Magellan Midstream Partners L.P. (MMP) was Downgraded by Morgan Stanley to ” Underweight”. Earlier the firm had a rating of “Equal-Weight ” on the company shares. Morgan Stanley advised their investors in a research report released 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. opened for trading at $70.54 and hit $71.1 on the upside on Wednesday, eventually ending the session at $70.94, with a gain of 0.94% or 0.66 points. The heightened volatility saw the trading volume jump to 5,52,113 shares. Company has a market cap of $16,159 M.
In a different news, on May 10, 2016, Jeff R Selvidge (Senior Vice President) sold 5,504 shares at $72.00 per share price. According to the SEC, 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.