Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. It operates through Refined Products and Crude Oil segments. The company operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to 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. Further, it 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. As of December 31, 2021, it had 9,800-mile refined products pipeline system with 54 terminals; approximately 2,200 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 39 million barrels; and two marine terminals. The company was incorporated in 2000 and is headquartered in Tulsa, Oklahoma.
Wall Street Analysts Forecast Growth
MMP has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised Magellan Midstream Partners from a "neutral" rating to an "overweight" rating and upped their price target for the company from $52.00 to $57.00 in a research report on Wednesday, May 25th. Wells Fargo & Company upgraded shares of Magellan Midstream Partners from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $54.00 to $56.00 in a research report on Tuesday, May 31st. The Goldman Sachs Group raised shares of Magellan Midstream Partners from a "neutral" rating to a "buy" rating and boosted their price target for the company from $55.00 to $59.00 in a research report on Wednesday, June 8th. Morgan Stanley raised their price objective on shares of Magellan Midstream Partners from $50.00 to $54.00 and gave the stock an "underweight" rating in a report on Tuesday, April 26th. Finally, Royal Bank of Canada boosted their target price on shares of Magellan Midstream Partners from $56.00 to $58.00 and gave the company an "outperform" rating in a report on Wednesday, August 3rd. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $53.50.
Magellan Midstream Partners Price Performance
NYSE:MMP traded up $0.67 during trading on Thursday, reaching $50.83. The company's stock had a trading volume of 1,019,309 shares, compared to its average volume of 1,163,089. The firm has a fifty day moving average of $49.64 and a 200 day moving average of $49.29. Magellan Midstream Partners has a one year low of $43.58 and a one year high of $53.75. The stock has a market capitalization of $10.56 billion, a PE ratio of 10.74, a P/E/G ratio of 3.08 and a beta of 0.95. The company has a debt-to-equity ratio of 2.84, a current ratio of 0.97 and a quick ratio of 0.49.
Magellan Midstream Partners Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, August 12th. Investors of record on Friday, August 5th will be paid a $1.0375 dividend. This represents a $4.15 dividend on an annualized basis and a yield of 8.16%. The ex-dividend date of this dividend is Thursday, August 4th. Magellan Midstream Partners's dividend payout ratio is currently 88.87%.