Envestnet Asset Management Inc. Purchases 8,204 Shares of Magellan Midstream Partners, L.P. (NYSE:MMP)

Envestnet Asset Management Inc. increased its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) by 7.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 120,449 shares of the pipeline company’s stock after buying an additional 8,204 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Magellan Midstream Partners were worth $6,048,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of MMP. Accurate Wealth Management LLC bought a new stake in shares of Magellan Midstream Partners during the 4th quarter worth $31,000. Phocas Financial Corp. bought a new stake in shares of Magellan Midstream Partners during the 4th quarter worth $35,000. Concord Wealth Partners acquired a new position in Magellan Midstream Partners during the 4th quarter valued at $49,000. Boyd Watterson Asset Management LLC OH acquired a new position in Magellan Midstream Partners during the 4th quarter valued at $60,000. Finally, Heritage Wealth Advisors raised its stake in Magellan Midstream Partners by 52.9% during the 4th quarter. Heritage Wealth Advisors now owns 1,300 shares of the pipeline company’s stock valued at $65,000 after purchasing an additional 450 shares during the last quarter. 51.06% of the stock is owned by institutional investors.

Magellan Midstream Partners Trading Up 1.0 %

Shares of Magellan Midstream Partners stock opened at $55.41 on Friday. The stock has a market capitalization of $11.20 billion, a P/E ratio of 10.06, a price-to-earnings-growth ratio of 3.68 and a beta of 0.91. The company has a quick ratio of 0.44, a current ratio of 0.97 and a debt-to-equity ratio of 2.96. The company has a 50-day simple moving average of $54.29 and a 200 day simple moving average of $52.88. Magellan Midstream Partners, L.P. has a 12-month low of $44.79 and a 12-month high of $60.55.

Magellan Midstream Partners (NYSE:MMP – Get Rating) last issued its quarterly earnings data on Thursday, May 4th. The pipeline company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.11. Magellan Midstream Partners had a net margin of 33.72% and a return on equity of 57.78%. The firm had revenue of $869.70 million for the quarter, compared to analyst estimates of $731.28 million. During the same quarter in the prior year, the firm earned $1.08 EPS. The company’s revenue was up 28.9% on a year-over-year basis. Research analysts expect that Magellan Midstream Partners, L.P. will post 4.95 earnings per share for the current fiscal year.

Magellan Midstream Partners Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 15th. Shareholders of record on Monday, May 8th will be issued a dividend of $1.0475 per share. This represents a $4.19 dividend on an annualized basis and a yield of 7.56%. The ex-dividend date of this dividend is Friday, May 5th. Magellan Midstream Partners’s dividend payout ratio is currently 76.04%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Raymond James cut shares of Magellan Midstream Partners from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 20th. Royal Bank of Canada reiterated an “outperform” rating and set a $59.00 target price on shares of Magellan Midstream Partners in a research note on Wednesday, March 15th. Barclays upped their target price on shares of Magellan Midstream Partners from $59.00 to $60.00 in a research note on Tuesday, April 18th. Wells Fargo & Company increased their price objective on shares of Magellan Midstream Partners from $56.00 to $58.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 7th. Finally, StockNews.com initiated coverage on shares of Magellan Midstream Partners in a research note on Thursday, March 16th. They issued a “hold” rating for the company. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $56.36.

Magellan Midstream Partners Profile

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Magellan Midstream Partners LP engages in the transportation, storage, and distribution of petroleum products and crude oil. It operates through the following segments: Refined Products and Crude Oil. The Refined Products segment consists of an approximately 9,800-mile refined petroleum products pipeline system with 54 terminals and two marine storage terminals.