Mizuho Securities Initiates Coverage on Magellan Midstream Partners L.P. to Neutral

Mizuho Securities Initiates Coverage on Magellan Midstream Partners L.P.(NYSE:MMP). The shares have been rated Neutral. The rating by Mizuho Securities was issued on Sep 30, 2016.

In a different note, On Aug 18, 2016, Morgan Stanley said it Downgrades its rating on Magellan Midstream Partners L.P.. In the research note, the firm Lowers the price-target to $73.00 per share. The shares have been rated ‘Underweight’ by the firm. Ladenburg Thalmann said it Initiates Coverage on Magellan Midstream Partners L.P., according to a research note issued on Jul 13, 2016. The shares have been rated ‘Buy’ by the firm.

Magellan Midstream Partners L.P. (MMP) shares turned negative on Tuesdays trading session with the shares closing down -0.47 points or -0.67% at a volume of 3,94,310. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $70.22. The peak price level was also seen at $70.22 while the days lowest was $69.05. Finally the shares closed at $69.72. The 52-week high of the shares is $77.45 while the 52-week low is $54.51. According to the latest information available, the market cap of the company is $15,881 M.

Magellan Midstream Partners L.P.(MMP) last announced its earnings results on Aug 2, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $518.90M. Analysts had an estimated revenue of $519.12M. Earnings per share were $0.82. Analysts had estimated an EPS of $0.75.

Several Insider Transactions has been reported to the SEC. On Sep 1, 2016, Michael N Mears (President & CEO) sold 100 shares at $70.02 per share price.Also, On May 10, 2016, Jeff R Selvidge (Senior Vice President) sold 5,504 shares at $72.00 per share price.On Mar 2, 2016, Douglas J May (Senior Vice President) sold 8,000 shares at $68.25 per share price, according to the Form-4 filing with the securities and exchange commission.

Magellan Midstream Partners L.P. (Magellan) is engaged in the transportation storage and distribution of refined petroleum products and crude oil. The Company’s business segments include Refined Products Crude Oil and Marine Storage. The Company’s refined products segment consists of Magellan’s 9500-mile refined products pipeline system with 53 terminals as well as 27 independent terminals not connected to the Company’s pipeline system and its 1100-mile ammonia pipeline system. Magellan’s crude oil segment consists of approximately 1600 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 21 million barrels of which 12 million is used for leased storage. Its marine storage segment consists of five marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels.

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