Magellan midstream partners, l.p. According to the data from Bloomberg.com, the thirteen brokerages who provide coverage for (NYSE: MMP) have assigned an average rating of “Hold” to the stock. Five research analysts have assigned a buy recommendation to the company’s stock, six have issued a hold rating, and two have assigned a sell rating to the stock. The reports that brokerages have published on the stock have stated that the stock’s average 12-month price goal is $53.73, according to the reports that the brokerages have published on the stock. This was stated by brokerages that produced reports on the stock in the prior year. In recent press releases, various research analysts were asked about their thoughts on MMP shares and given their responses. In a research note released on Wednesday, August 3, Royal Bank of Canada upped its price objective for shares of Magellan Midstream Partners from $56.00 to $58.00 and assigned the company a “outperform” rating. The Goldman Sachs Group moved Magellan Midstream Partners from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $55.00 to $59.00 in a research note on June 8. In addition, they increased the price that they anticipated the stock would reach, from $55.00 to $59.00.
In a research report that was made public on May 25, JPMorgan Chase & Co. increased their target price on Magellan Midstream Partners shares from $52.00 to $57.00. Additionally, they upgraded the company’s stock from a “neutral” rating to an “overweight” one. Finally, Wells Fargo & Company upgraded shares of Magellan Midstream Partners from “equal weight” to “overweight” in a research report published on Tuesday, May 31. Additionally, the firm boosted its price goal on the stock from $54.00 to $56.00. On Monday, NYSE MMP began trading at $50.68. Over the previous year, the price of Magellan Midstream Partners fell to its lowest point of $43.58 and reached its peak point of $53.75 at some point. The company’s moving average over the past 50 days is $50.47, and its moving average over the past 200 days is $49.86. The company’s current ratio is 0.97, and its current debt-to-equity ratio is 2.84. In addition, the company’s quick ratio is 0.49. The company has a market capitalization of $10.53 billion, a price-to-earnings ratio of 10.85, a price-to-earnings-to-growth ratio of 3.35, and a beta of 0.92. All of these metrics indicate that the stock is relatively expensive. In addition, the corporation has just declared and dispersed a quarterly dividend, which was paid out on Friday, August 12. This occurred just recently. On Friday, August 5, stockholders already on record with the corporation were qualified to receive a $1.0375 dividend payment.
This payment was made available to qualifying stockholders. This translates into a dividend payment of $4.15 each year, which results in a yield of 8.19% per year overall. Thursday, August 4, was the day that did not include the payoff that was due to be received. At this moment, the dividend payout ratio for Magellan Midstream Partners is at a value of 88.87%. Several hedge funds and institutional investors have adapted their investment strategy due to recent events, which have caused this transformation. During the first three months of this year, Goldman Sachs Group Inc. saw a 1.8% increase in its investment value in Magellan Midstream Partners. Goldman Sachs Group Inc. is currently the owner of the pipeline company’s stock, which has a value of $292,064,000 after the acquisition of 106,822 extra shares during the preceding quarter. Goldman Sachs Group Inc purchased these shares. As a result, the total value of the investment firm’s holdings has increased to 292,064,000 dollars. UBS Group AG’s holdings in Magellan Midstream Partners received a 1.5% increase during the second quarter due to the company’s investment. UBS Group AG raised its holdings in the stock of the pipeline firm during the most recent quarter by purchasing an additional 45,610 shares. This brought the total number of shares it possesses to 3,082,021, with a value of $147,196,000.
Global Investments Mirae Asset Co. Ltd. increased the proportion of Magellan Midstream Partners shares it owned by 13.1% throughout the year’s second quarter. Global Investments Mirae Asset Co. Ltd. has increased its total holdings in the pipeline firm by purchasing an additional 353,171 shares of stock since the beginning of this quarter, which takes the total value of its holdings to $145,677,000. During the second quarter, the investment portfolio managed by Chickasaw Capital Management LLC increased its holdings of Magellan Midstream Partners by 0.4% compared to the previous quarter. After purchasing an additional 12,800 shares of the pipeline company’s stock during the most recent fiscal quarter, Chickasaw Capital Management LLC now has 3,026,826 shares of the company’s stock. This brings the total number of shares owned by the business to 3. There is a value of $144,561,000.00 attached to these shares. And lastly, during the second quarter, Clearbridge Investments LLC increased its total number of Magellan Midstream Partners shares in its portfolio by 5.8 percent. Clearbridge Investments LLC currently has 2,851,727 of the pipeline company’s shares, worth $136,198,000. This comes from purchasing an additional 156,016 shares during the fiscal quarter. Institutional investors and hedge funds currently control 52.37% of the company’s shares and have done so historically.
Magellan is a subsidiary of Midstream Partners, L.P., which is involved in the storage, distribution, and transportation of crude oil and refined petroleum products across the United States. Magellan’s primary focus is on the distribution of petroleum products. The components of crude oil and products that have been refined are what make it possible for it to function. This particular corporation operates a pipeline that transports refined products, and it is through this pipeline that fuels such as gasoline, diesel, aviation fuel, kerosene, and heating oil are transferred. Wholesalers, retailers, traders, railroads, airlines, and local farm cooperatives are among the recipients of these fuels that are transported by pipeline. Fuel is also distributed to end consumers, including retail gas stations, truck stops, farm cooperatives, train fueling depots, commercial airports, and military facilities, among other types of businesses and institutions.