Aries Wealth Management purchased a new position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) in the 4th quarter, HoldingsChannel reports. The firm purchased 3,235 shares of the pipeline company’s stock, valued at approximately $239,000.
Other institutional investors also recently added to or reduced their stakes in the company. Welch Group LLC purchased a new stake in shares of Magellan Midstream Partners during the fourth quarter worth approximately $135,000. Glenview State Bank Trust DEPT. purchased a new stake in shares of Magellan Midstream Partners during the third quarter worth approximately $223,000. Personal Capital Advisors Corp purchased a new stake in shares of Magellan Midstream Partners during the fourth quarter worth approximately $228,000. M&R Capital Management Inc. raised its stake in shares of Magellan Midstream Partners by 16.7% during the second quarter. M&R Capital Management Inc. now owns 3,500 shares of the pipeline company’s stock worth $235,000 after purchasing an additional 500 shares during the last quarter. Finally, Stuart Chaussee & Associates Inc. purchased a new stake in shares of Magellan Midstream Partners during the fourth quarter worth approximately $266,000. Institutional investors and hedge funds own 61.97% of the company’s stock.
Magellan Midstream Partners, L.P. (NYSE:MMP) opened at $67.65 on Thursday. The stock has a market capitalization of $15,430.00, a price-to-earnings ratio of 17.76, a price-to-earnings-growth ratio of 2.27 and a beta of 0.61. 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 52-week low of $63.55 and a 52-week high of $81.77.
The company also recently announced a dividend, which will be paid on Wednesday, February 14th. Shareholders of record on Tuesday, February 6th will be issued a $0.92 dividend. This is a positive change from Magellan Midstream Partners’s previous dividend of $0.84. The ex-dividend date of this dividend is Monday, February 5th. This represents a yield of 0.0125170068027211%. Magellan Midstream Partners’s dividend payout ratio is 96.59%.
MMP has been the subject of several analyst reports. Bank of America initiated coverage on Magellan Midstream Partners in a research note on Tuesday, January 9th. They set a “buy” rating for the company. Royal Bank of Canada reiterated a “hold” rating and issued a $81.00 price objective on shares of Magellan Midstream Partners in a research report on Tuesday, January 16th. 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. Mitsubishi UFJ Financial Group reiterated a “neutral” rating on shares of Magellan Midstream Partners in a research report on Friday, February 2nd. Finally, Mizuho reiterated 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 equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $77.36.
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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.
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