Magellan Midstream Partners, L.P. (NYSE:MMP) Stock Position Reduced by Summit Financial LLC

Summit Financial LLC lessened its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 4.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,994 shares of the pipeline company’s stock after selling 537 shares during the period. Magellan Midstream Partners comprises 0.1% of Summit Financial LLC’s portfolio, making the stock its 26th largest position. Summit Financial LLC’s holdings in Magellan Midstream Partners were worth $704,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in MMP. Janus Henderson Group PLC lifted its holdings in Magellan Midstream Partners by 254.3% during the 2nd quarter. Janus Henderson Group PLC now owns 5,706,834 shares of the pipeline company’s stock worth $365,237,000 after buying an additional 4,096,277 shares during the last quarter. Commonwealth Bank of Australia bought a new position in Magellan Midstream Partners during the 1st quarter worth approximately $97,092,000. Kayne Anderson Capital Advisors LP lifted its holdings in Magellan Midstream Partners by 28.7% during the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 4,977,049 shares of the pipeline company’s stock worth $318,524,000 after buying an additional 1,108,800 shares during the last quarter. Perella Weinberg Partners Capital Management LP lifted its holdings in Magellan Midstream Partners by 69.7% during the 1st quarter. Perella Weinberg Partners Capital Management LP now owns 413,725 shares of the pipeline company’s stock worth $25,084,000 after buying an additional 169,942 shares during the last quarter. Finally, Parametric Portfolio Associates LLC lifted its holdings in Magellan Midstream Partners by 41.1% during the 1st quarter. Parametric Portfolio Associates LLC now owns 555,987 shares of the pipeline company’s stock worth $33,709,000 after buying an additional 162,077 shares during the last quarter. 71.00% of the stock is currently owned by institutional investors.

In other Magellan Midstream Partners news, insider Jeff R. Selvidge sold 4,000 shares of Magellan Midstream Partners stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $63.64, for a total transaction of $254,560.00. Following the sale, the insider now owns 23,397 shares of the company’s stock, valued at approximately $1,488,985.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.26% of the stock is owned by insiders.

A number of research analysts have commented on MMP shares. Johnson Rice started coverage on Magellan Midstream Partners in a report on Thursday, May 30th. They set an “accumulate” rating and a $71.00 target price on the stock. Credit Suisse Group raised their price target on Magellan Midstream Partners from $68.00 to $70.00 and gave the stock a “neutral” rating in a report on Tuesday, August 6th. ValuEngine raised Magellan Midstream Partners from a “sell” rating to a “hold” rating in a report on Thursday, May 23rd. Stifel Nicolaus raised their price target on Magellan Midstream Partners from $62.00 to $68.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Finally, Raymond James raised their price target on Magellan Midstream Partners from $69.00 to $71.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the company. Magellan Midstream Partners currently has a consensus rating of “Hold” and a consensus price target of $69.00.

Magellan Midstream Partners stock traded down $0.04 during mid-day trading on Thursday, hitting $65.18. 23,668 shares of the company’s stock traded hands, compared to its average volume of 852,171. The company has a 50 day moving average price of $65.30. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.38 and a current ratio of 0.66. The firm has a market cap of $14.87 billion, a P/E ratio of 15.37, a PEG ratio of 2.59 and a beta of 0.74. Magellan Midstream Partners, L.P. has a one year low of $54.25 and a one year high of $71.85.

Magellan Midstream Partners (NYSE:MMP) last announced its earnings results on Thursday, August 1st. The pipeline company reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.13. The firm had revenue of $701.70 million for the quarter, compared to the consensus estimate of $658.67 million. Magellan Midstream Partners had a return on equity of 38.48% and a net margin of 48.33%. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.94 EPS. Sell-side analysts forecast that Magellan Midstream Partners, L.P. will post 4.18 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th were paid a dividend of $1.013 per share. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $4.05 annualized dividend and a yield of 6.22%. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.92. Magellan Midstream Partners’s payout ratio is presently 95.29%.

Magellan Midstream Partners Company Profile

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.

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

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