Oppenheimer Asset Management Inc. Buys 3,491 Shares of Magellan Midstream Partners, L.P. (MMP)

Oppenheimer Asset Management Inc. increased its stake in Magellan Midstream Partners, L.P. (NYSE:MMP) by 25.1% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,379 shares of the pipeline company’s stock after buying an additional 3,491 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Magellan Midstream Partners were worth $1,235,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Alps Advisors Inc. grew its stake in shares of Magellan Midstream Partners by 5.2% in the 3rd quarter. Alps Advisors Inc. now owns 15,065,633 shares of the pipeline company’s stock worth $1,070,564,000 after buying an additional 745,755 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Magellan Midstream Partners by 13.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,316,528 shares of the pipeline company’s stock worth $304,574,000 after buying an additional 495,394 shares during the last quarter. Kayne Anderson Capital Advisors LP grew its stake in shares of Magellan Midstream Partners by 5.7% in the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 3,163,725 shares of the pipeline company’s stock worth $224,798,000 after buying an additional 170,488 shares during the last quarter. Center Coast Capital Advisors LP grew its stake in shares of Magellan Midstream Partners by 6.7% in the 3rd quarter. Center Coast Capital Advisors LP now owns 2,163,683 shares of the pipeline company’s stock worth $153,751,000 after buying an additional 135,497 shares during the last quarter. Finally, Epoch Investment Partners Inc. purchased a new stake in shares of Magellan Midstream Partners in the 3rd quarter worth approximately $113,875,000. Institutional investors own 62.48% of the company’s stock.

Several equities analysts recently issued reports on MMP shares. BMO Capital Markets started coverage on Magellan Midstream Partners in a research report on Monday. They issued a “buy” rating and a $80.00 price objective on the stock. Citigroup raised Magellan Midstream Partners from a “neutral” rating to a “buy” rating and set a $82.00 price objective on the stock in a research report on Thursday, September 21st. BidaskClub cut Magellan Midstream Partners from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 17th. Jefferies Group reaffirmed a “hold” rating and issued a $70.00 price objective (down from $73.00) on shares of Magellan Midstream Partners in a research report on Sunday, September 3rd. Finally, Mizuho reaffirmed a “sell” rating and issued a $72.00 price objective on shares of Magellan Midstream Partners in a research report on Friday, October 20th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. Magellan Midstream Partners presently has an average rating of “Hold” and a consensus target price of $79.11.

Magellan Midstream Partners, L.P. (NYSE MMP) traded up $0.20 during midday trading on Thursday, hitting $68.61. The stock had a trading volume of 707,800 shares, compared to its average volume of 708,256. The company has a market cap of $15,599.17, a PE ratio of 17.95, a price-to-earnings-growth ratio of 2.32 and a beta of 0.77. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.50 and a quick ratio of 0.29. Magellan Midstream Partners, L.P. has a 12-month low of $63.55 and a 12-month high of $81.77.

Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings results on Thursday, November 2nd. The pipeline company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.02. The firm had revenue of $551.80 million for the quarter, compared to analysts’ expectations of $610.12 million. Magellan Midstream Partners had a return on equity of 40.99% and a net margin of 34.50%. The company’s revenue was down 3.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.91 EPS. analysts expect that Magellan Midstream Partners, L.P. will post 3.88 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 14th. Stockholders of record on Thursday, November 2nd were issued a dividend of $0.905 per share. This represents a $3.62 annualized dividend and a dividend yield of 5.28%. This is a boost from Magellan Midstream Partners’s previous quarterly dividend of $0.89. The ex-dividend date was Wednesday, November 1st. Magellan Midstream Partners’s dividend payout ratio is presently 97.84%.

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Magellan Midstream Partners Company Profile

Institutional Ownership by Quarter for Magellan Midstream Partners (NYSE:MMP)

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