StockNews.com Begins Coverage on Magellan Midstream Partners (NYSE:MMP)

StockNews.com initiated coverage on shares of Magellan Midstream Partners (NYSE:MMP) in a research note published on Friday morning. The firm issued a hold rating on the pipeline company’s stock.

Other research analysts also recently issued research reports about the stock. Barclays upped their target price on shares of Magellan Midstream Partners from $60.00 to $68.00 in a research note on Tuesday, July 18th. TD Securities upped their target price on shares of Magellan Midstream Partners from $67.50 to $69.00 and gave the company a tender rating in a report on Friday, August 4th. Stifel Nicolaus cut shares of Magellan Midstream Partners from a buy rating to a hold rating and increased their price objective for the stock from $61.00 to $64.00 in a research note on Thursday, May 18th. US Capital Advisors downgraded shares of Magellan Midstream Partners from an overweight rating to a hold rating in a report on Friday, May 19th. Finally, Argus cut shares of Magellan Midstream Partners from a hold rating to a sell rating in a research note on Wednesday, August 16th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $60.70.

Magellan Midstream Partners Price Performance

Shares of NYSE MMP opened at $68.50 on Friday. Magellan Midstream Partners has a 1 year low of $45.52 and a 1 year high of $69.40. The company has a debt-to-equity ratio of 2.91, a current ratio of 1.08 and a quick ratio of 0.60. The company’s 50-day moving average is $65.70 and its 200 day moving average is $60.32. The stock has a market capitalization of $13.84 billion, a P/E ratio of 13.65 and a beta of 0.90.

Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings data on Thursday, August 3rd. The pipeline company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.13. The business had revenue of $877.20 million for the quarter, compared to analysts’ expectations of $797.91 million. Magellan Midstream Partners had a net margin of 29.55% and a return on equity of 58.77%. On average, sell-side analysts expect that Magellan Midstream Partners will post 5.12 earnings per share for the current year.

Magellan Midstream Partners Announces Dividend

The firm also recently declared a None dividend, which will be paid on Monday, September 25th. Stockholders of record on Thursday, September 21st will be issued a $0.247 dividend. The ex-dividend date of this dividend is Wednesday, September 20th. Magellan Midstream Partners’s dividend payout ratio is currently 83.47%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of MMP. Moneta Group Investment Advisors LLC raised its stake in shares of Magellan Midstream Partners by 100,697.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 50,811,771 shares of the pipeline company’s stock worth $2,551,259,000 after acquiring an additional 50,761,361 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Magellan Midstream Partners by 208.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 5,033,800 shares of the pipeline company’s stock valued at $313,706,000 after purchasing an additional 3,400,925 shares in the last quarter. Citigroup Inc. increased its stake in Magellan Midstream Partners by 714.0% during the 2nd quarter. Citigroup Inc. now owns 1,933,976 shares of the pipeline company’s stock valued at $120,525,000 after purchasing an additional 1,696,395 shares in the last quarter. CIBC Private Wealth Group LLC increased its stake in Magellan Midstream Partners by 94.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,666,575 shares of the pipeline company’s stock valued at $133,889,000 after purchasing an additional 1,296,233 shares in the last quarter. Finally, Westchester Capital Management LLC acquired a new position in Magellan Midstream Partners during the 2nd quarter valued at approximately $73,786,000. Institutional investors own 54.84% of the company’s stock.

About Magellan Midstream Partners

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates refined products pipeline that transports gasoline, diesel and aviation fuel, kerosene, and heating oil to refiners, wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports.