Magellan Midstream Partners (NYSE:MMP) Sees Large Volume Increase

Magellan Midstream Partners, L.P. (NYSE:MMP) saw strong trading volume on Monday . 1,719,588 shares traded hands during mid-day trading, an increase of 44% from the previous session’s volume of 1,194,930 shares.The stock last traded at $68.26 and had previously closed at $68.23.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Barclays lifted their price target on shares of Magellan Midstream Partners from $60.00 to $68.00 in a report on Tuesday, July 18th. TD Securities lifted their price objective on shares of Magellan Midstream Partners from $67.50 to $69.00 and gave the stock a “tender” rating in a research note on Friday, August 4th. StockNews.com started coverage on shares of Magellan Midstream Partners in a research note on Friday. They set a “hold” rating for the company. Finally, Argus downgraded shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, August 16th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $60.70.

Magellan Midstream Partners Stock Up 0.1 %

The company has a market cap of $13.80 billion, a PE ratio of 13.59 and a beta of 0.90. The business’s fifty day simple moving average is $65.59 and its two-hundred day simple moving average is $60.22. The company has a debt-to-equity ratio of 2.91, a current ratio of 1.08 and a quick ratio of 0.60.

Magellan Midstream Partners (NYSE:MMP) last released its earnings results on Thursday, August 3rd. The pipeline company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.13. The business had revenue of $877.20 million during the quarter, compared to analysts’ expectations of $797.91 million. Magellan Midstream Partners had a net margin of 29.55% and a return on equity of 58.77%. On average, analysts predict that Magellan Midstream Partners, L.P. will post 5.12 earnings per share for the current year.

Magellan Midstream Partners Announces Dividend

The business also recently announced a None dividend, which will be paid on Monday, September 25th. Stockholders of record on Thursday, September 21st will be paid 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 currently 83.47%.

Institutional Trading of Magellan Midstream Partners

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Moneta Group Investment Advisors LLC grew its stake in Magellan Midstream Partners by 100,697.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 50,811,771 shares of the pipeline company’s stock valued at $2,551,259,000 after acquiring an additional 50,761,361 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Magellan Midstream Partners by 13.6% in the 2nd quarter. Goldman Sachs Group Inc. now owns 7,049,501 shares of the pipeline company’s stock valued at $439,325,000 after purchasing an additional 845,173 shares during the last quarter. Energy Income Partners LLC boosted its holdings in Magellan Midstream Partners by 2.9% in the 4th quarter. Energy Income Partners LLC now owns 6,620,265 shares of the pipeline company’s stock valued at $332,404,000 after purchasing an additional 189,427 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Magellan Midstream Partners by 208.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,033,800 shares of the pipeline company’s stock valued at $313,706,000 after purchasing an additional 3,400,925 shares during the last quarter. Finally, Morgan Stanley boosted its holdings in Magellan Midstream Partners by 0.4% in the 4th quarter. Morgan Stanley now owns 4,358,092 shares of the pipeline company’s stock valued at $218,820,000 after purchasing an additional 16,875 shares during the last quarter. Hedge funds and other institutional investors own 54.84% of the company’s stock.

About Magellan Midstream Partners

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.