Magellan Midstream Partners L.P. (MMP) – Research Analysts’ Weekly Ratings Updates

Magellan Midstream Partners L.P. (NYSE: MMP) recently received a number of ratings updates from brokerages and research firms:

  • 8/3/2017 – Magellan Midstream Partners L.P. had its “hold” rating reaffirmed by analysts at Stifel Nicolaus. They now have a $77.00 price target on the stock.
  • 7/25/2017 – Magellan Midstream Partners L.P. was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 7/24/2017 – Magellan Midstream Partners L.P. was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. According to Zacks, “Despite the challenging operating environment, Magellan Midstream has maintained its excellent track record of earnings surprise history, beating estimates in each of the last four quarters. We like the partnership for its attractive portfolio of energy infrastructure assets that generate stable and recurring fee- and tariff-based revenues. Other positive attributes include its sound liquidity position and strong track record for distribution growth. However, we believe that MLP valuations will be largely disconnected from business fundamentals as long as the hoopla over crude prices continues. The units of Magellan Midstream have declined by over 12% over the last six months compared to the broader industry's loss of 13%. As such, we take a cautious stance on the prospects of the MMP units.”
  • 7/24/2017 – Magellan Midstream Partners L.P. had its “hold” rating reaffirmed by analysts at Royal Bank Of Canada. They now have a $80.00 price target on the stock.
  • 7/19/2017 – Magellan Midstream Partners L.P. had its “hold” rating reaffirmed by analysts at Stifel Nicolaus. They now have a $81.00 price target on the stock.
  • 7/18/2017 – Magellan Midstream Partners L.P. was upgraded by analysts at UBS Group AG from a “neutral” rating to a “buy” rating. They now have a $82.00 price target on the stock.
  • 7/18/2017 – Magellan Midstream Partners L.P. was downgraded by analysts at Barclays PLC from an “overweight” rating to an “equal weight” rating. They now have a $77.00 price target on the stock, down previously from $88.00.
  • 7/11/2017 – Magellan Midstream Partners L.P. was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. According to Zacks, “Considering Magellan Midstream's balance sheet pressure and the negative sentiment surrounding oil prices, we have turned bearish on the publicly traded partnership. Crude's historic decline has undoubtedly impacted the demand for transportation and storage services. While the midstream MLP has underperformed the Zacks categorized 'Oil/Gas Production Pipeline MLP' industry across the past three-month period, its debt-to-equity ratio of around 2 is almost double when compared to the industry average. We also need to factor in the delay in project completions and cost overruns. We further believe that MLP valuations will be largely disconnected from business fundamentals as long as the hoopla over falling crude prices continue. In the wake of weak industry sentiment and apprehensions of more punishing times ahead with future cash flows drying up, we see little reason for investors to hold the stock.”
  • 7/10/2017 – Magellan Midstream Partners L.P. was downgraded by analysts at Mizuho from a “neutral” rating to an “underperform” rating. They now have a $72.00 price target on the stock, down previously from $74.00.
  • 7/6/2017 – Magellan Midstream Partners L.P. was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating.
  • 6/27/2017 – Magellan Midstream Partners L.P. was upgraded by analysts at BidaskClub from a “strong sell” rating to a “sell” rating.
  • 6/22/2017 – Magellan Midstream Partners L.P. is now covered by analysts at Jefferies Group LLC. They set a “hold” rating and a $73.00 price target on the stock.
  • 6/20/2017 – Magellan Midstream Partners L.P. had its “hold” rating reaffirmed by analysts at Royal Bank Of Canada. They now have a $80.00 price target on the stock.

Shares of Magellan Midstream Partners L.P. (NYSE:MMP) opened at 67.37 on Friday. The firm has a market capitalization of $15.36 billion, a PE ratio of 18.27 and a beta of 0.80. Magellan Midstream Partners L.P. has a 52 week low of $64.25 and a 52 week high of $81.77. The stock has a 50 day moving average price of $69.97 and a 200 day moving average price of $74.43.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.03. Magellan Midstream Partners L.P. had a net margin of 34.63% and a return on equity of 41.81%. The firm had revenue of $619.40 million during the quarter, compared to analysts’ expectations of $561.70 million. During the same period in the prior year, the company earned $0.82 EPS. The firm’s revenue was up 19.4% on a year-over-year basis. Equities analysts forecast that Magellan Midstream Partners L.P. will post $3.91 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, July 31st will be given a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a yield of 5.28%. This is a boost from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, July 27th. Magellan Midstream Partners L.P.’s dividend payout ratio is 96.74%.

In related news, insider Douglas J. May sold 8,000 shares of the company’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $75.00, for a total transaction of $600,000.00. Following the completion of the sale, the insider now directly owns 27,599 shares of the company’s stock, valued at approximately $2,069,925. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.24% of the stock is currently owned by corporate insiders.

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