Todays Report: The Zacks Investment Research Lowers Magellan Midstream Partners L.P. (MMP) to Hold

The Zacks Investment Research Lowers Magellan Midstream Partners L.P. (MMP) to Hold

Zacks Investment Research downgraded shares of Magellan Midstream Partners L.P. (NYSE:MMP) from a buy rating to a hold rating in a research note published on Thursday morning.

According to Zacks, “Magellan Midstream Partners has an attractive portfolio of energy infrastructure assets that generate stable and recurring fee- and tariff-based revenues. We also appreciate the partnership’s investment grade credit rating that enables it to draw capital from the market at a reasonable cost. Other positive attributes include its sound liquidity position and strong track record for distribution growth. However, we believe that MLP valuations will be largely disconnected from business fundamentals as long as the hoopla over crude prices continue. As such, we see Magellan Midstream units performing in line with the broader market.”

Other equities analysts have also recently issued research reports about the company. Argus reiterated a buy rating and set a $85.00 price target on shares of Magellan Midstream Partners L.P. in a report on Tuesday, August 23rd. Ladenburg Thalmann began coverage on Magellan Midstream Partners L.P. in a report on Wednesday, July 13th. They set a buy rating for the company. Seaport Global Securities began coverage on Magellan Midstream Partners L.P. in a report on Tuesday, June 14th. They set a buy rating and a $82.00 price objective for the company. Wunderlich restated a hold rating and set a $71.00 price objective on shares of Magellan Midstream Partners L.P. in a report on Friday, August 5th. Finally, Morgan Stanley set a $73.00 price objective on Magellan Midstream Partners L.P. and gave the stock a hold rating in a report on Wednesday, August 3rd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of Hold and an average target price of $77.97.

Magellan Midstream Partners L.P. (NYSE:MMP) opened at 69.85 on Thursday. The stock has a 50 day moving average price of $69.84 and a 200 day moving average price of $70.97. Magellan Midstream Partners L.P. has a 1-year low of $54.51 and a 1-year high of $77.45. The firm has a market capitalization of $15.91 billion, a price-to-earnings ratio of 18.73 and a beta of 0.71.

Magellan Midstream Partners L.P. (NYSE:MMP) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.07. Magellan Midstream Partners L.P. had a return on equity of 38.58% and a net margin of 38.97%. The business earned $518.90 million during the quarter, compared to analysts’ expectations of $519.12 million. During the same quarter last year, the company posted $0.78 earnings per share. Magellan Midstream Partners L.P.’s quarterly revenue was up 5.0% on a year-over-year basis. Analysts predict that Magellan Midstream Partners L.P. will post $3.52 EPS for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Independent Portfolio Consultants Inc. increased its position in shares of Magellan Midstream Partners L.P. by 13.3% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,406 shares of the company’s stock valued at $107,000 after buying an additional 165 shares in the last quarter. Bellwether Investment Group LLC bought a new position in shares of Magellan Midstream Partners L.P. during the second quarter valued at about $109,000. Carroll Financial Associates Inc. increased its position in shares of Magellan Midstream Partners L.P. by 2.6% in the second quarter. Carroll Financial Associates Inc. now owns 1,994 shares of the company’s stock valued at $151,000 after buying an additional 50 shares during the period. Parkside Financial Bank & Trust increased its position in shares of Magellan Midstream Partners L.P. by 26.0% in the second quarter. Parkside Financial Bank & Trust now owns 2,096 shares of the company’s stock valued at $159,000 after buying an additional 432 shares during the period. Finally, Americafirst Capital Management LLC bought a new position in shares of Magellan Midstream Partners L.P. during the second quarter valued at about $161,000. Institutional investors and hedge funds own 62.52% of the company’s stock.

About Magellan Midstream Partners L.P.

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