Bank of America initiated coverage on shares of Magellan Midstream Partners (NYSE:MMP) in a research note published on Tuesday, The Fly reports. The brokerage issued a buy rating on the pipeline company’s stock.

MMP has been the subject of several other reports. Mizuho reissued a sell rating and issued a $72.00 price objective on shares of Magellan Midstream Partners in a research report on Friday, October 20th. BMO Capital Markets started coverage on shares of Magellan Midstream Partners in a research report on Monday, December 11th. They issued a buy rating and a $80.00 price objective for the company. Citigroup raised shares of Magellan Midstream Partners from a neutral rating to a buy rating and set a $82.00 price objective for the company in a research report on Thursday, September 21st. Finally, Credit Suisse Group started coverage on shares of Magellan Midstream Partners in a research report on Thursday, January 4th. They issued an underperform rating for the company. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. Magellan Midstream Partners currently has a consensus rating of Hold and a consensus price target of $77.97.

Shares of Magellan Midstream Partners (MMP) opened at $74.62 on Tuesday. The stock has a market cap of $17,020.00, a PE ratio of 20.17, a price-to-earnings-growth ratio of 2.36 and a beta of 0.77. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.50 and a quick ratio of 0.29. Magellan Midstream Partners has a 52-week low of $63.55 and a 52-week high of $81.77.

Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, November 2nd. The pipeline company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.02. The company had revenue of $551.80 million during the quarter, compared to analysts’ expectations of $610.12 million. Magellan Midstream Partners had a net margin of 34.50% and a return on equity of 40.99%. The firm’s quarterly revenue was down 3.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.91 EPS. equities research analysts anticipate that Magellan Midstream Partners will post 3.87 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. CNH Partners LLC lifted its position in shares of Magellan Midstream Partners by 1.1% in the 2nd quarter. CNH Partners LLC now owns 9,057 shares of the pipeline company’s stock worth $645,000 after purchasing an additional 100 shares during the period. Ropes Wealth Advisors LLC lifted its position in shares of Magellan Midstream Partners by 4.8% in the 2nd quarter. Ropes Wealth Advisors LLC now owns 4,190 shares of the pipeline company’s stock worth $299,000 after purchasing an additional 190 shares during the period. Capital Wealth Planning LLC lifted its position in shares of Magellan Midstream Partners by 5.6% in the 2nd quarter. Capital Wealth Planning LLC now owns 4,511 shares of the pipeline company’s stock worth $321,000 after purchasing an additional 240 shares during the period. Segment Wealth Management LLC lifted its position in shares of Magellan Midstream Partners by 0.9% in the 2nd quarter. Segment Wealth Management LLC now owns 29,475 shares of the pipeline company’s stock worth $2,101,000 after purchasing an additional 268 shares during the period. Finally, Gofen & Glossberg LLC IL lifted its position in shares of Magellan Midstream Partners by 4.0% in the 2nd quarter. Gofen & Glossberg LLC IL now owns 7,901 shares of the pipeline company’s stock worth $563,000 after purchasing an additional 305 shares during the period. 62.03% of the stock is owned by hedge funds and other institutional investors.

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Magellan Midstream Partners Company Profile

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Analyst Recommendations for Magellan Midstream Partners (NYSE:MMP)

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