Magellan Midstream Partners L.P. (NYSE:MMP) was upgraded by research analysts at Citigroup Inc. from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Thursday.

Other analysts have also recently issued reports about the stock. BidaskClub cut shares of Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Zacks Investment Research cut shares of Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Mizuho cut shares of Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $74.00 to $72.00 in a report on Monday, July 10th. Royal Bank Of Canada reaffirmed 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. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $81.00 target price on shares of Magellan Midstream Partners L.P. in a report on Wednesday, July 19th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $79.19.

Shares of Magellan Midstream Partners L.P. (MMP) opened at 70.24 on Thursday. Magellan Midstream Partners L.P. has a 52 week low of $63.92 and a 52 week high of $81.77. The stock has a market cap of $16.02 billion, a price-to-earnings ratio of 19.05 and a beta of 0.80. The stock’s 50 day moving average is $67.92 and its 200 day moving average 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 Zacks’ consensus estimate of $0.89 by $0.03. Magellan Midstream Partners L.P. had a net margin of 34.63% and a return on equity of 41.81%. The business had revenue of $619.40 million during the quarter, compared to analysts’ expectations of $561.70 million. During the same period in the prior year, the company earned $0.82 earnings per share. The firm’s revenue was up 19.4% on a year-over-year basis. On average, equities analysts forecast that Magellan Midstream Partners L.P. will post $3.90 EPS for the current year.

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In related news, insider Jeff R. Selvidge sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $70.64, for a total value of $353,200.00. Following the transaction, the insider now owns 19,653 shares of the company’s stock, valued at approximately $1,388,287.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.24% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of MMP. Founders Capital Management purchased a new position in Magellan Midstream Partners L.P. during the 1st quarter valued at about $109,000. Catalyst Capital Advisors LLC increased its position in Magellan Midstream Partners L.P. by 23.7% during the 1st quarter. Catalyst Capital Advisors LLC now owns 1,568 shares of the pipeline company’s stock valued at $121,000 after purchasing an additional 300 shares during the period. NEXT Financial Group Inc increased its position in Magellan Midstream Partners L.P. by 7.5% during the 2nd quarter. NEXT Financial Group Inc now owns 1,807 shares of the pipeline company’s stock valued at $129,000 after purchasing an additional 126 shares during the period. Independent Portfolio Consultants Inc. increased its position in Magellan Midstream Partners L.P. by 4.6% during the 2nd quarter. Independent Portfolio Consultants Inc. now owns 1,968 shares of the pipeline company’s stock valued at $140,000 after purchasing an additional 87 shares during the period. Finally, AlphaMark Advisors LLC increased its position in Magellan Midstream Partners L.P. by 444.9% during the 1st quarter. AlphaMark Advisors LLC now owns 1,929 shares of the pipeline company’s stock valued at $148,000 after purchasing an additional 1,575 shares during the period. 60.67% of the stock is currently owned by institutional investors and hedge funds.

Magellan Midstream Partners L.P. Company Profile

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

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