Magellan Midstream Partners (MMP) Lowered to Sell at ValuEngine

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Magellan Midstream Partners (NYSE:MMP) was downgraded by equities researchers at ValuEngine from a “hold” rating to a “sell” rating in a research note issued on Monday.

MMP has been the topic of several other research reports. Jefferies Financial Group raised shares of Magellan Midstream Partners from a “hold” rating to a “buy” rating in a research report on Thursday, December 20th. Bank of America lifted their price objective on shares of Magellan Midstream Partners from $71.00 to $77.00 and gave the stock a “buy” rating in a research report on Monday, November 5th. Goldman Sachs Group lowered shares of Magellan Midstream Partners from a “buy” rating to a “neutral” rating and set a $76.00 price objective on the stock. in a research report on Monday, October 8th. Credit Suisse Group started coverage on shares of Magellan Midstream Partners in a research report on Thursday, October 11th. They issued a “neutral” rating and a $77.00 price objective on the stock. Finally, Wells Fargo & Co lowered their price target on shares of Magellan Midstream Partners from $74.00 to $72.00 and set a “market perform” rating on the stock in a research report on Tuesday, November 6th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company’s stock. Magellan Midstream Partners currently has an average rating of “Hold” and a consensus target price of $72.11.

Shares of MMP stock opened at $60.16 on Monday. The stock has a market capitalization of $13.79 billion, a price-to-earnings ratio of 14.16, a P/E/G ratio of 2.38 and a beta of 0.85. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.44 and a current ratio of 0.60. Magellan Midstream Partners has a 52 week low of $54.25 and a 52 week high of $72.90.

Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings data on Thursday, January 31st. The pipeline company reported $1.03 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.13). The company had revenue of $865.68 million during the quarter, compared to the consensus estimate of $710.21 million. Magellan Midstream Partners had a return on equity of 42.53% and a net margin of 47.19%. Research analysts predict that Magellan Midstream Partners will post 4.23 earnings per share for the current year.

In related news, insider Lisa J. Korner sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, December 10th. The shares were sold at an average price of $58.14, for a total transaction of $581,400.00. Following the completion of the transaction, the insider now owns 73,257 shares of the company’s stock, valued at $4,259,161.98. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.26% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Dorsey & Whitney Trust CO LLC grew its stake in Magellan Midstream Partners by 1.3% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 12,366 shares of the pipeline company’s stock worth $706,000 after buying an additional 160 shares in the last quarter. Patriot Financial Group Insurance Agency LLC grew its stake in Magellan Midstream Partners by 2.7% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 7,025 shares of the pipeline company’s stock worth $401,000 after buying an additional 184 shares in the last quarter. Naples Global Advisors LLC grew its stake in Magellan Midstream Partners by 4.3% in the 4th quarter. Naples Global Advisors LLC now owns 4,770 shares of the pipeline company’s stock worth $298,000 after buying an additional 195 shares in the last quarter. SeaBridge Investment Advisors LLC grew its stake in Magellan Midstream Partners by 0.6% in the 4th quarter. SeaBridge Investment Advisors LLC now owns 33,925 shares of the pipeline company’s stock worth $1,936,000 after buying an additional 198 shares in the last quarter. Finally, Ibex Wealth Advisors grew its stake in Magellan Midstream Partners by 0.6% in the 4th quarter. Ibex Wealth Advisors now owns 35,966 shares of the pipeline company’s stock worth $2,052,000 after buying an additional 228 shares in the last quarter. 65.54% of the stock is 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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Analyst Recommendations for Magellan Midstream Partners (NYSE:MMP)

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