Sanders Morris Harris LLC purchased a new position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 5,550 shares of the pipeline company’s stock, valued at approximately $203,000.
Other hedge funds have also recently bought and sold shares of the company. Blackstone Group Inc bought a new stake in Magellan Midstream Partners during the 2nd quarter worth approximately $408,626,000. Morgan Stanley increased its stake in Magellan Midstream Partners by 24.2% in the first quarter. Morgan Stanley now owns 4,809,428 shares of the pipeline company’s stock valued at $175,496,000 after acquiring an additional 936,838 shares during the last quarter. Chickasaw Capital Management LLC increased its stake in Magellan Midstream Partners by 10.9% in the second quarter. Chickasaw Capital Management LLC now owns 4,065,905 shares of the pipeline company’s stock valued at $175,525,000 after acquiring an additional 398,971 shares during the last quarter. Kayne Anderson Capital Advisors LP increased its stake in Magellan Midstream Partners by 7.6% in the second quarter. Kayne Anderson Capital Advisors LP now owns 2,969,775 shares of the pipeline company’s stock valued at $128,197,000 after acquiring an additional 210,910 shares during the last quarter. Finally, Brookfield Asset Management Inc. bought a new position in Magellan Midstream Partners in the second quarter valued at $126,323,000. 61.73% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE MMP traded down $0.52 during trading hours on Friday, hitting $36.72. The company’s stock had a trading volume of 436,644 shares, compared to its average volume of 1,583,115. The company has a debt-to-equity ratio of 1.95, a quick ratio of 0.39 and a current ratio of 0.61. The stock has a market cap of $8.26 billion, a price-to-earnings ratio of 8.56 and a beta of 1.00. Magellan Midstream Partners, L.P. has a 12 month low of $22.02 and a 12 month high of $65.63. The business has a 50-day simple moving average of $36.54 and a 200-day simple moving average of $40.38.
Magellan Midstream Partners (NYSE:MMP) last posted its earnings results on Thursday, July 30th. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.15). The business had revenue of $460.40 million during the quarter, compared to the consensus estimate of $576.07 million. Magellan Midstream Partners had a return on equity of 38.93% and a net margin of 37.15%. The firm’s revenue for the quarter was down 34.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.11 earnings per share. On average, equities research analysts forecast that Magellan Midstream Partners, L.P. will post 3.81 EPS for the current year.
MMP has been the topic of a number of research analyst reports. Wells Fargo & Company increased their target price on Magellan Midstream Partners from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Wednesday, July 22nd. Citigroup reduced their price objective on Magellan Midstream Partners from $66.00 to $46.00 and set a “buy” rating on the stock in a research note on Monday, August 3rd. Raymond James raised their price objective on Magellan Midstream Partners from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Tuesday, July 21st. Barclays reaffirmed a “buy” rating and set a $48.00 price objective on shares of Magellan Midstream Partners in a research note on Friday, July 17th. Finally, Morgan Stanley reduced their price objective on Magellan Midstream Partners from $55.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, September 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $50.37.
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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