Magellan Midstream Partners (MMP) PT Lowered to $68.00 at Credit Suisse Group

Magellan Midstream Partners (NYSE:MMP) had its target price decreased by analysts at Credit Suisse Group from $76.00 to $68.00 in a research note issued on Monday, The Fly reports. The brokerage presently has a “neutral” rating on the pipeline company’s stock. Credit Suisse Group’s target price indicates a potential upside of 17.59% from the stock’s previous close.

A number of other equities research analysts have also commented on MMP. ValuEngine upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research report on Friday, October 19th. Wolfe Research initiated coverage on Magellan Midstream Partners in a research report on Tuesday, October 30th. They set a “hold” rating on the stock. Citigroup cut their target price on Magellan Midstream Partners from $82.00 to $78.00 and set a “buy” rating on the stock in a research report on Friday, November 2nd. Stifel Nicolaus set a $67.00 target price on Magellan Midstream Partners and gave the company a “hold” rating in a research report on Friday, November 2nd. Finally, Barclays cut their target price on Magellan Midstream Partners from $74.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Friday, November 2nd. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the stock. Magellan Midstream Partners has an average rating of “Hold” and an average price target of $71.61.

Shares of NYSE MMP traded up $0.78 during trading on Monday, reaching $57.83. The company had a trading volume of 713 shares, compared to its average volume of 1,101,582. Magellan Midstream Partners has a 12 month low of $54.25 and a 12 month high of $72.90. The firm has a market capitalization of $13.13 billion, a PE ratio of 13.59, a price-to-earnings-growth ratio of 2.33 and a beta of 0.85. The company has a current ratio of 0.60, a quick ratio of 0.44 and a debt-to-equity ratio of 1.46.

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

In related news, insider Lisa J. Korner sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, December 10th. The stock was sold at an average price of $58.14, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.26% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of MMP. Bank of New York Mellon Corp raised its stake in Magellan Midstream Partners by 5.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 99,048 shares of the pipeline company’s stock worth $6,842,000 after buying an additional 5,154 shares during the period. Northern Trust Corp grew its holdings in Magellan Midstream Partners by 1.2% during the second quarter. Northern Trust Corp now owns 157,464 shares of the pipeline company’s stock valued at $10,877,000 after purchasing an additional 1,816 shares during the period. Atria Investments LLC bought a new position in Magellan Midstream Partners during the third quarter valued at $293,000. Capital Investment Advisors LLC grew its holdings in Magellan Midstream Partners by 13.2% during the third quarter. Capital Investment Advisors LLC now owns 33,217 shares of the pipeline company’s stock valued at $2,249,000 after purchasing an additional 3,871 shares during the period. Finally, Bartlett & Co. LLC grew its holdings in Magellan Midstream Partners by 9.9% during the third quarter. Bartlett & Co. LLC now owns 8,985 shares of the pipeline company’s stock valued at $608,000 after purchasing an additional 806 shares during the period. 65.61% of the stock is currently owned by institutional investors and hedge funds.

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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