Oppenheimer & Co. Inc. cut its stake in Magellan Midstream Partners, L.P. (NYSE:MMP) by 18.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,411 shares of the pipeline company’s stock after selling 4,474 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Magellan Midstream Partners were worth $1,238,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Oppenheimer Asset Management Inc. lifted its position in shares of Magellan Midstream Partners by 16.4% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 17,480 shares of the pipeline company’s stock worth $1,060,000 after purchasing an additional 2,465 shares during the last quarter. Gilman Hill Asset Management LLC lifted its position in Magellan Midstream Partners by 12.2% in the first quarter. Gilman Hill Asset Management LLC now owns 52,078 shares of the pipeline company’s stock valued at $3,157,000 after acquiring an additional 5,675 shares during the last quarter. Northern Oak Wealth Management Inc. lifted its position in Magellan Midstream Partners by 144.1% in the first quarter. Northern Oak Wealth Management Inc. now owns 4,150 shares of the pipeline company’s stock valued at $252,000 after acquiring an additional 2,450 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in Magellan Midstream Partners in the first quarter valued at $731,000. Finally, Investors Research Corp purchased a new stake in Magellan Midstream Partners in the first quarter valued at $49,000. 68.81% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Jeff R. Selvidge sold 2,500 shares of Magellan Midstream Partners stock in a transaction dated Wednesday, February 27th. The shares were sold at an average price of $60.34, for a total value of $150,850.00. Following the sale, the insider now directly owns 25,897 shares in the company, valued at approximately $1,562,624.98. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Robert G. Croyle sold 2,119 shares of the business’s stock in a transaction dated Tuesday, February 26th. The stock was sold at an average price of $59.94, for a total transaction of $127,012.86. Following the sale, the director now owns 3,758 shares in the company, valued at $225,254.52. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,738 shares of company stock valued at $404,643. 0.26% of the stock is owned by company insiders.
MMP has been the subject of a number of research reports. Zacks Investment Research raised shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a report on Tuesday, April 16th. ValuEngine upgraded shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Thursday, March 7th. Credit Suisse Group dropped their price target on shares of Magellan Midstream Partners from $76.00 to $68.00 and set a “neutral” rating on the stock in a research note on Monday, February 11th. Bank of America lowered shares of Magellan Midstream Partners from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $69.00 to $62.00 in a research report on Wednesday, February 27th. Finally, Wolfe Research lowered shares of Magellan Midstream Partners to an “underperform” rating and set a $56.00 price target on the stock. in a research report on Friday, February 1st. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company’s stock. Magellan Midstream Partners currently has an average rating of “Hold” and a consensus target price of $69.38.
Shares of MMP traded up $0.51 on Friday, hitting $62.38. 951,829 shares of the stock traded hands, compared to its average volume of 940,775. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.39 and a current ratio of 0.70. The company has a market capitalization of $14.13 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 2.59 and a beta of 0.85. Magellan Midstream Partners, L.P. has a 1 year low of $54.25 and a 1 year high of $72.90.
Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Wednesday, May 1st. The pipeline company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.06. The company had revenue of $628.90 million during the quarter, compared to analyst estimates of $692.56 million. Magellan Midstream Partners had a net margin of 47.92% and a return on equity of 38.97%. The business’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.05 earnings per share. Equities analysts expect that Magellan Midstream Partners, L.P. will post 4.04 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 8th were issued a dividend of $1.005 per share. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $1.00. This represents a $4.02 annualized dividend and a yield of 6.44%. The ex-dividend date of this dividend was Tuesday, May 7th. Magellan Midstream Partners’s dividend payout ratio (DPR) is currently 94.59%.
About Magellan Midstream Partners
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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