ValuEngine Downgrades Magellan Midstream Partners (MMP) to Sell

Magellan Midstream Partners (NYSE:MMP) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a note issued to investors on Monday, February 4th.

A number of other equities research analysts have also commented on MMP. Zacks Investment Research upgraded Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $69.00 price target on the stock in a research report on Thursday, November 15th. Wolfe Research assumed coverage on Magellan Midstream Partners in a research report on Tuesday, October 30th. They issued a “hold” rating on the stock. Stifel Nicolaus set a $67.00 price objective on Magellan Midstream Partners and gave the company a “hold” rating in a research report on Friday, November 2nd. Credit Suisse Group assumed coverage on Magellan Midstream Partners in a research report on Thursday, October 11th. They issued a “neutral” rating and a $77.00 price objective on the stock. Finally, Bank of America increased their price objective on Magellan Midstream Partners from $71.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, November 5th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $70.78.

Shares of MMP stock traded up $0.63 during trading hours on Monday, hitting $61.50. The company had a trading volume of 1,819,614 shares, compared to its average volume of 1,190,908. Magellan Midstream Partners has a 12 month low of $54.25 and a 12 month high of $72.90. The firm has a market cap of $13.43 billion, a P/E ratio of 14.47, a P/E/G ratio of 2.38 and a beta of 0.85. The company has a current ratio of 0.96, a quick ratio of 0.44 and a debt-to-equity ratio of 1.59.

Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, January 31st. The pipeline company reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.13). The company had revenue of $865.68 million during the quarter, compared to the consensus estimate of $710.21 million. Magellan Midstream Partners had a net margin of 47.19% and a return on equity of 40.90%. Sell-side analysts forecast that Magellan Midstream Partners will post 4.06 EPS for the current year.

In other Magellan Midstream Partners news, Director Robert G. Croyle sold 2,119 shares of the stock in a transaction dated Tuesday, February 26th. The stock was sold at an average price of $59.94, for a total transaction of $127,012.86. Following the completion of the transaction, the director now owns 3,758 shares in the company, valued at approximately $225,254.52. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Lisa J. Korner sold 10,000 shares of the stock in a transaction dated Monday, December 10th. The stock was sold at an average price of $58.14, for a total value of $581,400.00. Following the transaction, the insider now owns 73,257 shares of the company’s stock, valued at approximately $4,259,161.98. The disclosure for this sale can be found here. Insiders have sold a total of 51,577 shares of company stock worth $3,052,303 in the last ninety days. 0.26% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in MMP. Howe & Rusling Inc. grew its holdings in Magellan Midstream Partners by 155.1% during the fourth quarter. Howe & Rusling Inc. now owns 472 shares of the pipeline company’s stock worth $27,000 after purchasing an additional 287 shares during the period. AdvisorNet Financial Inc grew its holdings in Magellan Midstream Partners by 132.8% during the fourth quarter. AdvisorNet Financial Inc now owns 533 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 304 shares during the period. Arlington Partners LLC bought a new position in Magellan Midstream Partners during the fourth quarter worth about $40,000. Bremer Trust National Association bought a new position in Magellan Midstream Partners during the fourth quarter worth about $42,000. Finally, Essex Savings Bank bought a new position in Magellan Midstream Partners during the fourth quarter worth about $52,000. Hedge funds and other institutional investors own 65.35% of the company’s stock.

Magellan Midstream Partners Company Profile

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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