’s stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $68.69, for a total transaction of $343,450.00. Following the transaction, the insider now owns 33,000 shares of the company’s stock, valued at $2,266,770. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 40,500 shares of company stock valued at $2,786,500. 0.26% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in the company. Murphy Capital Management Inc. raised its stake in shares of Magellan Midstream Partners by 4.7% in the 3rd quarter. Murphy Capital Management Inc. now owns 35,032 shares of the pipeline company’s stock valued at $2,372,000 after buying an additional 1,585 shares in the last quarter. Ipswich Investment Management Co. Inc. acquired a new position in shares of Magellan Midstream Partners in the 3rd quarter valued at $747,000. Kovack Advisors Inc. acquired a new position in shares of Magellan Midstream Partners in the 3rd quarter valued at $270,000. NEXT Financial Group Inc acquired a new stake in shares of Magellan Midstream Partners during the 3rd quarter worth about $196,000. Finally, ACG Wealth increased its position in shares of Magellan Midstream Partners by 9.7% during the 3rd quarter. ACG Wealth now owns 9,010 shares of the pipeline company’s stock worth $610,000 after purchasing an additional 799 shares in the last quarter. Institutional investors own 63.78% of the company’s stock.

Magellan Midstream Partners Company Profile

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.

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Analyst Recommendations for Magellan Midstream Partners (NYSE:MMP)

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