Shares of Magellan Midstream Partners, L.P. (NYSE:MMP) have earned an average rating of “Hold” from the sixteen ratings firms that are presently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $74.67.

A number of brokerages have recently issued reports on MMP. Zacks Investment Research downgraded Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research report on Thursday, July 19th. Barclays raised their price objective on Magellan Midstream Partners from $72.00 to $74.00 and gave the stock an “equal weight” rating in a research report on Monday, August 6th. Credit Suisse Group started coverage on Magellan Midstream Partners in a research report on Thursday, October 11th. They set a “neutral” rating and a $77.00 price objective for the company. ValuEngine upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a report on Wednesday, July 25th. Finally, Jefferies Financial Group downgraded Magellan Midstream Partners from a “buy” rating to a “hold” rating in a report on Wednesday, July 18th.

In other Magellan Midstream Partners news, CEO Michael N. Mears sold 30,000 shares of Magellan Midstream Partners stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $68.84, for a total value 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 $11,654,267.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Jeff R. Selvidge sold 5,500 shares of Magellan Midstream Partners stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $68.70, for a total value of $377,850.00. Following the completion of the sale, the senior vice president now owns 20,380 shares of the company’s stock, valued at $1,400,106. The disclosure for this sale can be found here. Over the last quarter, insiders sold 40,500 shares of company stock valued at $2,786,500. 0.26% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the business. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in Magellan Midstream Partners in the second quarter valued at approximately $106,000. Legacy Advisors LLC grew its stake in Magellan Midstream Partners by 87.3% in the second quarter. Legacy Advisors LLC now owns 1,547 shares of the pipeline company’s stock valued at $107,000 after acquiring an additional 721 shares during the period. Whittier Trust Co. of Nevada Inc. acquired a new stake in Magellan Midstream Partners in the second quarter valued at approximately $165,000. NEXT Financial Group Inc acquired a new stake in Magellan Midstream Partners in the third quarter valued at approximately $196,000. Finally, Summit Financial Group Inc. acquired a new stake in Magellan Midstream Partners in the second quarter valued at approximately $207,000. Institutional investors and hedge funds own 63.78% of the company’s stock.

Shares of MMP traded up $0.39 during mid-day trading on Thursday, reaching $65.17. 2,980 shares of the company were exchanged, compared to its average volume of 900,233. Magellan Midstream Partners has a 52 week low of $54.82 and a 52 week high of $75.82. The company has a debt-to-equity ratio of 2.04, a current ratio of 0.54 and a quick ratio of 0.31. The company has a market capitalization of $15.45 billion, a price-to-earnings ratio of 16.91, a price-to-earnings-growth ratio of 2.70 and a beta of 0.79.

Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings data on Thursday, August 2nd. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.04. Magellan Midstream Partners had a return on equity of 42.90% and a net margin of 33.54%. The company had revenue of $644.10 million during the quarter, compared to the consensus estimate of $662.37 million. During the same period last year, the company earned $0.91 earnings per share. The firm’s revenue was up 4.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Magellan Midstream Partners will post 4.18 EPS for the current year.

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.

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Analyst Recommendations for Magellan Midstream Partners (NYSE:MMP)

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