Chelsea Counsel Co. Sells 1,000 Shares of Magellan Midstream Partners, L.P. (MMP)

Chelsea Counsel Co. reduced its stake in Magellan Midstream Partners, L.P. (NYSE:MMP) by 7.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,332 shares of the pipeline company’s stock after selling 1,000 shares during the period. Chelsea Counsel Co.’s holdings in Magellan Midstream Partners were worth $946,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bogart Wealth LLC increased its holdings in Magellan Midstream Partners by 56.6% in the 2nd quarter. Bogart Wealth LLC now owns 21,614 shares of the pipeline company’s stock valued at $1,540,000 after purchasing an additional 7,811 shares in the last quarter. California Public Employees Retirement System grew its stake in shares of Magellan Midstream Partners by 3.8% during the third quarter. California Public Employees Retirement System now owns 519,267 shares of the pipeline company’s stock valued at $36,899,000 after acquiring an additional 19,167 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Magellan Midstream Partners by 13.0% during the third quarter. JPMorgan Chase & Co. now owns 4,316,528 shares of the pipeline company’s stock valued at $304,574,000 after acquiring an additional 495,394 shares in the last quarter. Cetera Investment Advisers acquired a new stake in shares of Magellan Midstream Partners during the second quarter valued at about $1,414,000. Finally, Conning Inc. grew its stake in shares of Magellan Midstream Partners by 6.1% during the third quarter. Conning Inc. now owns 204,415 shares of the pipeline company’s stock valued at $14,526,000 after acquiring an additional 11,752 shares in the last quarter. Hedge funds and other institutional investors own 62.03% of the company’s stock.

Shares of Magellan Midstream Partners, L.P. (NYSE:MMP) traded up $0.83 during mid-day trading on Friday, hitting $73.75. 1,115,100 shares of the stock traded hands, compared to its average volume of 840,175. The company has a quick ratio of 0.29, a current ratio of 0.50 and a debt-to-equity ratio of 1.90. Magellan Midstream Partners, L.P. has a twelve month low of $63.55 and a twelve month high of $81.77. The company has a market capitalization of $17,010.00, a PE ratio of 19.93, a price-to-earnings-growth ratio of 2.36 and a beta of 0.77.

Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings results on Thursday, November 2nd. The pipeline company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.95 by $0.02. Magellan Midstream Partners had a net margin of 34.50% and a return on equity of 40.99%. The business had revenue of $551.80 million for the quarter, compared to analysts’ expectations of $610.12 million. During the same quarter last year, the company posted $0.91 earnings per share. The company’s quarterly revenue was down 3.7% compared to the same quarter last year. equities research analysts expect that Magellan Midstream Partners, L.P. will post 3.87 earnings per share for the current fiscal year.

Several analysts have recently weighed in on the company. Credit Suisse Group assumed coverage on Magellan Midstream Partners in a research note on Thursday, January 4th. They set an “underperform” rating for the company. Bank of America assumed coverage on Magellan Midstream Partners in a research note on Tuesday. They set a “buy” rating for the company. Citigroup upgraded Magellan Midstream Partners from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a research note on Thursday, September 21st. BMO Capital Markets assumed coverage on Magellan Midstream Partners in a research note on Monday, December 11th. They set a “buy” rating and a $80.00 target price for the company. Finally, Mizuho restated a “sell” rating and set a $72.00 target price on shares of Magellan Midstream Partners in a research note on Friday, October 20th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $77.97.

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About Magellan Midstream Partners

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

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