Magellan Midstream Partners (NYSE:MMP) Given New $54.00 Price Target at Wells Fargo & Company

Magellan Midstream Partners (NYSE:MMPGet Rating) had its price target decreased by Wells Fargo & Company to $54.00 in a research note issued to investors on Friday morning, Stock Target Advisor reports. Wells Fargo & Company currently has an equal weight rating on the pipeline company’s stock.

Several other analysts have also recently issued reports on the stock. StockNews.com assumed coverage on shares of Magellan Midstream Partners in a report on Thursday, March 31st. They issued a hold rating on the stock. Morgan Stanley upped their price objective on shares of Magellan Midstream Partners from $50.00 to $54.00 and gave the stock an underweight rating in a report on Tuesday, April 26th. Barclays downgraded shares of Magellan Midstream Partners from an overweight rating to an equal weight rating and cut their price target for the company from $53.00 to $51.00 in a report on Thursday, January 20th. Mizuho upped their price objective on shares of Magellan Midstream Partners from $50.00 to $52.00 and gave the company a neutral rating in a research note on Wednesday, March 30th. Finally, TD Securities upped their target price on Magellan Midstream Partners from $51.00 to $52.00 and gave the company a hold rating in a report on Friday, May 6th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and an average target price of $51.78.

MMP stock opened at $48.46 on Friday. Magellan Midstream Partners has a one year low of $43.58 and a one year high of $53.85. The stock has a market capitalization of $10.25 billion, a PE ratio of 11.38, a price-to-earnings-growth ratio of 4.41 and a beta of 0.96. The company has a debt-to-equity ratio of 2.95, a quick ratio of 0.83 and a current ratio of 1.50. The company has a fifty day moving average of $49.49 and a 200-day moving average of $48.13.

Magellan Midstream Partners (NYSE:MMPGet Rating) last announced its quarterly earnings data on Thursday, May 5th. The pipeline company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.05 by $0.03. The firm had revenue of $631.10 million during the quarter, compared to analysts’ expectations of $704.74 million. Magellan Midstream Partners had a net margin of 33.36% and a return on equity of 51.92%. The business’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.09 earnings per share. Equities analysts forecast that Magellan Midstream Partners will post 4.17 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, May 13th. Investors of record on Monday, May 2nd were issued a dividend of $1.0375 per share. This represents a $4.15 dividend on an annualized basis and a dividend yield of 8.56%. The ex-dividend date was Friday, April 29th. Magellan Midstream Partners’s payout ratio is presently 97.42%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MMP. Bank of America Corp DE lifted its position in shares of Magellan Midstream Partners by 59.3% during the 4th quarter. Bank of America Corp DE now owns 3,132,338 shares of the pipeline company’s stock valued at $145,467,000 after acquiring an additional 1,165,745 shares during the period. Alps Advisors Inc. lifted its position in shares of Magellan Midstream Partners by 6.3% during the 4th quarter. Alps Advisors Inc. now owns 11,064,905 shares of the pipeline company’s stock worth $513,854,000 after buying an additional 657,431 shares during the last quarter. Deutsche Bank AG increased its holdings in Magellan Midstream Partners by 38.7% in the 4th quarter. Deutsche Bank AG now owns 2,092,480 shares of the pipeline company’s stock worth $97,175,000 after purchasing an additional 583,601 shares in the last quarter. Beach Investment Counsel Inc. PA acquired a new position in Magellan Midstream Partners in the 1st quarter worth about $23,588,000. Finally, BNP Paribas Arbitrage SA increased its holdings in Magellan Midstream Partners by 486.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 478,193 shares of the pipeline company’s stock worth $23,465,000 after purchasing an additional 396,682 shares in the last quarter. Institutional investors and hedge funds own 53.28% of the company’s stock.

Magellan Midstream Partners Company Profile (Get Rating)

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. It operates through Refined Products and Crude Oil segments. The company operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to 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.

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