Magellan Midstream Partners, L.P. (NYSE:MMP) was the recipient of unusually large options trading on Wednesday. Traders purchased 4,204 call options on the stock. This is an increase of approximately 1,301% compared to the average volume of 300 call options.
NYSE MMP traded down $0.84 during mid-day trading on Friday, hitting $62.64. The stock had a trading volume of 751,396 shares, compared to its average volume of 923,492. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.70 and a quick ratio of 0.39. The company has a market capitalization of $14.40 billion, a P/E ratio of 14.74, a PEG ratio of 2.57 and a beta of 0.75. Magellan Midstream Partners has a 52-week low of $54.25 and a 52-week high of $72.90.
Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings results on Wednesday, May 1st. The pipeline company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.06. The company had revenue of $628.90 million during the quarter, compared to the consensus estimate of $692.56 million. Magellan Midstream Partners had a return on equity of 38.97% and a net margin of 47.92%. Magellan Midstream Partners’s revenue was down 7.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.05 earnings per share. On average, research analysts expect that Magellan Midstream Partners will post 4.09 earnings per share for the current fiscal year.
In related news, insider Jeff R. Selvidge sold 4,000 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $63.64, for a total transaction of $254,560.00. Following the transaction, the insider now owns 23,397 shares of the company’s stock, valued at approximately $1,488,985.08. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.26% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the stock. Howe & Rusling Inc. lifted its stake in shares of Magellan Midstream Partners by 155.1% during the fourth quarter. Howe & Rusling Inc. now owns 472 shares of the pipeline company’s stock worth $27,000 after purchasing an additional 287 shares in the last quarter. Golden State Wealth Management LLC bought a new stake in Magellan Midstream Partners in the first quarter valued at about $27,000. AdvisorNet Financial Inc increased its holdings in Magellan Midstream Partners by 132.8% in the fourth quarter. AdvisorNet Financial Inc now owns 533 shares of the pipeline company’s stock valued at $30,000 after buying an additional 304 shares during the last quarter. CWM LLC increased its holdings in Magellan Midstream Partners by 103.7% in the first quarter. CWM LLC now owns 556 shares of the pipeline company’s stock valued at $34,000 after buying an additional 283 shares during the last quarter. Finally, Massey Quick Simon & CO. LLC increased its holdings in Magellan Midstream Partners by 308.6% in the first quarter. Massey Quick Simon & CO. LLC now owns 662 shares of the pipeline company’s stock valued at $40,000 after buying an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 68.88% of the company’s stock.
A number of research firms have recently commented on MMP. Johnson Rice began coverage on Magellan Midstream Partners in a report on Thursday, May 30th. They issued an “accumulate” rating and a $71.00 price objective on the stock. ValuEngine upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a report on Thursday, May 23rd. Zacks Investment Research upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, April 16th. LADENBURG THALM/SH SH set a $75.00 price target on Magellan Midstream Partners and gave the stock a “buy” rating in a research note on Tuesday, March 26th. Finally, Bank of America downgraded Magellan Midstream Partners from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $69.00 to $62.00 in a research note on Wednesday, February 27th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $69.50.
TRADEMARK VIOLATION WARNING: This report was first posted by Rockland Register and is the property of of Rockland Register. If you are reading this report on another publication, it was illegally copied and reposted in violation of international trademark and copyright law. The original version of this report can be read at https://rocklandregister.com/2019/06/14/magellan-midstream-partners-target-of-unusually-high-options-trading-mmp.html.
About Magellan Midstream Partners
Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.
Recommended Story: What is the market perform rating?
Receive News & Ratings for Magellan Midstream Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Midstream Partners and related companies with MarketBeat.com's FREE daily email newsletter.