Magellan Midstream Partners (NYSE:MMP) Upgraded to “Buy” by Stifel Nicolaus

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Stifel Nicolaus upgraded shares of Magellan Midstream Partners (NYSE:MMP) from a hold rating to a buy rating in a report released on Tuesday, BenzingaRatingsTable reports. Stifel Nicolaus currently has $66.00 price objective on the pipeline company’s stock, down from their prior price objective of $67.00.

Several other equities research analysts have also issued reports on MMP. Raymond James lifted their price target on shares of Magellan Midstream Partners from $71.00 to $72.00 and gave the company an outperform rating in a research note on Wednesday, October 23rd. Barclays upgraded shares of Magellan Midstream Partners from an equal weight rating to an overweight rating and lifted their price target for the company from $68.00 to $69.00 in a research note on Tuesday, January 14th. Morgan Stanley started coverage on shares of Magellan Midstream Partners in a research note on Monday, January 6th. They issued an equal weight rating and a $58.00 price target on the stock. Goldman Sachs Group started coverage on shares of Magellan Midstream Partners in a research note on Sunday, November 24th. They issued a buy rating and a $69.00 price target on the stock. Finally, Bank of America lowered shares of Magellan Midstream Partners from a neutral rating to an underperform rating in a research note on Monday, November 4th. Two analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. Magellan Midstream Partners currently has an average rating of Hold and an average price target of $68.33.

Shares of NYSE:MMP opened at $60.06 on Tuesday. Magellan Midstream Partners has a 12 month low of $57.72 and a 12 month high of $67.75. The company has a quick ratio of 0.53, a current ratio of 0.83 and a debt-to-equity ratio of 1.81. The company’s fifty day simple moving average is $62.49 and its 200 day simple moving average is $63.54. The firm has a market cap of $13.72 billion, a price-to-earnings ratio of 13.47, a PEG ratio of 2.12 and a beta of 0.69.

Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings data 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 41.22%. The business had revenue of $740.68 million for the quarter, compared to analyst estimates of $840.57 million. During the same period last year, the business posted $1.25 earnings per share. The firm’s quarterly revenue was down 14.4% on a year-over-year basis. Research analysts expect that Magellan Midstream Partners will post 4.64 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were paid a $1.0275 dividend. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $1.02. This represents a $4.11 annualized dividend and a yield of 6.84%. The ex-dividend date of this dividend was Thursday, February 6th. Magellan Midstream Partners’s payout ratio is presently 86.34%.

Several institutional investors and hedge funds have recently made changes to their positions in MMP. Northstar Wealth Partners LLC boosted its holdings in shares of Magellan Midstream Partners by 1.9% during the 4th quarter. Northstar Wealth Partners LLC now owns 26,536 shares of the pipeline company’s stock worth $1,668,000 after buying an additional 497 shares during the period. Altavista Wealth Management Inc. boosted its holdings in shares of Magellan Midstream Partners by 17.9% during the 4th quarter. Altavista Wealth Management Inc. now owns 5,245 shares of the pipeline company’s stock worth $330,000 after buying an additional 795 shares during the period. Captrust Financial Advisors boosted its holdings in shares of Magellan Midstream Partners by 10.8% during the 4th quarter. Captrust Financial Advisors now owns 49,361 shares of the pipeline company’s stock worth $3,101,000 after buying an additional 4,823 shares during the period. Orion Portfolio Solutions LLC bought a new stake in shares of Magellan Midstream Partners during the 4th quarter worth about $27,000. Finally, Ancora Advisors LLC boosted its holdings in shares of Magellan Midstream Partners by 2.2% during the 4th quarter. Ancora Advisors LLC now owns 56,354 shares of the pipeline company’s stock worth $3,543,000 after buying an additional 1,221 shares during the period. 64.02% 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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