Magellan Midstream Partners L.P. (NYSE:MMP)’s share price was down 1.4% during mid-day trading on Monday . The company traded as low as $70.32 and last traded at $70.60, with a volume of 918,547 shares. The stock had previously closed at $71.61.

A number of equities analysts have issued reports on MMP shares. Seaport Global Securities started coverage on shares of Magellan Midstream Partners L.P. in a research report on Tuesday, June 14th. They set a “buy” rating and a $82.00 target price for the company. Ladenburg Thalmann began coverage on shares of Magellan Midstream Partners L.P. in a report on Wednesday, July 13th. They set a “buy” rating for the company. Wells Fargo & Co. reiterated a “buy” rating on shares of Magellan Midstream Partners L.P. in a report on Tuesday, May 10th. Vetr downgraded shares of Magellan Midstream Partners L.P. from a “strong-buy” rating to a “buy” rating and set a $73.50 price target for the company. in a report on Tuesday, April 19th. Finally, Stifel Nicolaus downgraded shares of 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 assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Magellan Midstream Partners L.P. currently has a consensus rating of “Hold” and a consensus target price of $77.11.

The firm’s 50-day moving average price is $73.11 and its 200 day moving average price is $69.82. The firm has a market cap of $16.09 billion and a PE ratio of 18.94.

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.82 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.07. During the same period in the previous year, the company posted $0.78 earnings per share. The business earned $518.90 million during the quarter, compared to analyst estimates of $519.12 million. Magellan Midstream Partners L.P.’s revenue was up 5.0% compared to the same quarter last year. Equities analysts predict that Magellan Midstream Partners L.P. will post $3.54 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 12th. Shareholders of record on Monday, August 1st were paid a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 4.64%. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.70. The ex-dividend date was Thursday, July 28th.

Other hedge funds have recently bought and sold shares of the company. Stephens Inc. AR raised its stake in Magellan Midstream Partners L.P. by 26.5% in the fourth quarter. Stephens Inc. AR now owns 38,934 shares of the company’s stock worth $2,644,000 after buying an additional 8,154 shares in the last quarter. King Luther Capital Management Corp raised its stake in Magellan Midstream Partners L.P. by 6.0% in the fourth quarter. King Luther Capital Management Corp now owns 61,432 shares of the company’s stock worth $4,172,000 after buying an additional 3,464 shares in the last quarter. Homrich & Berg raised its stake in Magellan Midstream Partners L.P. by 6.4% in the fourth quarter. Homrich & Berg now owns 80,757 shares of the company’s stock worth $5,485,000 after buying an additional 4,869 shares in the last quarter. Advisors Asset Management Inc. raised its stake in 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 worth $5,859,000 after buying an additional 3,485 shares in the last quarter. Finally, C.V. Starr & Co. Inc. Trust raised its stake in Magellan Midstream Partners L.P. by 9.4% in the fourth quarter. C.V. Starr & Co. Inc. Trust now owns 175,000 shares of the company’s stock worth $11,886,000 after buying an additional 15,000 shares in the last quarter.

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