Citigroup Inc. upgraded shares of Magellan Midstream Partners L.P. (NYSE:MMP) from a neutral rating to a buy rating in a research report released on Thursday morning. They currently have $82.00 price objective on the pipeline company’s stock.

Several other equities research analysts also recently commented on MMP. Royal Bank Of Canada reiterated a hold rating and set a $80.00 target price on shares of Magellan Midstream Partners L.P. in a report on Monday, July 24th. Barclays PLC downgraded Magellan Midstream Partners L.P. from an overweight rating to an equal weight rating and dropped their price objective for the stock from $88.00 to $77.00 in a report on Tuesday, July 18th. Stifel Nicolaus restated a hold rating and set a $81.00 price objective on shares of Magellan Midstream Partners L.P. in a report on Wednesday, July 19th. BidaskClub downgraded Magellan Midstream Partners L.P. from a sell rating to a strong sell rating in a report on Thursday, August 17th. Finally, Zacks Investment Research upgraded Magellan Midstream Partners L.P. from a sell rating to a hold rating in a report on Monday, July 24th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company. Magellan Midstream Partners L.P. currently has an average rating of Hold and an average target price of $79.37.

Shares of Magellan Midstream Partners L.P. (NYSE MMP) traded down 0.021% during trading on Thursday, hitting $70.285. The stock had a trading volume of 276,304 shares. Magellan Midstream Partners L.P. has a one year low of $63.92 and a one year high of $81.77. The company has a market cap of $16.03 billion, a P/E ratio of 19.058 and a beta of 0.80. The stock’s 50-day moving average price is $67.92 and its 200-day moving average price is $72.12.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.89 by $0.03. The business had revenue of $619.40 million for the quarter, compared to the consensus estimate of $561.70 million. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. The company’s revenue was up 19.4% on a year-over-year basis. During the same period last year, the business posted $0.82 EPS. On average, equities research analysts forecast that Magellan Midstream Partners L.P. will post $3.90 EPS for the current fiscal year.

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In other news, insider Jeff R. Selvidge sold 5,000 shares of Magellan Midstream Partners L.P. stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $70.64, for a total value of $353,200.00. Following the completion of the transaction, the insider now owns 19,653 shares in the company, valued at approximately $1,388,287.92. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.24% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of MMP. Founders Capital Management acquired a new position in shares of Magellan Midstream Partners L.P. in the 1st quarter worth approximately $109,000. Catalyst Capital Advisors LLC grew its position in shares of Magellan Midstream Partners L.P. by 23.7% in the 1st quarter. Catalyst Capital Advisors LLC now owns 1,568 shares of the pipeline company’s stock worth $121,000 after acquiring an additional 300 shares in the last quarter. NEXT Financial Group Inc grew its position in shares of Magellan Midstream Partners L.P. by 7.5% in the 2nd quarter. NEXT Financial Group Inc now owns 1,807 shares of the pipeline company’s stock worth $129,000 after acquiring an additional 126 shares in the last quarter. Independent Portfolio Consultants Inc. grew its position in shares of Magellan Midstream Partners L.P. by 4.6% in the 2nd quarter. Independent Portfolio Consultants Inc. now owns 1,968 shares of the pipeline company’s stock worth $140,000 after acquiring an additional 87 shares in the last quarter. Finally, AlphaMark Advisors LLC grew its position in shares of Magellan Midstream Partners L.P. by 444.9% in the 1st quarter. AlphaMark Advisors LLC now owns 1,929 shares of the pipeline company’s stock worth $148,000 after acquiring an additional 1,575 shares in the last quarter. Institutional investors own 60.67% of the company’s stock.

About Magellan Midstream Partners L.P.

Analyst Recommendations for Magellan Midstream Partners L.P. (NYSE:MMP)

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