The price of Magellan Midstream Partners L.P. (NYSE:MMP) shares last traded on Wall Street fell -1.96% to $61.38.
As we calculate the median target price by taking the range between a high of $68.00 and a low of $53.00, we find $61.00. Given the previous closing price of $62.61, this indicates a potential downside of -2.57 percent. MMP stock price is now 12.72% away from the 50-day moving average and 17.68% away from the 200-day moving average. The market capitalization of the company currently stands at $12.28B.
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Brokers who have rated the stock have averaged $61.05 as their price target over the next twelve months.
On January 18, 2023, Barclays Upgraded its previous ‘Equal Weight’ rating to ‘Overweight’ on the stock keeping its target price maintained at $59, while ‘Wells Fargo’ rates the stock as ‘Equal Weight’.
In other news, MONTAGUE JAMES R, Director sold 2,892 shares of the company’s stock on Nov 15. The stock was sold for $154,524 at an average price of $53.43. Upon completion of the transaction, the Director now directly owns 25,095 shares in the company, valued at $1.54 million. Insiders disposed of 42,750 shares of company stock worth roughly $2.62 million over the past 1 year. A total of 0.39% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in MMP stock. A new stake in Magellan Midstream Partners L.P. shares was purchased by WESTWOOD HOLDINGS GROUP INC during the first quarter worth $42,526,000. BERKLEY W R CORP invested $39,897,000 in shares of MMP during the first quarter. In the first quarter, ALLEN CAPITAL GROUP, LLC acquired a new stake in Magellan Midstream Partners L.P. valued at approximately $2,629,000. FAIRHOLME CAPITAL MANAGEMENT LLC acquired a new stake in MMP for approximately $1,755,000. GREY STREET CAPITAL, LLC purchased a new stake in MMP valued at around $1,345,000 in the second quarter. In total, there are 688 active investors with 52.10% ownership of the company’s stock.
A candlestick chart of Magellan Midstream Partners L.P. (NYSE: MMP) showed a price of $61.19 on Tuesday morning. During the past 12 months, Magellan Midstream Partners L.P. has had a low of $44.79 and a high of $64.42. As of last week, the company has a debt-to-equity ratio of 2.96, a current ratio of 1.00, and a quick ratio of 0.40. According to the stock market information, the enterprise value for the company is $16.23B, which is based on a 13.08 price-to-earnings ratio, a 3.19 price-to-earnings-growth ratio, and a beta of 0.91. The fifty day moving average price for MMP is $54.59 and a two-hundred day moving average price translates $52.21 for the stock.
The latest earnings results from Magellan Midstream Partners L.P. (NYSE: MMP) was released for Mar, 2023. The net profit margin was 33.70% and return on equity was 66.60% for MMP. The company reported revenue of $869.7 million for the quarter, compared to $674.7 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 28.9 percent.
Moreover, the firm recently paid out its quarterly dividend on 05/15/2023. Investors who held shares on 05/08/2023 were paid a $1.0475 dividend. On an annualized basis, this represents a $4.19 dividend and a 6.83% percent yield. There was an ex-dividend date of 05/05/2023 for this dividend. In terms of dividend payout ratio, MMP is presently at 75.60%.
Magellan Midstream Partners L.P.(MMP) Company Profile
Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates refined products pipeline that transports gasoline, diesel and aviation fuel, kerosene, and heating oil to refiners, wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports. It also provides pipeline capacity and tank storage services, as well as terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers. In addition, the company owns and operates crude oil pipelines and storage facilities; and marine terminals located along coastal waterways that provide design, installation, construction, testing, operation, replacement, and management of assets to refiners, marketers, and traders. Magellan Midstream Partners, L.P. was incorporated in 2000 and is headquartered in Tulsa, Oklahoma.
