Bedel Financial Consulting Inc. Buys Shares of 4,150 Magellan Midstream Partners, L.P. (MMP)

Bedel Financial Consulting Inc. bought a new position in Magellan Midstream Partners, L.P. (NYSE:MMP) during the 4th quarter, HoldingsChannel reports. The institutional investor bought 4,150 shares of the pipeline company’s stock, valued at approximately $294,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Gofen & Glossberg LLC IL lifted its stake in Magellan Midstream Partners by 4.0% in the 2nd quarter. Gofen & Glossberg LLC IL now owns 7,901 shares of the pipeline company’s stock worth $563,000 after purchasing an additional 305 shares in the last quarter. Archford Capital Strategies LLC lifted its stake in Magellan Midstream Partners by 10.8% in the 2nd quarter. Archford Capital Strategies LLC now owns 6,156 shares of the pipeline company’s stock worth $404,000 after purchasing an additional 598 shares in the last quarter. Verity & Verity LLC lifted its stake in Magellan Midstream Partners by 1.7% in the 3rd quarter. Verity & Verity LLC now owns 44,317 shares of the pipeline company’s stock worth $3,150,000 after purchasing an additional 754 shares in the last quarter. Colony Group LLC lifted its stake in Magellan Midstream Partners by 23.2% in the 2nd quarter. Colony Group LLC now owns 4,206 shares of the pipeline company’s stock worth $300,000 after purchasing an additional 791 shares in the last quarter. Finally, Stephens Inc. AR lifted its stake in Magellan Midstream Partners by 1.2% in the 3rd quarter. Stephens Inc. AR now owns 71,500 shares of the pipeline company’s stock worth $5,081,000 after purchasing an additional 844 shares in the last quarter. Institutional investors and hedge funds own 61.97% of the company’s stock.

Several research firms have issued reports on MMP. Credit Suisse Group began coverage on shares of Magellan Midstream Partners in a research note on Thursday, January 4th. They issued an “underperform” rating on the stock. Bank of America initiated coverage on shares of Magellan Midstream Partners in a research note on Tuesday, January 9th. They issued a “buy” rating on the stock. Mitsubishi UFJ Financial Group restated a “neutral” rating on shares of Magellan Midstream Partners in a research report on Friday, February 2nd. Stifel Nicolaus restated a “hold” rating and set a $69.00 price objective on shares of Magellan Midstream Partners in a research report on Friday, February 2nd. Finally, Royal Bank of Canada restated a “hold” rating and set a $79.00 price objective on shares of Magellan Midstream Partners in a research report 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 assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $77.36.

Shares of Magellan Midstream Partners, L.P. (MMP) opened at $66.28 on Friday. The company has a current ratio of 0.50, a quick ratio of 0.29 and a debt-to-equity ratio of 1.90. The firm has a market cap of $15,050.00, a price-to-earnings ratio of 17.40, a PEG ratio of 2.23 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.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings data on Thursday, February 1st. The pipeline company reported $1.04 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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 quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.93 EPS. sell-side analysts expect that Magellan Midstream Partners, L.P. will post 3.99 earnings per share for the current year.

The firm also recently announced 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 boost from Magellan Midstream Partners’s previous dividend of $0.84. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 96.59%.

ILLEGAL ACTIVITY WARNING: This piece was first reported by Community Financial News and is the sole property of of Community Financial News. If you are viewing this piece on another website, it was copied illegally and reposted in violation of US and international copyright and trademark laws. The legal version of this piece can be read at https://www.com-unik.info/2018/02/10/bedel-financial-consulting-inc-buys-shares-of-4150-magellan-midstream-partners-l-p-mmp.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