Magellan Midstream Partners L.P. (NYSE:MMP) Downgraded to Equal Weight at Barclays PLC

Barclays PLC cut shares of Magellan Midstream Partners L.P. (NYSE:MMP) from an overweight rating to an equal weight rating in a report issued on Tuesday morning, Marketbeat Ratings reports. They currently have $77.00 price objective on the pipeline company’s stock, down from their previous price objective of $88.00.

Other analysts have also issued reports about the company. UBS AG raised Magellan Midstream Partners L.P. from a neutral rating to a buy rating and set a $82.00 price target on the stock in a research note on Tuesday. Zacks Investment Research lowered Magellan Midstream Partners L.P. from a hold rating to a sell rating in a research note on Tuesday, July 11th. Mizuho lowered Magellan Midstream Partners L.P. from a neutral rating to an underperform rating and decreased their price target for the stock from $74.00 to $72.00 in a research note on Monday, July 10th. BidaskClub raised Magellan Midstream Partners L.P. from a sell rating to a hold rating in a research note on Thursday, July 6th. Finally, Jefferies Group LLC assumed coverage on Magellan Midstream Partners L.P. in a research note on Thursday, June 22nd. They issued a hold rating and a $73.00 price target on the stock. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $78.86.

Magellan Midstream Partners L.P. (MMP) traded up 0.26% on Tuesday, hitting $70.20. The stock had a trading volume of 340,666 shares. The stock has a market cap of $16.01 billion, a price-to-earnings ratio of 19.55 and a beta of 0.81. The stock’s 50 day moving average is $70.47 and its 200 day moving average is $75.02. Magellan Midstream Partners L.P. has a one year low of $64.25 and a one year high of $81.77.

Magellan Midstream Partners L.P. (NYSE:MMP) last posted its quarterly earnings data on Wednesday, May 3rd. The pipeline company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.08. The business had revenue of $519.80 million for the quarter, compared to analyst estimates of $554.22 million. Magellan Midstream Partners L.P. had a return on equity of 41.17% and a net margin of 35.16%. The business’s revenue for the quarter was down 19.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.87 earnings per share. Analysts anticipate that Magellan Midstream Partners L.P. will post $3.87 earnings per share for the current year.

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The business also recently announced a dividend, which will be paid on Monday, August 14th. Investors of record on Monday, July 31st will be issued a dividend of $0.89 per share. This is an increase from Magellan Midstream Partners L.P.’s previous dividend of $0.84. The ex-dividend date of this dividend is Thursday, July 27th. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is presently 97.49%.

In related news, insider Douglas J. May sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $75.00, for a total transaction of $600,000.00. Following the sale, the insider now directly owns 27,599 shares in the company, valued at approximately $2,069,925. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.24% of the company’s stock.

Large investors have recently bought and sold shares of the company. Forsta AP Fonden increased its stake in Magellan Midstream Partners L.P. by 420.0% in the second quarter. Forsta AP Fonden now owns 179,400 shares of the pipeline company’s stock valued at $12,786,000 after buying an additional 144,900 shares in the last quarter. US Bancorp DE increased its stake in Magellan Midstream Partners L.P. by 2.9% in the second quarter. US Bancorp DE now owns 107,969 shares of the pipeline company’s stock valued at $7,695,000 after buying an additional 2,998 shares in the last quarter. Bollard Group LLC increased its stake in Magellan Midstream Partners L.P. by 1.2% in the second quarter. Bollard Group LLC now owns 427,909 shares of the pipeline company’s stock valued at $30,497,000 after buying an additional 5,003 shares in the last quarter. Prospera Financial Services Inc increased its stake in Magellan Midstream Partners L.P. by 6.0% in the second quarter. Prospera Financial Services Inc now owns 20,935 shares of the pipeline company’s stock valued at $1,489,000 after buying an additional 1,194 shares in the last quarter. Finally, Aperio Group LLC increased its stake in Magellan Midstream Partners L.P. by 13.0% in the second quarter. Aperio Group LLC now owns 8,985 shares of the pipeline company’s stock valued at $640,000 after buying an additional 1,036 shares in the last quarter. Institutional investors own 62.80% of the company’s stock.

Magellan Midstream Partners L.P. Company Profile