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.
Magellan Midstream Partners Price Performance
Shares of NYSE:MMP opened at $52.32 on Tuesday. The business has a 50 day moving average price of $49.59 and a two-hundred day moving average price of $49.37. Magellan Midstream Partners has a fifty-two week low of $43.58 and a fifty-two week high of $53.75. The firm has a market cap of $10.87 billion, a PE ratio of 11.20, a price-to-earnings-growth ratio of 3.21 and a beta of 0.95. The company has a quick ratio of 0.49, a current ratio of 0.97 and a debt-to-equity ratio of 2.84.
Magellan Midstream Partners Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, August 12th. Investors of record on Friday, August 5th were paid a $1.0375 dividend. The ex-dividend date was Thursday, August 4th. This represents a $4.15 dividend on an annualized basis and a dividend yield of 7.93%. Magellan Midstream Partners's dividend payout ratio (DPR) is presently 88.87%.
Wall Street Analyst Weigh In
A number of research analysts have weighed in on MMP shares. Morgan Stanley lifted their price target on shares of Magellan Midstream Partners from $50.00 to $54.00 and gave the company an "underweight" rating in a research report on Tuesday, April 26th. The Goldman Sachs Group upgraded shares of Magellan Midstream Partners from a "neutral" rating to a "buy" rating and lifted their target price for the company from $55.00 to $59.00 in a report on Wednesday, June 8th. Royal Bank of Canada increased their price target on Magellan Midstream Partners from $56.00 to $58.00 and gave the company an "outperform" rating in a report on Wednesday, August 3rd. Wells Fargo & Company raised Magellan Midstream Partners from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $54.00 to $56.00 in a research report on Tuesday, May 31st. Finally, JPMorgan Chase & Co. raised Magellan Midstream Partners from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $52.00 to $57.00 in a research report on Wednesday, May 25th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Magellan Midstream Partners presently has an average rating of "Hold" and an average target price of $53.50.