Magellan Midstream Partners L.P. (MMP) Upgraded to Buy at Vetr Inc.

Vetr upgraded shares of Magellan Midstream Partners L.P. (NYSE:MMP) from a hold rating to a buy rating in a research report released on Tuesday morning. The firm currently has $78.61 target price on the stock.

MMP has been the subject of several other research reports. Mizuho assumed coverage on shares of Magellan Midstream Partners L.P. in a research report on Thursday, September 29th. They set a neutral rating and a $73.00 price objective for the company. Zacks Investment Research upgraded shares of Magellan Midstream Partners L.P. from a hold rating to a buy rating and set a $78.00 price objective for the company in a research report on Wednesday, October 5th. Goldman Sachs Group, Inc. (The) upgraded shares of Magellan Midstream Partners L.P. from a neutral rating to a buy rating and boosted their price objective for the stock from $76.00 to $85.00 in a research report on Thursday, December 15th. Ladenburg Thalmann assumed coverage on shares of Magellan Midstream Partners L.P. in a research report on Monday, December 19th. They set a buy rating and a $80.00 price objective for the company. Finally, Deutsche Bank AG assumed coverage on shares of Magellan Midstream Partners L.P. in a research report on Tuesday, January 3rd. They set a buy rating and a $86.00 price objective for the company. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. Magellan Midstream Partners L.P. currently has an average rating of Hold and a consensus target price of $78.60.

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

Magellan Midstream Partners L.P. (NYSE:MMP) traded up 0.26% during mid-day trading on Tuesday, hitting $73.96. 480,440 shares of the stock were exchanged. Magellan Midstream Partners L.P. has a 52-week low of $55.25 and a 52-week high of $77.50. The company has a 50 day moving average price of $72.65 and a 200 day moving average price of $71.06. The firm has a market cap of $16.85 billion, a price-to-earnings ratio of 21.19 and a beta of 0.77.

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Magellan Midstream Partners L.P. had a net margin of 36.82% and a return on equity of 38.77%. The company earned $586.67 million during the quarter, compared to the consensus estimate of $291.99 million. During the same quarter in the previous year, the firm earned $0.86 earnings per share. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. On average, analysts anticipate that Magellan Midstream Partners L.P. will post $3.54 EPS for the current year.

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Large investors have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC raised its stake in Magellan Midstream Partners L.P. by 97.9% in the second quarter. Janney Montgomery Scott LLC now owns 89,616 shares of the company’s stock valued at $6,810,000 after buying an additional 44,336 shares in the last quarter. Spirit of America Management Corp NY raised its position in Magellan Midstream Partners L.P. by 8.6% in the third quarter. Spirit of America Management Corp NY now owns 245,680 shares of the company’s stock worth $17,380,000 after buying an additional 19,500 shares during the period. Blair William & Co. IL raised its position in Magellan Midstream Partners L.P. by 38.3% in the second quarter. Blair William & Co. IL now owns 352,307 shares of the company’s stock worth $26,775,000 after buying an additional 97,583 shares during the period. Center Coast Capital Advisors LP raised its position in Magellan Midstream Partners L.P. by 11.7% in the third quarter. Center Coast Capital Advisors LP now owns 2,248,877 shares of the company’s stock worth $159,086,000 after buying an additional 234,941 shares during the period. Finally, First Trust Advisors LP raised its position in Magellan Midstream Partners L.P. by 42.0% in the third quarter. First Trust Advisors LP now owns 80,296 shares of the company’s stock worth $5,680,000 after buying an additional 23,744 shares during the period. Institutional investors and hedge funds own 63.53% of the company’s stock.

Magellan Midstream Partners L.P. Company Profile

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