Magellan Midstream Partners (NYSE:MMP) Receives “Hold” Rating from Mizuho

Mizuho reissued their hold rating on shares of Magellan Midstream Partners (NYSE:MMP) in a report released on Wednesday, Stock Target Advisor reports. Mizuho currently has a $68.00 price objective on the pipeline company’s stock.

Other research analysts also recently issued reports about the company. Barclays raised Magellan Midstream Partners from an equal weight rating to an overweight rating and raised their price objective for the company from $68.00 to $69.00 in a research note on Tuesday, January 14th. Raymond James raised their price objective on Magellan Midstream Partners from $71.00 to $72.00 and gave the company an outperform rating in a research note on Wednesday, October 23rd. Bank of America downgraded Magellan Midstream Partners from a neutral rating to an underperform rating in a research note on Monday, November 4th. Wells Fargo & Co raised Magellan Midstream Partners from an equal weight rating to an overweight rating and set a $70.00 price objective on the stock in a research note on Tuesday, January 7th. Finally, Morgan Stanley began coverage on Magellan Midstream Partners in a research note on Monday, January 6th. They issued an equal weight rating and a $58.00 price objective on the stock. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. Magellan Midstream Partners presently has an average rating of Hold and an average price target of $68.00.

Shares of MMP stock traded down $0.62 during trading on Wednesday, reaching $64.23. The company had a trading volume of 1,757,300 shares, compared to its average volume of 1,130,116. The firm’s 50 day simple moving average is $62.61 and its two-hundred day simple moving average is $64.05. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.83 and a quick ratio of 0.53. Magellan Midstream Partners has a one year low of $56.75 and a one year high of $67.75. The company has a market capitalization of $14.81 billion, a PE ratio of 14.13, a PEG ratio of 2.33 and a beta of 0.71.

Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings data on Thursday, October 31st. The pipeline company reported $1.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.09 by $0.10. Magellan Midstream Partners had a return on equity of 38.78% and a net margin of 36.75%. The business had revenue of $656.60 million for the quarter, compared to the consensus estimate of $673.05 million. During the same period last year, the business earned $1.10 EPS. The firm’s revenue was up 2.9% compared to the same quarter last year. Analysts forecast that Magellan Midstream Partners will post 4.71 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, February 7th will be given a $1.0275 dividend. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $1.02. This represents a $4.11 annualized dividend and a yield of 6.40%. The ex-dividend date of this dividend is Thursday, February 6th. Magellan Midstream Partners’s payout ratio is currently 96.00%.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Karpas Strategies LLC grew its holdings in shares of Magellan Midstream Partners by 3.9% during the 4th quarter. Karpas Strategies LLC now owns 165,852 shares of the pipeline company’s stock worth $10,427,000 after purchasing an additional 6,242 shares in the last quarter. Ballentine Partners LLC boosted its stake in Magellan Midstream Partners by 0.7% in the 4th quarter. Ballentine Partners LLC now owns 32,387 shares of the pipeline company’s stock valued at $2,036,000 after buying an additional 210 shares in the last quarter. Allen Capital Group LLC boosted its stake in Magellan Midstream Partners by 7.4% in the 4th quarter. Allen Capital Group LLC now owns 22,138 shares of the pipeline company’s stock valued at $1,392,000 after buying an additional 1,524 shares in the last quarter. Pegasus Asset Management Inc. boosted its stake in Magellan Midstream Partners by 3.4% in the 4th quarter. Pegasus Asset Management Inc. now owns 44,643 shares of the pipeline company’s stock valued at $2,807,000 after buying an additional 1,448 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC boosted its stake in Magellan Midstream Partners by 37.0% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 9,697 shares of the pipeline company’s stock valued at $610,000 after buying an additional 2,618 shares in the last quarter. 63.98% 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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