Magellan Midstream Partners L.P. (NYSE: MMP) shares traded mostly even in early trading today on lower trade volume than normal after a number of analysts weighed in on the investing value of the stock and reiterated thier respective ratings.
Meanwhile, U.S. stocks opened significantly lower in early trading. The Dow Jones Industrial Average was 58 points lower, or 0.29% to 19895, the S&P 500 fell 7 points, or 0.28% to 2268, while the Nasdaq dropped 22 points, or 0.38% to 5542.
Raymond James Financial, Inc. analysts reiterated its Outperform rating on Magellan Midstream Partners L.P. (NYSE: MMP) in a note to investors, making it one of the more closely watched stocks on Wall Street. With a rating of Outperform on the stock, Magellan Midstream Partners L.P. has a 52-week high of $77.50. The one-year price target of $78.82 is above the opening price of $74.14, resulting a number of other analysts to report on the company in recent days. Usually, after analysts give a “reiterated rating” report on a stock, they will subsequently issue periodic updates, usually followed by a price target change.
Yesterday Magellan Midstream Partners L.P. (NYSE: MMP) shares last traded at $73.99. Opening at $74.14, they fluctuated from $73.99 and $74.43 throughout the day.
Magellan Midstream Partners L.P. (NYSE: MMP) currently has a market cap of 16.85B.
Magellan Midstream Partners L.P. (NYSE: MMP) Average Daily Trading Volume
The stock’s average daily volume is 709,775 shares out of a total float 227,189,000 and some 34,581 shares crossed the trading desk yesterday, 18 percent lower than the norm. lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use swings in trading volume to identify heavy volume accumulation or distribution by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors retain substantial teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to make sure you are buying the right stocks.
Magellan Midstream Partners L.P. (NYSE: MMP) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of successful trades.
With that in mind, Magellan Midstream Partners L.P. (NYSE: MMP) now has a 50-day MA of $72.80 and 200-day MA of $71.08. It has traded in a 52-week range between $55.25 – 77.50 and today’s last price is 4.53%% lower than the 52 week high of $77.50.
Earnings growth is a critical factor to look at when buying stocks and investors watch for companies that have raised their earnings by at least 25% for 3 consecutive years.
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