Magellan Midstream Partners (NYSE:MMP) had its target price lifted by Stifel Nicolaus from $62.00 to $68.00 in a research report sent to investors on Friday morning, BenzingaRatingsTable reports. Stifel Nicolaus currently has a hold rating on the pipeline company’s stock.
MMP has been the topic of a number of other research reports. Johnson Rice began coverage on shares of Magellan Midstream Partners in a report on Thursday, May 30th. They set an accumulate rating and a $71.00 price target on the stock. ValuEngine upgraded shares of Magellan Midstream Partners from a sell rating to a hold rating in a report on Thursday, May 23rd. Zacks Investment Research upgraded shares of Magellan Midstream Partners from a sell rating to a hold rating in a report on Tuesday, April 16th. Bank of America lifted their price target on shares of Magellan Midstream Partners from $63.00 to $66.00 and gave the stock a neutral rating in a report on Tuesday, July 30th. Finally, Raymond James lifted their price target on shares of Magellan Midstream Partners from $69.00 to $71.00 and gave the stock an outperform rating in a report on Friday. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the company. Magellan Midstream Partners presently has a consensus rating of Hold and an average target price of $68.86.
Magellan Midstream Partners stock traded down $0.98 during mid-day trading on Friday, reaching $65.66. The company had a trading volume of 532,280 shares, compared to its average volume of 774,507. Magellan Midstream Partners has a fifty-two week low of $54.25 and a fifty-two week high of $72.90. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.39 and a current ratio of 0.70. The firm has a market cap of $15.22 billion, a P/E ratio of 15.45, a P/E/G ratio of 2.64 and a beta of 0.74. The company has a fifty day moving average of $64.60.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th will be issued a dividend of $1.013 per share. This represents a $4.05 dividend on an annualized basis and a dividend yield of 6.17%. The ex-dividend date of this dividend is Tuesday, August 6th. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.92. Magellan Midstream Partners’s payout ratio is 94.59%.
In related news, insider Jeff R. Selvidge sold 4,000 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $63.64, for a total value of $254,560.00. Following the transaction, the insider now owns 23,397 shares in the company, valued at $1,488,985.08. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.26% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in MMP. Janus Henderson Group PLC lifted its holdings in Magellan Midstream Partners by 254.3% in the second quarter. Janus Henderson Group PLC now owns 5,706,834 shares of the pipeline company’s stock valued at $365,237,000 after buying an additional 4,096,277 shares during the period. Commonwealth Bank of Australia bought a new stake in Magellan Midstream Partners in the first quarter valued at $97,092,000. Kayne Anderson Capital Advisors LP increased its stake in Magellan Midstream Partners by 28.7% in the second quarter. Kayne Anderson Capital Advisors LP now owns 4,977,049 shares of the pipeline company’s stock valued at $318,524,000 after purchasing an additional 1,108,800 shares in the last quarter. Perella Weinberg Partners Capital Management LP increased its stake in Magellan Midstream Partners by 69.7% in the first quarter. Perella Weinberg Partners Capital Management LP now owns 413,725 shares of the pipeline company’s stock valued at $25,084,000 after purchasing an additional 169,942 shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its stake in Magellan Midstream Partners by 41.1% in the first quarter. Parametric Portfolio Associates LLC now owns 555,987 shares of the pipeline company’s stock valued at $33,709,000 after purchasing an additional 162,077 shares in the last quarter. Institutional investors and hedge funds own 69.17% of the company’s stock.
About Magellan Midstream Partners
Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.
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