Edge Wealth Management LLC Buys 10,060 Shares of Magellan Midstream Partners, L.P. (MMP)

Edge Wealth Management LLC boosted its stake in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 37.7% in the 4th quarter, Holdings Channel reports. The firm owned 36,735 shares of the pipeline company’s stock after buying an additional 10,060 shares during the quarter. Edge Wealth Management LLC’s holdings in Magellan Midstream Partners were worth $2,606,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Alps Advisors Inc. lifted its position in shares of Magellan Midstream Partners by 5.2% in the third quarter. Alps Advisors Inc. now owns 15,065,633 shares of the pipeline company’s stock valued at $1,070,564,000 after buying an additional 745,755 shares during the last quarter. Tortoise Capital Advisors L.L.C. lifted its position in shares of Magellan Midstream Partners by 5.3% in the third quarter. Tortoise Capital Advisors L.L.C. now owns 14,238,881 shares of the pipeline company’s stock valued at $1,011,815,000 after buying an additional 717,317 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Magellan Midstream Partners by 13.0% in the third quarter. JPMorgan Chase & Co. now owns 4,316,528 shares of the pipeline company’s stock valued at $304,574,000 after buying an additional 495,394 shares during the last quarter. Kayne Anderson Capital Advisors LP lifted its position in shares of Magellan Midstream Partners by 5.7% in the third quarter. Kayne Anderson Capital Advisors LP now owns 3,163,725 shares of the pipeline company’s stock valued at $224,798,000 after buying an additional 170,488 shares during the last quarter. Finally, Atlantic Trust Group LLC lifted its position in shares of Magellan Midstream Partners by 43.4% in the third quarter. Atlantic Trust Group LLC now owns 3,149,302 shares of the pipeline company’s stock valued at $223,789,000 after buying an additional 953,808 shares during the last quarter. 62.05% of the stock is owned by institutional investors.

A number of analysts have recently issued reports on the company. Citigroup raised Magellan Midstream Partners from a “neutral” rating to a “buy” rating and set a $82.00 price objective for the company in a research report on Thursday, September 21st. Credit Suisse Group assumed coverage on Magellan Midstream Partners in a research report on Thursday, January 4th. They issued an “underperform” rating for the company. 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. BMO Capital Markets assumed coverage on Magellan Midstream Partners in a research report on Monday, December 11th. They issued a “buy” rating and a $80.00 price objective for the company. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $81.00 price objective on shares of Magellan Midstream Partners in a research report on Tuesday. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. Magellan Midstream Partners presently has a consensus rating of “Hold” and a consensus price target of $78.51.

Shares of Magellan Midstream Partners, L.P. (MMP) opened at $73.49 on Thursday. The firm has a market capitalization of $16,760.00, a P/E ratio of 19.86, a P/E/G ratio of 2.39 and a beta of 0.77. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.29 and a current ratio of 0.50. Magellan Midstream Partners, L.P. has a fifty-two week low of $63.55 and a fifty-two week 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, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.02. The business had revenue of $551.80 million during 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 firm’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same period last year, the firm posted $0.91 EPS. analysts predict that Magellan Midstream Partners, L.P. will post 3.87 earnings per share for the current year.

COPYRIGHT VIOLATION WARNING: This article was first posted by Community Financial News and is owned by of Community Financial News. If you are accessing this article on another publication, it was illegally stolen and reposted in violation of U.S. and international trademark and copyright laws. The correct version of this article can be viewed at https://www.com-unik.info/2018/01/18/edge-wealth-management-llc-buys-10060-shares-of-magellan-midstream-partners-l-p-mmp.html.

Magellan Midstream Partners Profile

Magellan Midstream Partners, L.P. is principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil. The Company operates through three segments: refined products, crude oil and marine storage. As of December 31, 2016, its asset portfolio, including the assets of its joint ventures, consisted of its refined products segment, consisting 9,700-mile refined products pipeline system with 53 terminals, as well as 26 independent terminals not connected to its pipeline system and its 1,100-mile ammonia pipeline system; its crude oil segment, consisted of approximately 2,200 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 26 million barrels, of which 16 million are used for contract storage, and its marine storage segment, consisted of five marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels.

Want to see what other hedge funds are holding MMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magellan Midstream Partners, L.P. (NYSE:MMP).

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

Receive News & Ratings for Magellan Midstream Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Midstream Partners and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit