Royal Bank Of Canada restated their hold rating on shares of Magellan Midstream Partners L.P. (NYSE:MMP) in a research note released on Monday, July 24th. Royal Bank Of Canada currently has a $80.00 price objective on the pipeline company’s stock.
A number of other equities analysts have also recently commented on the company. Barclays PLC cut Magellan Midstream Partners L.P. from an overweight rating to an equal weight rating and lowered their target price for the company from $88.00 to $77.00 in a report on Tuesday, July 18th. Stifel Nicolaus restated a hold rating and set a $81.00 target price on shares of Magellan Midstream Partners L.P. in a report on Wednesday, July 19th. Zacks Investment Research upgraded Magellan Midstream Partners L.P. from a sell rating to a hold rating in a report on Monday, July 24th. Macquarie assumed coverage on Magellan Midstream Partners L.P. in a report on Friday, April 21st. They set a neutral rating and a $80.00 target price for the company. Finally, Jefferies Group LLC assumed coverage on Magellan Midstream Partners L.P. in a research report on Thursday, June 22nd. They issued a hold rating and a $73.00 price target on the stock. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $79.10.
Shares of Magellan Midstream Partners L.P. (NYSE MMP) traded down 0.24% on Monday, hitting $67.21. 427,327 shares of the stock were exchanged. Magellan Midstream Partners L.P. has a 12 month low of $64.25 and a 12 month high of $81.77. The company has a market cap of $15.33 billion, a PE ratio of 18.22 and a beta of 0.80. The company has a 50-day moving average price of $69.93 and a 200 day moving average price of $74.38.
Magellan Midstream Partners L.P. (NYSE:MMP) last released 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. The business had revenue of $619.40 million during the quarter, compared to analysts’ expectations of $561.70 million. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. The company’s revenue was up 19.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.82 EPS. Equities analysts forecast that Magellan Midstream Partners L.P. will post $3.91 EPS for the current fiscal year.
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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 paid a $0.89 dividend. The ex-dividend date of this dividend is Thursday, July 27th. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. This represents a $3.56 dividend on an annualized basis and a dividend yield of 5.30%. Magellan Midstream Partners L.P.’s payout ratio is 96.74%.
In related news, insider Douglas J. May sold 8,000 shares of Magellan Midstream Partners L.P. stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $75.00, for a total transaction of $600,000.00. Following the completion of the transaction, the insider now directly owns 27,599 shares of the company’s stock, valued at $2,069,925. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.24% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. Regal Investment Advisors LLC boosted its position in Magellan Midstream Partners L.P. by 0.4% in the second quarter. Regal Investment Advisors LLC now owns 5,728 shares of the pipeline company’s stock worth $408,000 after buying an additional 24 shares during the period. Camelot Portfolios LLC boosted its position in Magellan Midstream Partners L.P. by 0.3% in the second quarter. Camelot Portfolios LLC now owns 8,659 shares of the pipeline company’s stock worth $617,000 after buying an additional 28 shares during the period. Arcus Capital Partners LLC boosted its position in Magellan Midstream Partners L.P. by 0.4% in the first quarter. Arcus Capital Partners LLC now owns 8,943 shares of the pipeline company’s stock worth $688,000 after buying an additional 33 shares during the period. MCF Advisors LLC boosted its position in Magellan Midstream Partners L.P. by 1.1% in the second quarter. MCF Advisors LLC now owns 3,257 shares of the pipeline company’s stock worth $232,000 after buying an additional 37 shares during the period. Finally, Wedbush Securities Inc. boosted its position in Magellan Midstream Partners L.P. by 0.4% in the first quarter. Wedbush Securities Inc. now owns 10,262 shares of the pipeline company’s stock worth $789,000 after buying an additional 39 shares during the period. 62.86% of the stock is owned by hedge funds and other institutional investors.
Magellan Midstream Partners L.P. Company Profile
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