Sanders Morris Harris LLC acquired a new position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP – Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 5,550 shares of the pipeline company’s stock, valued at approximately $347,000.
Several other large investors also recently added to or reduced their stakes in the stock. Moneta Group Investment Advisors LLC increased its stake in Magellan Midstream Partners by 100,697.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 50,811,771 shares of the pipeline company’s stock worth $2,551,259,000 after acquiring an additional 50,761,361 shares during the last quarter. Energy Income Partners LLC increased its stake in Magellan Midstream Partners by 2.9% during the fourth quarter. Energy Income Partners LLC now owns 6,620,265 shares of the pipeline company’s stock worth $332,404,000 after acquiring an additional 189,427 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Magellan Midstream Partners by 1.8% during the first quarter. Goldman Sachs Group Inc. now owns 5,951,963 shares of the pipeline company’s stock worth $292,064,000 after acquiring an additional 106,822 shares during the last quarter. Morgan Stanley increased its stake in Magellan Midstream Partners by 0.4% during the fourth quarter. Morgan Stanley now owns 4,358,092 shares of the pipeline company’s stock worth $218,820,000 after acquiring an additional 16,875 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Magellan Midstream Partners by 4.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,509,874 shares of the pipeline company’s stock worth $190,446,000 after acquiring an additional 164,259 shares during the last quarter. 54.84% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of research firms have recently commented on MMP. Argus cut Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, August 16th. TD Securities upped their target price on Magellan Midstream Partners from $67.50 to $69.00 and gave the company a “tender” rating in a research note on Friday, August 4th. StockNews.com began coverage on Magellan Midstream Partners in a research note on Friday. They set a “hold” rating on the stock. Finally, Barclays upped their target price on Magellan Midstream Partners from $60.00 to $68.00 in a research note on Tuesday, July 18th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $60.70.
Magellan Midstream Partners Stock Down 1.5 %
Magellan Midstream Partners stock opened at $68.23 on Friday. The business has a fifty day moving average of $65.59 and a two-hundred day moving average of $60.17. The company has a quick ratio of 0.60, a current ratio of 1.08 and a debt-to-equity ratio of 2.91. The firm has a market cap of $13.79 billion, a P/E ratio of 13.59 and a beta of 0.90. Magellan Midstream Partners, L.P. has a twelve month low of $45.52 and a twelve month high of $69.40.
Magellan Midstream Partners (NYSE:MMP – Get Free Report) last issued its quarterly earnings data on Thursday, August 3rd. The pipeline company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.10 by $0.13. Magellan Midstream Partners had a return on equity of 58.77% and a net margin of 29.55%. The firm had revenue of $877.20 million during the quarter, compared to analyst estimates of $797.91 million. On average, analysts forecast that Magellan Midstream Partners, L.P. will post 5.12 earnings per share for the current fiscal year.
Magellan Midstream Partners Dividend Announcement
The firm also recently disclosed a None dividend, which will be paid on Monday, September 25th. Stockholders of record on Thursday, September 21st will be issued a dividend of $0.247 per share. The ex-dividend date of this dividend is Wednesday, September 20th. Magellan Midstream Partners’s dividend payout ratio is presently 83.47%.
Magellan Midstream Partners Profile
Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates refined products pipeline that transports gasoline, diesel and aviation fuel, kerosene, and heating oil to refiners, wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports.
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