Magellan Midstream Partners (NYSE:MMP) Receives New Coverage from Analysts at Morgan Stanley

Morgan Stanley began coverage on shares of Magellan Midstream Partners (NYSE:MMP) in a report published on Monday, January 6th, BenzingaRatingsTable reports. The brokerage issued an equal weight rating and a $58.00 price target on the pipeline company’s stock.

Other analysts have also issued research reports about the company. Bank of America lowered Magellan Midstream Partners from a neutral rating to an underperform rating in a research note on Monday, November 4th. Raymond James boosted their price objective on Magellan Midstream Partners from $71.00 to $72.00 and gave the stock an outperform rating in a research note on Wednesday, October 23rd. ValuEngine lowered Magellan Midstream Partners from a hold rating to a sell rating in a research note on Friday, November 1st. Goldman Sachs Group began coverage on Magellan Midstream Partners in a research report on Sunday, November 24th. They set a buy rating and a $69.00 target price for the company. Finally, Stifel Nicolaus set a $70.00 target price on Magellan Midstream Partners and gave the stock a hold rating in a research report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $67.77.

Shares of NYSE MMP opened at $64.83 on Monday. The company has a market cap of $14.77 billion, a P/E ratio of 15.25, a P/E/G ratio of 2.33 and a beta of 0.71. The company has a quick ratio of 0.53, a current ratio of 0.83 and a debt-to-equity ratio of 1.81. Magellan Midstream Partners has a 12 month low of $56.75 and a 12 month high of $67.75. The business’s 50 day moving average is $61.80 and its two-hundred day moving average is $64.04.

Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, October 31st. The pipeline company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.10. The business had revenue of $656.60 million for the quarter, compared to analysts’ expectations of $673.05 million. Magellan Midstream Partners had a return on equity of 38.78% and a net margin of 36.75%. Magellan Midstream Partners’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.10 earnings per share. Sell-side analysts expect that Magellan Midstream Partners will post 4.71 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MMP. Comerica Bank lifted its position in shares of Magellan Midstream Partners by 10.3% in the second quarter. Comerica Bank now owns 5,112 shares of the pipeline company’s stock valued at $336,000 after buying an additional 479 shares during the last quarter. LLBH Private Wealth Management LLC bought a new position in shares of Magellan Midstream Partners during the second quarter worth approximately $242,000. LPL Financial LLC increased its stake in shares of Magellan Midstream Partners by 6.6% during the second quarter. LPL Financial LLC now owns 78,753 shares of the pipeline company’s stock worth $5,040,000 after purchasing an additional 4,853 shares during the period. Cetera Advisor Networks LLC increased its stake in shares of Magellan Midstream Partners by 98.1% during the second quarter. Cetera Advisor Networks LLC now owns 14,529 shares of the pipeline company’s stock worth $931,000 after purchasing an additional 7,193 shares during the period. Finally, Riverhead Capital Management LLC increased its stake in Magellan Midstream Partners by 225.6% during the 2nd quarter. Riverhead Capital Management LLC now owns 4,197 shares of the pipeline company’s stock worth $269,000 after acquiring an additional 2,908 shares during the period. 64.14% of the stock is owned by institutional investors.

Magellan Midstream Partners Company Profile

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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