Magellan Midstream Partners L.P. (MMP) is Reiterated by RBC Capital Mkts to Outperform, Raises Price Target to $ 69

Magellan Midstream Partners L.P. (MMP) was Reiterated by RBC Capital Mkts to “Outperform” according to the research note released today. The brokerage firm has raised the Price Target to $ 69 from a previous price target of $61 . RBC Capital Mkts advised their investors in a research report released on Apr 29, 2016.

Many Wall Street Analysts have commented on Magellan Midstream Partners L.P.. Wunderlich Downgraded Magellan Midstream Partners L.P. on Apr 4, 2016 to ” Hold”, Price Target of the shares are set at $68.Magellan Midstream Partners L.P. was Initiated by Morgan Stanley to “Equal-Weight” on Feb 25, 2016. Magellan Midstream Partners L.P. was Downgraded by Credit Suisse to ” Neutral” on Feb 5, 2016.

On the company’s financial health, Magellan Midstream Partners L.P. reported $0.86 EPS for the quarter, missing the analyst consensus estimate by $ -0.09 based on the information available during the earnings call on Feb 4, 2016. Analyst had a consensus of $0.95. The company had revenue of $573.05 million for the quarter, compared to analysts expectations of $628.00 million. The company’s revenue was down -15.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.10 EPS.

Magellan Midstream Partners L.P. opened for trading at $70.18 and hit $71.15 on the upside on Wednesday, eventually ending the session at $71.12, with a gain of 2.40% or 1.67 points. The heightened volatility saw the trading volume jump to 7,74,041 shares. Company has a market cap of $16,200 M.

In a different news, on Mar 7, 2016, Michael N Mears (President & CEO) sold 20,000 shares at $70.71 per share price. According to the SEC, on Mar 2, 2016, Jeff R Selvidge (Senior Vice President) sold 7,500 shares at $68.25 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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