StockNews.com Initiates Coverage on Magellan Midstream Partners (NYSE:MMP)

StockNews.com began coverage on shares of Magellan Midstream Partners (NYSE:MMP – Get Rating) in a report issued on Thursday. The firm issued a hold rating on the pipeline company’s stock.

MMP has been the subject of several other research reports. Wolfe Research cut Magellan Midstream Partners from a peer perform rating to an underperform rating and set a $49.00 price target for the company. in a report on Wednesday, November 16th. Raymond James boosted their target price on Magellan Midstream Partners from $55.00 to $58.00 and gave the stock an outperform rating in a report on Friday, February 3rd. Citigroup boosted their target price on Magellan Midstream Partners from $56.00 to $57.00 and gave the stock a buy rating in a report on Tuesday, February 7th. Morgan Stanley boosted their target price on Magellan Midstream Partners from $54.00 to $56.00 and gave the stock an underweight rating in a report on Monday, January 9th. Finally, Royal Bank of Canada reiterated an outperform rating and set a $59.00 target price on shares of Magellan Midstream Partners in a report on Wednesday. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $56.27.

Magellan Midstream Partners Trading Down 0.1 %

MMP traded down $0.06 during midday trading on Thursday, hitting $52.60. The company’s stock had a trading volume of 3,801,039 shares, compared to its average volume of 762,297. The company has a current ratio of 0.98, a quick ratio of 0.49 and a debt-to-equity ratio of 2.98. The firm has a market cap of $10.69 billion, a P/E ratio of 10.63, a PEG ratio of 7.81 and a beta of 0.92. The firm has a 50-day moving average price of $53.22 and a two-hundred day moving average price of $51.49. Magellan Midstream Partners has a 52-week low of $44.79 and a 52-week high of $60.55.

Magellan Midstream Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 14th. Investors of record on Tuesday, February 7th were given a dividend of $1.048 per share. The ex-dividend date of this dividend was Monday, February 6th. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $1.05. This represents a $4.19 annualized dividend and a yield of 7.97%. Magellan Midstream Partners’s payout ratio is 84.65%.

Hedge Funds Weigh In On Magellan Midstream Partners

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. CoreCap Advisors LLC bought a new position in Magellan Midstream Partners during the 4th quarter valued at $28,000. Accurate Wealth Management LLC bought a new position in Magellan Midstream Partners during the 4th quarter valued at $31,000. EverSource Wealth Advisors LLC boosted its stake in Magellan Midstream Partners by 53.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 691 shares of the pipeline company’s stock valued at $35,000 after acquiring an additional 241 shares during the last quarter. State of Wyoming bought a new position in Magellan Midstream Partners during the 4th quarter valued at $35,000. Finally, Phocas Financial Corp. bought a new position in Magellan Midstream Partners during the 4th quarter valued at $35,000. 51.06% of the stock is owned by institutional investors and hedge funds.

Magellan Midstream Partners Company Profile

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Magellan Midstream Partners LP engages in the transportation, storage, and distribution of petroleum products and crude oil. It operates through the following segments: Refined Products and Crude Oil. The Refined Products segment consists of an approximately 9,800-mile refined petroleum products pipeline system with 54 terminals and two marine storage terminals.