Magellan Midstream Partners, L.P. (MMP) CEO Michael N. Mears Sells 30,000 Shares

Magellan Midstream Partners, L.P. (NYSE:MMP) CEO Michael N. Mears sold 30,000 shares of the business’s stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $68.84, for a total value of $2,065,200.00. Following the completion of the transaction, the chief executive officer now directly owns 169,295 shares of the company’s stock, valued at approximately $11,654,267.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Magellan Midstream Partners stock opened at $67.55 on Thursday. The stock has a market cap of $15.57 billion, a price-to-earnings ratio of 17.73, a PEG ratio of 2.72 and a beta of 0.79. Magellan Midstream Partners, L.P. has a 52-week low of $54.82 and a 52-week high of $75.82. The company has a quick ratio of 0.31, a current ratio of 0.54 and a debt-to-equity ratio of 2.04.

Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings results on Thursday, August 2nd. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.04. The business had revenue of $644.10 million during the quarter, compared to the consensus estimate of $662.37 million. Magellan Midstream Partners had a return on equity of 42.90% and a net margin of 33.54%. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.91 EPS. sell-side analysts expect that Magellan Midstream Partners, L.P. will post 4.18 earnings per share for the current fiscal year.

A number of equities analysts have weighed in on the company. ValuEngine raised Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research report on Wednesday, July 25th. Stifel Nicolaus boosted their target price on Magellan Midstream Partners from $71.00 to $73.00 and gave the stock a “hold” rating in a research report on Friday, August 3rd. Barclays boosted their target price on Magellan Midstream Partners from $72.00 to $74.00 and gave the stock an “equal weight” rating in a research report on Monday, August 6th. Zacks Investment Research downgraded Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research note on Thursday, July 19th. Finally, BMO Capital Markets restated a “buy” rating and set a $85.00 price target on shares of Magellan Midstream Partners in a research note on Friday, July 13th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. Magellan Midstream Partners has a consensus rating of “Hold” and an average target price of $74.33.

Several institutional investors have recently added to or reduced their stakes in MMP. Legacy Advisors LLC grew its stake in shares of Magellan Midstream Partners by 87.3% during the 2nd quarter. Legacy Advisors LLC now owns 1,547 shares of the pipeline company’s stock valued at $107,000 after acquiring an additional 721 shares during the period. Cypress Wealth Advisors LLC grew its stake in shares of Magellan Midstream Partners by 2.7% during the 1st quarter. Cypress Wealth Advisors LLC now owns 28,245 shares of the pipeline company’s stock valued at $1,648,000 after acquiring an additional 750 shares during the period. Pegasus Asset Management Inc. grew its stake in shares of Magellan Midstream Partners by 2.3% during the 2nd quarter. Pegasus Asset Management Inc. now owns 34,861 shares of the pipeline company’s stock valued at $2,408,000 after acquiring an additional 784 shares during the period. Newport Wealth Strategies Inc. grew its stake in shares of Magellan Midstream Partners by 16.9% during the 2nd quarter. Newport Wealth Strategies Inc. now owns 5,539 shares of the pipeline company’s stock valued at $383,000 after acquiring an additional 801 shares during the period. Finally, First Western Capital Management Co grew its stake in shares of Magellan Midstream Partners by 13.5% during the 2nd quarter. First Western Capital Management Co now owns 6,865 shares of the pipeline company’s stock valued at $474,000 after acquiring an additional 815 shares during the period. Institutional investors and hedge funds own 63.78% of the company’s stock.

About Magellan Midstream Partners

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.

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