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

MMP has been the subject of a number of research analyst reports. Seaport Global Securities initiated coverage on Magellan Midstream Partners L.P. in a report on Tuesday, June 14th. They set a “buy” rating and a $82.00 price objective for the company. Vetr downgraded Magellan Midstream Partners L.P. from a “strong-buy” rating to a “buy” rating and set a $74.52 price objective for the company. in a report on Tuesday, April 12th. Wells Fargo & Co. restated a “buy” rating on shares of Magellan Midstream Partners L.P. in a report on Tuesday, May 10th. Ladenburg Thalmann initiated coverage on Magellan Midstream Partners L.P. in a report on Wednesday, July 13th. They set a “buy” rating for the company. Finally, Stifel Nicolaus downgraded Magellan Midstream Partners L.P. from a “buy” rating to a “hold” rating in a report on Thursday, May 5th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $77.41.

The company has a 50-day moving average of $74.08 and a 200 day moving average of $69.26. The company has a market cap of $15.99 billion and a price-to-earnings ratio of 18.83.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.07. The company had revenue of $518.90 million for the quarter, compared to the consensus estimate of $519.12 million. The company’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.78 earnings per share. Equities analysts forecast that Magellan Midstream Partners L.P. will post $3.46 EPS for the current fiscal year.

The business also recently declared 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 annualized dividend and a dividend yield of 4.72%. The ex-dividend date is Thursday, July 28th. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.70.

Other large investors recently made changes to their positions in the company. Bank of Montreal Can boosted its stake in shares of 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 valued at $6,604,000 after buying an additional 53,204 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of 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 valued at $54,665,000 after buying an additional 44,232 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted 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 in the last quarter. Advantus Capital Management Inc boosted its stake in shares of 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 valued at $3,322,000 after buying an additional 19,400 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its stake 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.

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