Infrastructure Capital Advisors LLC lowered its position in Magellan Midstream Partners, L.P. (NYSE:MMP – Free Report) by 17.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 501,033 shares of the pipeline company’s stock after selling 105,539 shares during the quarter. Magellan Midstream Partners accounts for approximately 3.1% of Infrastructure Capital Advisors LLC’s holdings, making the stock its 9th biggest holding. Infrastructure Capital Advisors LLC owned 0.25% of Magellan Midstream Partners worth $27,186,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the company. Magnolia Capital Management Ltd. increased its position in shares of Magellan Midstream Partners by 0.9% in the first quarter. Magnolia Capital Management Ltd. now owns 21,156 shares of the pipeline company’s stock valued at $1,148,000 after buying an additional 190 shares in the last quarter. HB Wealth Management LLC increased its position in Magellan Midstream Partners by 0.9% during the 1st quarter. HB Wealth Management LLC now owns 22,923 shares of the pipeline company’s stock worth $1,244,000 after purchasing an additional 194 shares in the last quarter. Colonial River Wealth Management LLC increased its position in Magellan Midstream Partners by 3.0% during the 1st quarter. Colonial River Wealth Management LLC now owns 6,685 shares of the pipeline company’s stock worth $363,000 after purchasing an additional 195 shares in the last quarter. M&R Capital Management Inc. increased its position in Magellan Midstream Partners by 7.3% during the 1st quarter. M&R Capital Management Inc. now owns 2,925 shares of the pipeline company’s stock worth $159,000 after purchasing an additional 200 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in Magellan Midstream Partners by 53.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 691 shares of the pipeline company’s stock worth $35,000 after purchasing an additional 241 shares in the last quarter. Hedge funds and other institutional investors own 54.84% of the company’s stock.
Wall Street Analysts Forecast Growth
MMP has been the subject of a number of recent research reports. US Capital Advisors cut Magellan Midstream Partners from an “overweight” rating to a “hold” rating in a research report on Friday, May 19th. Mizuho lifted their price objective on Magellan Midstream Partners from $53.00 to $56.00 in a research report on Monday, May 15th. Argus cut Magellan Midstream Partners from a “hold” rating to a “sell” rating in a report on Wednesday, August 16th. StockNews.com started coverage on Magellan Midstream Partners in a report on Thursday. They issued a “hold” rating for the company. Finally, Stifel Nicolaus cut Magellan Midstream Partners from a “buy” rating to a “hold” rating and lifted their price target for the company from $61.00 to $64.00 in a report on Thursday, May 18th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Magellan Midstream Partners has a consensus rating of “Hold” and an average price target of $60.70.
Magellan Midstream Partners Stock Performance
Magellan Midstream Partners stock opened at $66.47 on Friday. The stock’s 50 day moving average price is $65.03 and its 200 day moving average price is $59.61. The firm has a market capitalization of $13.43 billion, a PE ratio of 13.24 and a beta of 0.90. The company has a debt-to-equity ratio of 2.91, a quick ratio of 0.60 and a current ratio of 1.08. Magellan Midstream Partners, L.P. has a one year low of $45.52 and a one year high of $67.14.
Magellan Midstream Partners (NYSE:MMP – Get Free Report) last released its quarterly earnings results 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 for the quarter, compared to analyst estimates of $797.91 million. Magellan Midstream Partners had a return on equity of 58.77% and a net margin of 29.55%. As a group, sell-side analysts expect that Magellan Midstream Partners, L.P. will post 5.12 EPS for the current fiscal year.
Magellan Midstream Partners Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, August 7th were given a $1.0475 dividend. This represents a $4.19 dividend on an annualized basis and a dividend yield of 6.30%. The ex-dividend date was Friday, August 4th. Magellan Midstream Partners’s payout ratio is 83.47%.
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.
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