Traders purchased shares of Magellan Midstream Partners L.P. (NYSE:MMP) on weakness during trading on Friday. $19.69 million flowed into the stock on the tick-up and $8.57 million flowed out of the stock on the tick-down, for a money net flow of $11.12 million into the stock. Of all equities tracked, Magellan Midstream Partners L.P. had the 5th highest net in-flow for the day. Magellan Midstream Partners L.P. traded down ($0.04) for the day and closed at $74.14

A number of brokerages have recently weighed in on MMP. Zacks Investment Research downgraded Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, March 29th. Vetr downgraded Magellan Midstream Partners L.P. from a “buy” rating to a “hold” rating and set a $74.33 price target on the stock. in a report on Monday, May 2nd. Seaport Global Securities began coverage on Magellan Midstream Partners L.P. in a report on Tuesday, June 14th. They set a “buy” rating and a $82.00 price target on the stock. Credit Suisse Group AG reiterated a “sell” rating and set a $70.00 price target on shares of Magellan Midstream Partners L.P. in a report on Friday, May 13th. Finally, Royal Bank Of Canada lifted their price target on Magellan Midstream Partners L.P. from $61.00 to $69.00 and gave the company an “outperform” rating in a report on Friday, April 29th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $77.03.

The firm has a 50 day moving average price of $73.39 and a 200 day moving average price of $68.42. The company has a market capitalization of $16.89 billion and a P/E ratio of 20.09.

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its quarterly earnings data on Wednesday, May 4th. The company reported $0.87 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.03. The business had revenue of $530.30 million for the quarter, compared to analyst estimates of $558.10 million. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.83 EPS. Equities analysts expect that Magellan Midstream Partners L.P. will post $3.48 EPS for the current fiscal year.

In related news, SVP Jeff R. Selvidge sold 5,504 shares of the firm’s stock in a transaction on Friday, May 6th. The stock was sold at an average price of $72.00, for a total transaction of $396,288.00. Following the sale, the senior vice president now owns 25,000 shares of the company’s stock, valued at approximately $1,800,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Other hedge funds have modified their holdings of the company. Aviance Capital Partners LLC increased its stake in shares of Magellan Midstream Partners L.P. by 16.0% in the fourth quarter. Aviance Capital Partners LLC now owns 16,659 shares of the company’s stock valued at $1,131,000 after buying an additional 2,303 shares during the last quarter. Edgemoor Investment Advisors Inc. increased its stake in shares of Magellan Midstream Partners L.P. by 28.7% in the fourth quarter. Edgemoor Investment Advisors Inc. now owns 17,552 shares of the company’s stock valued at $1,192,000 after buying an additional 3,917 shares during the last quarter. Jacobus Wealth Management Inc. increased its stake in shares of Magellan Midstream Partners L.P. by 2.5% in the fourth quarter. Jacobus Wealth Management Inc. now owns 20,973 shares of the company’s stock valued at $1,425,000 after buying an additional 510 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in shares of Magellan Midstream Partners L.P. by 2.4% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 25,913 shares of the company’s stock valued at $1,760,000 after buying an additional 596 shares during the last quarter. Finally, Cowen Group Inc. increased its stake in shares of Magellan Midstream Partners L.P. by 12.4% in the fourth quarter. Cowen Group Inc. now owns 29,587 shares of the company’s stock valued at $2,010,000 after buying an additional 3,260 shares during the last quarter.

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