Credit Suisse Group Initiates Coverage on Magellan Midstream Partners (MMP)
Research analysts at Credit Suisse Group began coverage on shares of Magellan Midstream Partners (NYSE:MMP) in a research report issued on Thursday, Marketbeat.com reports. The firm set a “neutral” rating and a $77.00 price target on the pipeline company’s stock. Credit Suisse Group’s price objective points to a potential upside of 20.78% from the stock’s current price.
A number of other brokerages have also recently issued reports on MMP. Stifel Nicolaus lifted their price objective on shares of Magellan Midstream Partners from $71.00 to $73.00 and gave the company a “hold” rating in a research note on Friday, August 3rd. Zacks Investment Research raised shares of Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $76.00 price objective on the stock in a research note on Monday, July 16th. ValuEngine cut shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. BMO Capital Markets reaffirmed a “buy” rating and set a $85.00 target price on shares of Magellan Midstream Partners in a research note on Friday, July 13th. Finally, Barclays boosted their target price on shares of Magellan Midstream Partners from $69.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 11th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $74.64.
Shares of NYSE:MMP opened at $63.75 on Thursday. The company has a market capitalization of $15.45 billion, a P/E ratio of 16.73, a PEG ratio of 2.70 and a beta of 0.79. The company has a current ratio of 0.54, a quick ratio of 0.31 and a debt-to-equity ratio of 2.04. Magellan Midstream Partners has a 1 year low of $54.82 and a 1 year high of $75.82.
In related news, SVP Jeff R. Selvidge sold 5,500 shares of the business’s stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $68.70, for a total value of $377,850.00. Following the sale, the senior vice president now owns 20,380 shares of the company’s stock, valued at $1,400,106. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Michael N. Mears sold 30,000 shares of the business’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $68.84, for a total transaction of $2,065,200.00. Following the completion of the sale, the chief executive officer now directly owns 169,295 shares in the company, valued at approximately $11,654,267.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 40,500 shares of company stock worth $2,786,500. Insiders own 0.26% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in shares of Magellan Midstream Partners in the second quarter worth $106,000. Legacy Advisors LLC grew its stake in shares of Magellan Midstream Partners by 87.3% in the second quarter. Legacy Advisors LLC now owns 1,547 shares of the pipeline company’s stock worth $107,000 after purchasing an additional 721 shares during the last quarter. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Magellan Midstream Partners in the second quarter worth $165,000. Ostrum Asset Management bought a new stake in shares of Magellan Midstream Partners in the first quarter worth $190,000. Finally, NEXT Financial Group Inc bought a new stake in shares of Magellan Midstream Partners in the third quarter worth $196,000. 63.78% of the stock is currently owned by institutional investors.
About Magellan Midstream Partners
Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.
Featured Story: Trading Strategy
Receive News & Ratings for Magellan Midstream Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Midstream Partners and related companies with MarketBeat.com's FREE daily email newsletter.