Magellan Midstream Partners (NYSE:MMP) Raised to “Buy” at SunTrust Banks

SunTrust Banks upgraded shares of Magellan Midstream Partners (NYSE:MMP) from a hold rating to a buy rating in a research note published on Monday morning, Briefing.com Automated Import reports. The firm currently has $50.00 target price on the pipeline company’s stock, down from their previous target price of $65.00.

A number of other equities research analysts have also recently commented on the stock. Stifel Nicolaus upgraded shares of Magellan Midstream Partners from a hold rating to a buy rating and decreased their target price for the stock from $67.00 to $66.00 in a research note on Tuesday, February 11th. ValuEngine cut shares of Magellan Midstream Partners from a hold rating to a sell rating in a research note on Thursday, February 6th. Morgan Stanley upgraded shares of Magellan Midstream Partners from an equal weight rating to an overweight rating in a research note on Monday, March 16th. Mizuho restated a hold rating and set a $68.00 target price on shares of Magellan Midstream Partners in a research note on Wednesday, January 22nd. Finally, Citigroup decreased their target price on shares of Magellan Midstream Partners from $70.00 to $66.00 and set a buy rating on the stock in a research note on Tuesday, February 4th. Two analysts have rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the company’s stock. Magellan Midstream Partners has an average rating of Buy and an average target price of $64.63.

NYSE MMP traded up $3.36 on Monday, reaching $32.82. 3,581,214 shares of the stock were exchanged, compared to its average volume of 2,029,961. Magellan Midstream Partners has a one year low of $22.02 and a one year high of $67.75. The firm has a market capitalization of $6.33 billion, a PE ratio of 7.36 and a beta of 0.70. The company’s 50-day simple moving average is $50.08 and its two-hundred day simple moving average is $59.90. The company has a current ratio of 0.69, a quick ratio of 0.41 and a debt-to-equity ratio of 1.79.

Magellan Midstream Partners (NYSE:MMP) last released its earnings results on Thursday, January 30th. The pipeline company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.07. Magellan Midstream Partners had a net margin of 37.42% and a return on equity of 40.94%. The company had revenue of $740.68 million for the quarter, compared to analysts’ expectations of $840.57 million. During the same quarter last year, the business earned $1.25 EPS. The firm’s revenue was down 14.4% compared to the same quarter last year. Sell-side analysts forecast that Magellan Midstream Partners will post 4.25 earnings per share for the current fiscal year.

In related news, Director James R. Montague sold 1,910 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $60.77, for a total value of $116,070.70. Following the completion of the transaction, the director now directly owns 21,952 shares of the company’s stock, valued at $1,334,023.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Jeff R. Selvidge sold 2,500 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $60.74, for a total transaction of $151,850.00. Following the completion of the transaction, the senior vice president now directly owns 21,780 shares of the company’s stock, valued at $1,322,917.20. The disclosure for this sale can be found here. Company insiders own 0.29% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Firestone Capital Management purchased a new position in shares of Magellan Midstream Partners in the fourth quarter valued at $357,000. Chevy Chase Trust Holdings Inc. purchased a new position in shares of Magellan Midstream Partners in the fourth quarter valued at $25,000. Orion Portfolio Solutions LLC purchased a new position in shares of Magellan Midstream Partners in the fourth quarter valued at $27,000. Manchester Financial Inc. purchased a new position in shares of Magellan Midstream Partners in the fourth quarter valued at $39,000. Finally, Samalin Investment Counsel LLC purchased a new position in shares of Magellan Midstream Partners in the fourth quarter valued at $40,000. 64.69% of the stock is owned by hedge funds and other institutional investors.

About Magellan Midstream Partners

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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