Magellan Midstream Partners L.P. (NYSE:MMP) Position Cut by Eagle Global Advisors LLC

Eagle Global Advisors LLC lowered its stake in Magellan Midstream Partners L.P. (NYSE:MMP) by 3.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,074,398 shares of the pipeline company’s stock after selling 64,388 shares during the period. Magellan Midstream Partners L.P. comprises 4.2% of Eagle Global Advisors LLC’s holdings, making the stock its 4th largest position. Eagle Global Advisors LLC owned about 0.91% of Magellan Midstream Partners L.P. worth $147,842,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. OppenheimerFunds Inc. raised its position in Magellan Midstream Partners L.P. by 21.9% in the first quarter. OppenheimerFunds Inc. now owns 13,042,073 shares of the pipeline company’s stock valued at $1,003,066,000 after buying an additional 2,345,950 shares during the period. UBS Group AG raised its position in Magellan Midstream Partners L.P. by 8.3% in the first quarter. UBS Group AG now owns 5,907,324 shares of the pipeline company’s stock valued at $454,332,000 after buying an additional 453,671 shares during the period. JPMorgan Chase & Co. raised its position in Magellan Midstream Partners L.P. by 8.0% in the first quarter. JPMorgan Chase & Co. now owns 3,763,537 shares of the pipeline company’s stock valued at $289,454,000 after buying an additional 277,575 shares during the period. Chickasaw Capital Management LLC raised its position in Magellan Midstream Partners L.P. by 2.9% in the first quarter. Chickasaw Capital Management LLC now owns 2,680,282 shares of the pipeline company’s stock valued at $206,140,000 after buying an additional 76,703 shares during the period. Finally, Center Coast Capital Advisors LP raised its position in Magellan Midstream Partners L.P. by 4.2% in the first quarter. Center Coast Capital Advisors LP now owns 2,115,744 shares of the pipeline company’s stock valued at $162,722,000 after buying an additional 85,815 shares during the period. 62.46% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Magellan Midstream Partners L.P. (NYSE:MMP) traded down 0.02% during midday trading on Friday, hitting $64.84. The stock had a trading volume of 526,489 shares. Magellan Midstream Partners L.P. has a 12-month low of $64.25 and a 12-month high of $81.77. The firm has a 50-day moving average of $69.29 and a 200 day moving average of $73.87. The firm has a market cap of $14.79 billion, a PE ratio of 17.58 and a beta of 0.80.

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.03. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. The business had revenue of $619.40 million during the quarter, compared to analysts’ expectations of $561.70 million. During the same period in the prior year, the firm posted $0.82 EPS. Magellan Midstream Partners L.P.’s quarterly revenue was up 19.4% compared to the same quarter last year. On average, analysts expect that Magellan Midstream Partners L.P. will post $3.91 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, August 14th. Stockholders of record on Monday, July 31st were issued a $0.89 dividend. The ex-dividend date was Thursday, July 27th. This is a boost from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. This represents a $3.56 dividend on an annualized basis and a dividend yield of 5.49%. Magellan Midstream Partners L.P.’s dividend payout ratio is presently 96.74%.

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MMP has been the topic of several recent research reports. BidaskClub raised Magellan Midstream Partners L.P. from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. Barclays PLC lowered Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $88.00 to $77.00 in a research report on Tuesday, July 18th. Stifel Nicolaus reissued a “hold” rating and set a $77.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Thursday, August 3rd. Royal Bank Of Canada reissued a “hold” rating and set a $80.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Monday, July 24th. Finally, Mizuho downgraded Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $74.00 to $72.00 in a report on Monday, July 10th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $79.77.

In other news, insider Douglas J. May sold 8,000 shares of the stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $75.00, for a total value of $600,000.00. Following the completion of the transaction, the insider now directly owns 27,599 shares of the company’s stock, valued at approximately $2,069,925. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.24% of the company’s stock.

About Magellan Midstream Partners L.P.

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

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