Capital Investment Advisors LLC Boosts Stake in Magellan Midstream Partners, L.P. (NYSE:MMP)

Capital Investment Advisors LLC raised its position in Magellan Midstream Partners, L.P. (NYSE:MMPGet Rating) by 6.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 246,901 shares of the pipeline company’s stock after buying an additional 14,036 shares during the period. Capital Investment Advisors LLC’s holdings in Magellan Midstream Partners were worth $12,115,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of MMP. Rinkey Investments purchased a new stake in shares of Magellan Midstream Partners during the 4th quarter worth approximately $27,000. National Bank of Canada FI purchased a new stake in shares of Magellan Midstream Partners during the 4th quarter worth approximately $45,000. TAP Consulting LLC purchased a new stake in shares of Magellan Midstream Partners during the 4th quarter worth approximately $46,000. Allegheny Financial Group LTD purchased a new stake in shares of Magellan Midstream Partners during the 4th quarter worth approximately $47,000. Finally, Atwood & Palmer Inc. purchased a new stake in shares of Magellan Midstream Partners during the 4th quarter worth approximately $49,000. Institutional investors own 53.28% of the company’s stock.

Shares of NYSE:MMP opened at $47.80 on Thursday. The firm has a fifty day moving average price of $50.19 and a two-hundred day moving average price of $48.61. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.50 and a quick ratio of 1.01. Magellan Midstream Partners, L.P. has a one year low of $43.58 and a one year high of $53.75. The company has a market cap of $10.11 billion, a price-to-earnings ratio of 11.22 and a beta of 0.96.

Magellan Midstream Partners (NYSE:MMPGet Rating) last announced its quarterly earnings results on Thursday, May 5th. The pipeline company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.05 by $0.03. Magellan Midstream Partners had a net margin of 33.36% and a return on equity of 51.92%. The firm had revenue of $631.10 million during the quarter, compared to the consensus estimate of $704.74 million. During the same period last year, the firm earned $1.09 EPS. The business’s quarterly revenue was down 6.5% compared to the same quarter last year. Equities research analysts expect that Magellan Midstream Partners, L.P. will post 4.04 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, May 13th. Shareholders of record on Monday, May 2nd were issued a $1.0375 dividend. This represents a $4.15 annualized dividend and a yield of 8.68%. The ex-dividend date of this dividend was Friday, April 29th. Magellan Midstream Partners’s payout ratio is 97.42%.

Several equities research analysts have recently issued reports on MMP shares. JPMorgan Chase & Co. upgraded shares of Magellan Midstream Partners from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $52.00 to $57.00 in a research note on Wednesday, May 25th. Wells Fargo & Company upgraded shares of Magellan Midstream Partners from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $54.00 to $56.00 in a research note on Tuesday, May 31st. StockNews.com began coverage on shares of Magellan Midstream Partners in a research note on Thursday, March 31st. They set a “hold” rating for the company. TD Securities lifted their price objective on shares of Magellan Midstream Partners from $51.00 to $52.00 and gave the company a “hold” rating in a research note on Friday, May 6th. Finally, The Goldman Sachs Group upgraded shares of Magellan Midstream Partners from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $55.00 to $59.00 in a research note on Wednesday, June 8th. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Magellan Midstream Partners presently has a consensus rating of “Hold” and a consensus price target of $53.09.

Magellan Midstream Partners Profile (Get Rating)

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. It operates through Refined Products and Crude Oil segments. The company operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports.

Further Reading

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

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