Magellan Midstream Partners (NYSE:MMP) was upgraded by stock analysts at Jefferies Group from a “hold” rating to a “buy” rating in a research report issued on Thursday, Marketbeat Ratings reports. The firm currently has a $73.00 target price on the pipeline company’s stock. Jefferies Group’s price objective would suggest a potential upside of 21.02% from the company’s previous close. Jefferies Group also issued estimates for Magellan Midstream Partners’ Q1 2019 earnings at $1.00 EPS, Q2 2019 earnings at $1.01 EPS, Q3 2019 earnings at $1.09 EPS, Q4 2019 earnings at $1.27 EPS, FY2019 earnings at $4.36 EPS and FY2021 earnings at $4.66 EPS.
A number of other analysts have also recently weighed in on MMP. Stifel Nicolaus reissued a “hold” rating and set a $69.00 target price on shares of Magellan Midstream Partners in a report on Friday, February 2nd. JPMorgan Chase reissued a “neutral” rating and set a $75.00 target price (down from $78.00) on shares of Magellan Midstream Partners in a report on Tuesday, March 13th. Mitsubishi UFJ Financial Group reissued a “neutral” rating on shares of Magellan Midstream Partners in a report on Friday, February 2nd. Bank of America dropped their target price on shares of Magellan Midstream Partners from $77.00 to $71.00 and set a “buy” rating on the stock in a report on Tuesday, March 27th. Finally, Royal Bank of Canada reissued a “hold” rating and set a $79.00 target price on shares of Magellan Midstream Partners in a report on Friday, February 2nd. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $76.23.
MMP opened at $60.32 on Thursday. The firm has a market capitalization of $13,180.55, a P/E ratio of 15.83, a P/E/G ratio of 2.33 and a beta of 0.72. The company has a debt-to-equity ratio of 2.01, a quick ratio of 0.51 and a current ratio of 0.73. Magellan Midstream Partners has a 12-month low of $54.82 and a 12-month high of $78.00.
In other news, CEO Michael N. Mears sold 22,251 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $68.03, for a total transaction of $1,513,735.53. Following the completion of the transaction, the chief executive officer now owns 196,473 shares in the company, valued at approximately $13,366,058.19. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Michael N. Mears sold 10,000 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $68.00, for a total transaction of $680,000.00. Following the sale, the chief executive officer now directly owns 196,473 shares of the company’s stock, valued at $13,360,164. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. Castleark Management LLC lifted its stake in Magellan Midstream Partners by 13.9% during the fourth quarter. Castleark Management LLC now owns 120,992 shares of the pipeline company’s stock valued at $8,583,000 after buying an additional 14,800 shares in the last quarter. Cypress Wealth Advisors LLC purchased a new stake in Magellan Midstream Partners during the fourth quarter valued at about $1,950,000. Bank of New York Mellon Corp lifted its stake in Magellan Midstream Partners by 4.3% during the third quarter. Bank of New York Mellon Corp now owns 97,468 shares of the pipeline company’s stock valued at $6,926,000 after buying an additional 3,981 shares in the last quarter. Rothschild Investment Corp IL lifted its stake in Magellan Midstream Partners by 72.4% during the fourth quarter. Rothschild Investment Corp IL now owns 37,500 shares of the pipeline company’s stock valued at $2,660,000 after buying an additional 15,750 shares in the last quarter. Finally, California Public Employees Retirement System lifted its position in shares of Magellan Midstream Partners by 3.8% in the third quarter. California Public Employees Retirement System now owns 519,267 shares of the pipeline company’s stock worth $36,899,000 after purchasing an additional 19,167 shares in the last quarter. 62.21% of the stock is 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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