Magellan Midstream (MMP) is Upgraded by Raymond James to Strong Buy , according to the research report released to the investors. Earlier the firm had a rating of Outperform on the company shares. The shares recommendation by the Brokerage Firm was released on Jan-4-2016.
Magellan Midstream Partners LP is up 9.97% in the last 3-month period. Year-to-Date the stock performance stands at -14.49%.
Magellan Midstream Partners L.P. (NYSE:MMP) has dropped 0.26% during the past week, however, the bigger picture is still very bullish; the shares have posted positive gains of 12.75% in the last 4 weeks. In the past week, the shares have outperformed the S&P 500 by 0.57% and the outperformance increases to 15.38% for the last 4 weeks.
Magellan Midstream Partners L.P. (NYSE:MMP) : On Thursday heightened volatility was witnessed in Magellan Midstream Partners L.P. (NYSE:MMP) which led to swings in the share price. The shares opened for trading at $66.24 and hit $68.49 on the upside , eventually ending the session at $67.92, with a gain of 2.34% or 1.55 points. The heightened volatility saw the trading volume jump to 1,356,187 shares. The 52-week high of the share price is $86.34 and the company has a market cap of $15,447 million. The 52-week low of the share price is at $54.51 .
Currently the company Insiders own 0.23% of Magellan Midstream Partners L.P. shares according to the proxy statements. Institutional Investors own 62.94% of Magellan Midstream Partners L.P. shares. On a different note, The Company has disclosed insider buying and selling activities to the Securities Exchange, The Securities and Exchange Commission has divulged that Barnes Robert L, officer (Senior Vice President) of Magellan Midstream Partners Lp, had unloaded 3,600 shares at an average price of $81.87 in a transaction dated on May 20, 2015. The total value of the transaction was worth $294,732.
Magellan Midstream Partners, L.P. is engaged in the transportation, storage and distribution of refined petroleum products. The Company operates in three segments: petroleum pipeline system, petroleum terminals and ammonia pipeline system. Its petroleum pipeline system, consists of approximately 9,600 miles of pipeline and 50 terminals. Petroleum terminals include storage terminal facilities (consisting of six marine terminals located along coastal waterways and crude oil storage in Cushing, Oklahoma) and 27 inland terminals. Its ammonia pipeline system is representing 1,100-mile ammonia pipeline and six associated terminals. In July 2013, Magellan Midstream Partners LP announced that it has closed on its previously-announced acquisition of pipeline assets in Texas and New Mexico from Plains All American Pipeline LP. In November 2013, the Company acquired Rocky Mountain pipeline assets from Plains All American Pipeline, L.P.