Shares of Magellan Midstream Partners L.P. (NYSE:MMP) were down 1.7% on Wednesday . The company traded as low as $68.73 and last traded at $69.18, with a volume of 680,032 shares traded. The stock had previously closed at $70.37.

A number of analysts have recently weighed in on MMP shares. Vetr downgraded shares of Magellan Midstream Partners L.P. from a “strong-buy” rating to a “buy” rating and set a $74.52 price target for the company. in a research report on Tuesday, April 12th. Ladenburg Thalmann began coverage on shares of Magellan Midstream Partners L.P. in a report on Wednesday, July 13th. They issued a “buy” rating for the company. Zacks Investment Research raised shares of Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a report on Tuesday, July 19th. Seaport Global Securities began coverage on shares of Magellan Midstream Partners L.P. in a report on Tuesday, June 14th. They issued a “buy” rating and a $82.00 price objective for the company. Finally, Royal Bank Of Canada lifted their price objective on shares of Magellan Midstream Partners L.P. from $61.00 to $69.00 and gave the stock 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, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $77.41.

The firm has a market cap of $15.94 billion and a PE ratio of 18.96. The company has a 50 day moving average of $74.18 and a 200 day moving average of $69.26.

Magellan Midstream Partners L.P. (NYSE:MMP) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.07. The firm had revenue of $518.90 million for the quarter, compared to the consensus estimate of $519.12 million. During the same quarter in the prior year, the firm posted $0.78 earnings per share. The business’s revenue for the quarter was up 5.0% on a year-over-year basis. On average, equities analysts anticipate that Magellan Midstream Partners L.P. will post $3.46 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 12th. Stockholders of record on Monday, August 1st will be given a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a dividend yield of 4.69%. The ex-dividend date is Thursday, July 28th. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.70.

In other news, SVP Jeff R. Selvidge sold 5,504 shares of the business’s stock in a transaction that occurred 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 directly owns 25,000 shares in the company, valued at $1,800,000. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Several hedge funds have recently added to or reduced their stakes in MMP. Bank of Montreal Can boosted its stake in Magellan Midstream Partners L.P. by 120.8% in the fourth quarter. Bank of Montreal Can now owns 97,242 shares of the company’s stock worth $6,604,000 after buying an additional 53,204 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Magellan Midstream Partners L.P. by 5.8% in the fourth quarter. Wells Fargo & Company MN now owns 804,853 shares of the company’s stock worth $54,665,000 after buying an additional 44,232 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted 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 worth $1,760,000 after buying an additional 596 shares in the last quarter. Fort Washington Investment Advisors Inc. OH boosted its stake in Magellan Midstream Partners L.P. by 1.7% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 265,701 shares of the company’s stock worth $18,046,000 after buying an additional 4,501 shares in the last quarter. Finally, Advantus Capital Management Inc boosted its stake in Magellan Midstream Partners L.P. by 65.7% in the fourth quarter. Advantus Capital Management Inc now owns 48,908 shares of the company’s stock worth $3,322,000 after buying an additional 19,400 shares in the last quarter.

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