Citigroup Inc. Reduces Position in Magellan Midstream Partners, L.P. (NYSE:MMP)

Citigroup Inc. cut its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 11.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 237,581 shares of the pipeline company’s stock after selling 30,159 shares during the period. Citigroup Inc. owned approximately 0.12% of Magellan Midstream Partners worth $12,891,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Register Financial Advisors LLC purchased a new position in shares of Magellan Midstream Partners during the 1st quarter worth about $27,000. CoreCap Advisors LLC purchased a new stake in Magellan Midstream Partners in the 4th quarter valued at about $28,000. EverSource Wealth Advisors LLC boosted its position in Magellan Midstream Partners by 53.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 691 shares of the pipeline company’s stock valued at $35,000 after buying an additional 241 shares during the period. State of Wyoming purchased a new stake in Magellan Midstream Partners in the 4th quarter valued at about $35,000. Finally, Prostatis Group LLC boosted its position in Magellan Midstream Partners by 96.0% in the 4th quarter. Prostatis Group LLC now owns 37,256 shares of the pipeline company’s stock valued at $37,000 after buying an additional 18,252 shares during the period. 54.84% of the stock is owned by hedge funds and other institutional investors.

Magellan Midstream Partners Trading Up 0.4 %

NYSE MMP opened at $66.44 on Wednesday. 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 $13.43 billion, a PE ratio of 13.24 and a beta of 0.90. The company has a 50 day moving average price of $64.13 and a 200 day moving average price of $58.97. Magellan Midstream Partners, L.P. has a 52 week low of $45.52 and a 52 week high of $66.78.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings data on Thursday, August 3rd. The pipeline company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.10 by $0.13. The firm had revenue of $877.20 million during the quarter, compared to analyst estimates of $797.91 million. Magellan Midstream Partners had a net margin of 29.55% and a return on equity of 58.77%. As a group, sell-side analysts forecast that Magellan Midstream Partners, L.P. will post 5.12 EPS for the current fiscal year.

Magellan Midstream Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, August 7th were paid a dividend of $1.0475 per share. The ex-dividend date of this dividend was Friday, August 4th. This represents a $4.19 dividend on an annualized basis and a yield of 6.31%. Magellan Midstream Partners’s payout ratio is 83.47%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Citigroup cut shares of Magellan Midstream Partners from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $57.00 to $63.00 in a research report on Wednesday, May 17th. Stifel Nicolaus cut shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating and boosted their price objective for the company from $61.00 to $64.00 in a research report on Thursday, May 18th. TD Securities boosted their price objective on shares of Magellan Midstream Partners from $67.50 to $69.00 and gave the company a “tender” rating in a research report on Friday, August 4th. Royal Bank of Canada cut shares of Magellan Midstream Partners from an “outperform” rating to a “sector perform” rating and boosted their price objective for the company from $59.00 to $66.00 in a research report on Wednesday, May 17th. Finally, Barclays upped their price target on shares of Magellan Midstream Partners from $60.00 to $68.00 in a research report on Tuesday, July 18th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $60.70.

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.