ValuEngine lowered shares of Magellan Midstream Partners (NYSE:MMP) from a hold rating to a sell rating in a research report report published on Tuesday morning, ValuEngine reports.

A number of other research firms have also recently issued reports on MMP. Stifel Nicolaus lifted their target price on Magellan Midstream Partners from $62.00 to $68.00 and gave the company a hold rating in a research report on Friday, August 2nd. Bank of America lifted their target price on Magellan Midstream Partners from $63.00 to $66.00 and gave the company a neutral rating in a research report on Tuesday, July 30th. Credit Suisse Group lifted their target price on Magellan Midstream Partners from $68.00 to $70.00 and gave the company a neutral rating in a research report on Tuesday, August 6th. Raymond James lifted their target price on Magellan Midstream Partners from $69.00 to $71.00 and gave the company an outperform rating in a research report on Friday, August 2nd. Finally, Johnson Rice started coverage on Magellan Midstream Partners in a research note on Thursday, May 30th. They set an accumulate rating and a $71.00 price target on the stock. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $69.00.

Magellan Midstream Partners stock traded down $0.03 during midday trading on Tuesday, reaching $65.58. The company’s stock had a trading volume of 29,318 shares, compared to its average volume of 663,699. Magellan Midstream Partners has a 52 week low of $54.25 and a 52 week high of $69.44. The company has a current ratio of 0.66, a quick ratio of 0.38 and a debt-to-equity ratio of 1.73. The business has a 50-day moving average price of $65.89 and a 200-day moving average price of $63.13. The stock has a market cap of $15.02 billion, a PE ratio of 15.43, a price-to-earnings-growth ratio of 2.49 and a beta of 0.72.

Magellan Midstream Partners (NYSE:MMP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.13. Magellan Midstream Partners had a return on equity of 38.48% and a net margin of 48.33%. The firm had revenue of $701.70 million for the quarter, compared to analysts’ expectations of $658.67 million. During the same quarter in the previous year, the business posted $0.94 earnings per share. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. As a group, research analysts predict that Magellan Midstream Partners will post 4.37 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were paid a dividend of $1.013 per share. This represents a $4.05 dividend on an annualized basis and a dividend yield of 6.18%. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.92. The ex-dividend date was Tuesday, August 6th. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 95.29%.

In related news, Director Chansoo Joung acquired 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were bought at an average cost of $67.28 per share, with a total value of $336,400.00. Following the completion of the purchase, the director now directly owns 5,000 shares in the company, valued at $336,400. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeff R. Selvidge sold 7,000 shares of Magellan Midstream Partners stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $66.38, for a total value of $464,660.00. Following the completion of the transaction, the insider now directly owns 17,897 shares in the company, valued at $1,188,002.86. The disclosure for this sale can be found here. Company insiders own 0.26% of the company’s stock.

Several institutional investors have recently bought and sold shares of MMP. Huntington National Bank lifted its stake in Magellan Midstream Partners by 0.5% in the second quarter. Huntington National Bank now owns 31,373 shares of the pipeline company’s stock valued at $2,008,000 after buying an additional 160 shares during the period. AGF Investments LLC lifted its stake in Magellan Midstream Partners by 30.6% in the second quarter. AGF Investments LLC now owns 776 shares of the pipeline company’s stock valued at $50,000 after buying an additional 182 shares during the period. FTB Advisors Inc. lifted its stake in Magellan Midstream Partners by 5.7% in the second quarter. FTB Advisors Inc. now owns 3,591 shares of the pipeline company’s stock valued at $230,000 after buying an additional 193 shares during the period. Adell Harriman & Carpenter Inc. lifted its stake in Magellan Midstream Partners by 2.5% in the first quarter. Adell Harriman & Carpenter Inc. now owns 8,198 shares of the pipeline company’s stock valued at $497,000 after buying an additional 200 shares during the period. Finally, Rothschild Investment Corp IL lifted its stake in Magellan Midstream Partners by 0.4% in the second quarter. Rothschild Investment Corp IL now owns 49,300 shares of the pipeline company’s stock valued at $3,155,000 after buying an additional 200 shares during the period. 69.90% of the stock is currently owned by institutional investors.

About Magellan Midstream Partners

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.

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Analyst Recommendations for Magellan Midstream Partners (NYSE:MMP)

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