Magellan Midstream Partners L.P. (MMP) is Initiated by Mizuho to Neutral, Price Target at $73

Magellan Midstream Partners L.P. (MMP) was Initiated by Mizuho to “Neutral” and the brokerage firm has set the Price Target at $73. Mizuho advised their investors in a research report released on Sep 30, 2016.

Many Wall Street Analysts have commented on Magellan Midstream Partners L.P.. Magellan Midstream Partners L.P. was Downgraded by Morgan Stanley to ” Underweight” on Aug 18, 2016.

On the company’s financial health, Magellan Midstream Partners L.P. reported $0.82 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $0.78. The company had revenue of $518.90 million for the quarter, compared to analysts expectations of $516.56 million. The company’s revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.78 EPS.

Magellan Midstream Partners L.P. closed down -0.06 points or -0.09% at $69.92 with 3,47,331 shares getting traded on Tuesday. Post opening the session at $69.37, the shares hit an intraday low of $69.07 and an intraday high of $70.47 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

In a different news, on Sep 1, 2016, Michael N Mears (President & CEO) sold 100 shares at $70.02 per share price. According to the SEC, 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.

Magellan Midstream Partners L.P.

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