Brokerage firm Morgan Stanley Downgrades its rating on Magellan Midstream Partners L.P.(NYSE:MMP). In a research note issued to the investors, the brokerage major Lowers the price-target to $69.00 per share. The shares have been rated Underweight. Previously, the analysts had a Equal-weight rating on the shares. The rating by Morgan Stanley was issued on Aug 18, 2016.
In a different note, 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. Seaport Global said it Initiates Coverage on Magellan Midstream Partners L.P., according to a research note issued on Jun 14, 2016. The shares have been rated ‘Buy’ by the firm.
Magellan Midstream Partners L.P. (MMP) made into the market gainers list on Mondays trading session with the shares advancing 0.14% or 0.1 points. Due to strong positive momentum, the stock ended at $70.27, which is also near the day’s high of $70.49. The stock began the session at $70 and the volume stood at 3,65,507 shares. The 52-week high of the shares is $77.45 and the 52 week low is $54.51. The company has a current market capitalization of $16,006 M and it has 22,77,83,920 shares in outstanding.
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 May 10, 2016, Jeff R Selvidge (Senior Vice President) sold 5,504 shares at $72.00 per share price.Also, On Mar 7, 2016, Michael N Mears (President & CEO) sold 20,000 shares at $70.71 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 Companys business segments include Refined Products Crude Oil and Marine Storage. The Companys refined products segment consists of Magellans 9500-mile refined products pipeline system with 53 terminals as well as 27 independent terminals not connected to the Companys pipeline system and its 1100-mile ammonia pipeline system. Magellans 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.