Magellan Midstream Partners, L.P. (MMP) Shares Bought by Bridgecreek Investment Management LLC

Bridgecreek Investment Management LLC increased its stake in Magellan Midstream Partners, L.P. (NYSE:MMP) by 17.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 121,164 shares of the pipeline company’s stock after purchasing an additional 18,000 shares during the period. Magellan Midstream Partners makes up approximately 2.0% of Bridgecreek Investment Management LLC’s portfolio, making the stock its 13th biggest holding. Bridgecreek Investment Management LLC’s holdings in Magellan Midstream Partners were worth $8,595,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Alps Advisors Inc. increased 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 worth $1,070,564,000 after purchasing an additional 745,755 shares during the last quarter. Tortoise Capital Advisors L.L.C. increased 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 worth $1,011,815,000 after purchasing an additional 717,317 shares during the last quarter. JPMorgan Chase & Co. increased 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 worth $304,574,000 after purchasing an additional 495,394 shares during the last quarter. Kayne Anderson Capital Advisors LP grew its position in Magellan Midstream Partners by 5.7% during 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 acquiring an additional 170,488 shares during the last quarter. Finally, Atlantic Trust Group LLC grew its position in Magellan Midstream Partners by 43.4% during 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 acquiring an additional 953,808 shares during the last quarter. Institutional investors own 61.97% of the company’s stock.

A number of research analysts have commented on the stock. Royal Bank of Canada reiterated a “hold” rating and set a $81.00 price target on shares of Magellan Midstream Partners in a research report on Tuesday, January 16th. Credit Suisse Group assumed coverage on shares of Magellan Midstream Partners in a research report on Thursday, January 4th. They set an “underperform” rating on the stock. Bank of America assumed coverage on shares of Magellan Midstream Partners in a research report on Tuesday, January 9th. They set a “buy” rating on the stock. Barclays reduced their price target on shares of Magellan Midstream Partners from $78.00 to $76.00 and set an “equal weight” rating on the stock in a research report on Friday, February 2nd. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $69.00 price target on shares of Magellan Midstream Partners in a research report on Friday, February 2nd. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. Magellan Midstream Partners has an average rating of “Hold” and a consensus price target of $77.36.

Magellan Midstream Partners, L.P. (NYSE MMP) opened at $67.65 on Thursday. The company has a market cap of $15,430.00, a P/E ratio of 17.76, a price-to-earnings-growth ratio of 2.27 and a beta of 0.61. Magellan Midstream Partners, L.P. has a 52-week low of $63.55 and a 52-week high of $81.77. 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 (NYSE:MMP) last released its quarterly earnings data on Thursday, February 1st. The pipeline company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.08). The company had revenue of $673.30 million for the quarter, compared to analysts’ expectations of $690.18 million. Magellan Midstream Partners had a net margin of 34.67% and a return on equity of 40.85%. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period last year, the company posted $0.93 EPS. equities research analysts predict that Magellan Midstream Partners, L.P. will post 3.97 EPS for the current fiscal year.

The business also recently disclosed a dividend, which will be paid on Wednesday, February 14th. Stockholders of record on Tuesday, February 6th will be paid a dividend of $0.92 per share. This represents a dividend yield of 0.0125170068027211%. The ex-dividend date of this dividend is Monday, February 5th. This is a positive change from Magellan Midstream Partners’s previous dividend of $0.84. Magellan Midstream Partners’s dividend payout ratio is 96.59%.

WARNING: This piece of content was originally published by Community Financial News and is the property of of Community Financial News. If you are viewing this piece of content on another publication, it was illegally stolen and republished in violation of US & international trademark & copyright legislation. The original version of this piece of content can be viewed at https://www.com-unik.info/2018/02/08/magellan-midstream-partners-l-p-mmp-shares-bought-by-bridgecreek-investment-management-llc.html.

About Magellan Midstream Partners

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