Magellan Midstream Partners, L.P. (MMP) Holdings Raised by US Bancorp DE

US Bancorp DE raised its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 0.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 108,898 shares of the pipeline company’s stock after buying an additional 964 shares during the quarter. US Bancorp DE’s holdings in Magellan Midstream Partners were worth $7,725,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the business. Alps Advisors Inc. boosted its holdings in Magellan Midstream Partners by 5.2% during 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 acquiring an additional 745,755 shares during the period. Tortoise Capital Advisors L.L.C. lifted its stake 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 period. JPMorgan Chase & Co. lifted its stake 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 period. Kayne Anderson Capital Advisors LP lifted its stake 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 period. Finally, Atlantic Trust Group LLC lifted its stake 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 period. Institutional investors own 61.97% of the company’s stock.

Magellan Midstream Partners, L.P. (MMP) opened at $66.58 on Friday. 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 current ratio of 0.50 and a quick ratio of 0.29. The stock has a market cap of $15,425.87, a PE ratio of 17.48, a P/E/G ratio of 2.23 and a beta of 0.61.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings results on Thursday, February 1st. The pipeline company reported $1.04 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.12 by ($0.08). Magellan Midstream Partners had a return on equity of 40.85% and a net margin of 34.67%. The business had revenue of $673.30 million during the quarter, compared to analyst estimates of $690.18 million. During the same period last year, the company earned $0.93 EPS. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. analysts expect that Magellan Midstream Partners, L.P. will post 3.99 EPS for the current fiscal year.

The firm also recently declared a dividend, which will be paid on Wednesday, February 14th. Investors of record on Tuesday, February 6th will be given a $0.92 dividend. This represents a 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%.

Several research firms recently weighed in on MMP. Royal Bank of Canada reiterated a “hold” rating and issued a $81.00 target price on shares of Magellan Midstream Partners in a research note on Tuesday, January 16th. Credit Suisse Group began coverage on shares of Magellan Midstream Partners in a research note on Thursday, January 4th. They issued an “underperform” rating for the company. Bank of America began coverage on shares of Magellan Midstream Partners in a research note on Tuesday, January 9th. They issued a “buy” rating for the company. Barclays reduced their target price on shares of Magellan Midstream Partners from $78.00 to $76.00 and set an “equal weight” rating for the company in a research note on Friday, February 2nd. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $69.00 target price on shares of Magellan Midstream Partners in a research note on Friday, February 2nd. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $77.36.

COPYRIGHT VIOLATION NOTICE: This report was first reported by Community Financial News and is the property of of Community Financial News. If you are accessing this report on another publication, it was illegally stolen and republished in violation of US & international copyright and trademark legislation. The original version of this report can be accessed at https://www.com-unik.info/2018/02/09/magellan-midstream-partners-l-p-mmp-holdings-raised-by-us-bancorp-de.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