Invesco Advisers, Inc. has recently announced that it has increased stake in Magellan Midstream Partners L.P. (NYSE:MMP) by 2.08%. After grabbing 10.47 million shares, the institutional investor is now in possession of 0.21 million shares of the Energy Company. The new investment brought the stake of investor firm to 4.65% having worth around $424.0 million. Moreover, Harvest Fund Advisors LLC increased its share by 1.49 million to have a control over 8.9 million shares. And Janus Capital Management LLC raised its holdings to 6243.0 shares by acquiring 7.65 million shares or 3.40% of the stake.
Magellan Midstream Partners L.P. (MMP) concluded trading on 08/26/20 at a closing price of $37.78, with 1.69 million shares of worth about $63.85 million changed hands on the day. Weekly performance of the stock remained negative as price took a plunge of -8.68% during that period and on Wednesday the price saw a loss of about -3.13%. Currently the company’s common shares owned by public are about 225.35M shares, out of which, 224.41M shares are available for trading.
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 23 analysts are covering the MMP stock and their offered price forecasts bring an average price target of $52.29. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $64.00 and could fall to a lowest price of $44.00. Analysts also issued an outlook of 1.80 for the Magellan Midstream Partners L.P. stock for next 12 months. The stock’s current price level is 27.21% above of average price target set by the analysts, while a rise to estimated low would result in gain of 14.14 for the stock. However, touching the estimated high of $64.00 would mean a gain of 40.97% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 32 times over the past 12 months. They bought 226,177 shares in 16 of the transactions. In 16 selling transactions, insiders dumped 98,947 shares.
Alerian MLP ETF, Janus Henderson Enterprise Fund, and Invesco Oppenheimer Main Street F are the top 3 mutual funds which are holding stakes in Magellan Midstream Partners L.P. Alerian MLP ETF is currently holding 9.04 million shares of worth totaling $365.83 million. The company recently came selling 3008.0 shares which brought its stake up to 4.01% of the company’s outstanding shares. Invesco Oppenheimer Main Street F, after buying 2.49 million shares, have now control over 1.11% of the stake in the company. It holds 0.0 shares of worth $100.9 million.
Magellan Midstream Partners L.P. (NYSE: MMP) started trading at $38.99, below -$0.01 from concluding price of the previous day. However, the stock finished the trading on the day at a closing price of $37.78, or with a loss of -3.13%. Stock saw a price change of -8.68% in past 5 days and over the past one month there was a price change of -8.37%. Year-to-date (YTD), MMP shares are showing a performance of -39.91% which decreased to -42.16% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $22.02 but also hit the highest price of $67.62 during that period. While comparing its average daily trading volume of 1.26 million shares, we see that about 1.69 million changed hands on the day. The stock is currently trading -7.56% below its 20-day simple moving average (SMA20), while that difference is down -9.90% for SMA50 and it goes to -22.88% lower than SMA200.
Invesco Advisers, Inc. acquired 10.47 million shares of Magellan Midstream Partners L.P. having value of about $424.0 million. Data submitted at the U.S SEC by Invesco Advisers, Inc. revealed that the firm now holds 0.21 million shares in the company valued at close to $8054355.98, or have control over 2.08% stake in the company. Magellan Midstream Partners L.P. (NYSE: MMP) currently have 225.35M outstanding shares and institutions hold larger chunk of about 67.60% of that. Holding of mutual funds in the company is about 25.27% while other institutional holders and individual stake holders have control over 36.44% and 1.04% of the stake respectively.
The stock has a current market capitalization of $8.67B and its 3Y-monthly beta is at 1.07. PE ratio of stock for trailing 12 months is 8.79, while it has posted earnings per share of $4.30 in the same period. It has Quick Ratio of 0.40 while making debt-to-equity ratio of 0.00. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for MMP, volatility over the week remained 3.45% while standing at 2.83% over the month.
Analysts are in expectations that Magellan Midstream Partners L.P. (MMP) stock would likely to be making an EPS of $0.85 in the current quarter, while forecast for next quarter ESPS is $0.96 and it is $4.08 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.73 which is $0.95 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $1.19 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -23.60% while it is estimated to increase by 11.37% in next year. EPS is likely to shrink at an annualized rate of -0.40% for next 5-years, compared to annual growth of 3.90% made by the stock over the past 5-years.
Analysts at 23 brokerage firms have issued recommendations for the Magellan Midstream Partners L.P. (MMP)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.80. Out of those 23 Wall Street analysts, 19 recommended a “Buy” rating, while 2 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by TD Securities on June 30, 2020 offering a Buy rating for the stock and assigned a target price of $55 to it. Coverage by BMO Capital Markets stated Magellan Midstream Partners L.P. (MMP) stock as a Market perform in their note to investors on June 09, 2020, suggesting a price target of $46 for the stock. On April 14, 2020, Jefferies Upgrade their recommendations, while on April 02, 2020, Credit Suisse Upgrade their ratings for the stock with a price target of $42. Stock get a Buy rating from BofA/Merrill on March 30, 2020.