Magellan Midstream Partners L.P. (NYSE:MMP) shares were down 1.6% during trading on Monday . The company traded as low as $74.39 and last traded at $74.50, with a volume of 711,042 shares trading hands. The stock had previously closed at $75.69.

A number of research analysts recently commented on MMP shares. Vetr upgraded Magellan Midstream Partners L.P. from a “buy” rating to a “strong-buy” rating and set a $75.72 target price for the company in a research note on Wednesday, March 23rd. Zacks Investment Research lowered Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, March 29th. Credit Suisse Group AG restated a “sell” rating and issued a $70.00 target price on shares of Magellan Midstream Partners L.P. in a research note on Friday, April 1st. Wunderlich lowered Magellan Midstream Partners L.P. from a “buy” rating to a “hold” rating and set a $68.00 target price for the company. in a research note on Monday, April 4th. Finally, Royal Bank Of Canada upped their target price on Magellan Midstream Partners L.P. from $61.00 to $69.00 and gave the company an “outperform” rating in a research note on Friday, April 29th. Three research analysts have rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $77.03.

The stock has a market cap of $16.99 billion and a price-to-earnings ratio of 20.21. The stock’s 50-day moving average is $74.19 and its 200-day moving average is $68.76.

Magellan Midstream Partners L.P. (NYSE:MMP) last released its quarterly earnings results on Wednesday, May 4th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.03. The firm earned $530.30 million during the quarter, compared to the consensus estimate of $558.10 million. During the same quarter last year, the firm earned $0.83 earnings per share. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. On average, equities analysts forecast that Magellan Midstream Partners L.P. will post $3.45 EPS for the current year.

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

A number of hedge funds have recently added to or reduced their stakes in MMP. Cambridge Investment Research Advisors Inc. increased its stake in 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 period. Aviance Capital Partners LLC boosted its position 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 in the last quarter. Cowen Group Inc. boosted its position 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 in the last quarter. Advisors Asset Management Inc. boosted its position in shares of Magellan Midstream Partners L.P. by 4.2% in the fourth quarter. Advisors Asset Management Inc. now owns 86,266 shares of the company’s stock valued at $5,859,000 after buying an additional 3,485 shares in the last quarter. Finally, Private Advisor Group LLC boosted its position in shares of Magellan Midstream Partners L.P. by 7.3% in the fourth quarter. Private Advisor Group LLC now owns 56,542 shares of the company’s stock valued at $3,840,000 after buying an additional 3,848 shares in the last quarter.

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