Magellan Midstream Partners (MMP) Received Neutral Rating from Credit Suisse Group

Magellan Midstream Partners (MMP) Received Neutral Rating from Credit Suisse Group

Magellan Midstream Partners (NYSE:MMP)‘s stock had its “neutral” rating reissued by investment analysts at Credit Suisse Group in a research report issued on Monday, The Fly reports. They presently have a $68.00 target price on the pipeline company’s stock, down from their prior target price of $76.00. Credit Suisse Group’s price target points to a potential upside of 18.20% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Zacks Investment Research raised shares of Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $69.00 price objective on the stock in a report on Thursday, November 15th. Bank of America raised their price objective on shares of Magellan Midstream Partners from $71.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, November 5th. Citigroup cut their price objective on shares of Magellan Midstream Partners from $82.00 to $78.00 and set a “buy” rating on the stock in a report on Friday, November 2nd. Jefferies Financial Group raised shares of Magellan Midstream Partners from a “hold” rating to a “buy” rating in a report on Thursday, December 20th. Finally, Barclays cut their price objective on shares of Magellan Midstream Partners from $74.00 to $70.00 and set an “equal weight” rating on the stock in a report on Friday, November 2nd. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $71.61.

Shares of Magellan Midstream Partners stock opened at $57.53 on Monday. The company has a quick ratio of 0.44, a current ratio of 0.60 and a debt-to-equity ratio of 1.46. Magellan Midstream Partners has a 52-week low of $54.25 and a 52-week high of $72.90. The company has a market capitalization of $13.13 billion, a P/E ratio of 13.54, a PEG ratio of 2.33 and a beta of 0.85.

Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, January 31st. The pipeline company reported $1.03 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.13). Magellan Midstream Partners had a return on equity of 42.53% and a net margin of 47.19%. The company had revenue of $865.68 million for the quarter, compared to analyst estimates of $710.21 million. On average, equities research analysts anticipate that Magellan Midstream Partners will post 4.12 EPS for the current fiscal year.

In other Magellan Midstream Partners news, insider Lisa J. Korner sold 10,000 shares of the business’s stock in a transaction on Monday, December 10th. The shares were sold at an average price of $58.14, for a total value of $581,400.00. Following the transaction, the insider now directly owns 73,257 shares of the company’s stock, valued at approximately $4,259,161.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.26% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Dorsey & Whitney Trust CO LLC boosted its position in shares of Magellan Midstream Partners by 1.3% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 12,366 shares of the pipeline company’s stock worth $706,000 after purchasing an additional 160 shares in the last quarter. Patriot Financial Group Insurance Agency LLC boosted its position in shares of Magellan Midstream Partners by 2.7% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 7,025 shares of the pipeline company’s stock worth $401,000 after purchasing an additional 184 shares in the last quarter. Naples Global Advisors LLC boosted its position in shares of Magellan Midstream Partners by 4.3% during the 4th quarter. Naples Global Advisors LLC now owns 4,770 shares of the pipeline company’s stock worth $298,000 after purchasing an additional 195 shares in the last quarter. SeaBridge Investment Advisors LLC boosted its position in shares of Magellan Midstream Partners by 0.6% during the 4th quarter. SeaBridge Investment Advisors LLC now owns 33,925 shares of the pipeline company’s stock worth $1,936,000 after purchasing an additional 198 shares in the last quarter. Finally, Ibex Wealth Advisors boosted its position in shares of Magellan Midstream Partners by 0.6% during the 4th quarter. Ibex Wealth Advisors now owns 35,966 shares of the pipeline company’s stock worth $2,052,000 after purchasing an additional 228 shares in the last quarter. 65.61% of the stock is currently owned by institutional investors.

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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