Magellan Midstream Partners L.P. (MMP) Position Maintained by Huntington Steele LLC

Huntington Steele LLC held its position in shares of Magellan Midstream Partners L.P. (NYSE:MMP) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 101,425 shares of the pipeline company’s stock at the end of the second quarter. Magellan Midstream Partners L.P. makes up approximately 2.2% of Huntington Steele LLC’s holdings, making the stock its 10th largest position. Huntington Steele LLC’s holdings in Magellan Midstream Partners L.P. were worth $7,229,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of MMP. OppenheimerFunds Inc. increased its position in shares of 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 worth $1,003,066,000 after buying an additional 2,345,950 shares during the period. UBS Group AG increased its position in shares of 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 worth $454,332,000 after buying an additional 453,671 shares during the period. JPMorgan Chase & Co. increased its position in shares of 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 worth $289,454,000 after buying an additional 277,575 shares during the period. Chickasaw Capital Management LLC increased its position in shares of 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 worth $206,140,000 after buying an additional 76,703 shares during the period. Finally, Center Coast Capital Advisors LP increased its position in shares of 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 worth $162,722,000 after buying an additional 85,815 shares during the period. Institutional investors own 62.86% of the company’s stock.

Shares of Magellan Midstream Partners L.P. (NYSE MMP) traded down 2.47% during mid-day trading on Tuesday, hitting $67.50. 890,002 shares of the stock were exchanged. Magellan Midstream Partners L.P. has a 52-week low of $64.25 and a 52-week high of $81.77. The company has a market cap of $15.39 billion, a P/E ratio of 18.30 and a beta of 0.80. The stock’s 50-day moving average price is $70.06 and its 200-day moving average price is $74.61.

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

The company also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, July 31st will be paid a $0.89 dividend. This is a boost from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. This represents a $3.56 annualized dividend and a dividend yield of 5.27%. The ex-dividend date is Thursday, July 27th. Magellan Midstream Partners L.P.’s payout ratio is currently 96.74%.

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MMP has been the topic of a number of research analyst reports. BidaskClub upgraded shares of Magellan Midstream Partners L.P. from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. Barclays PLC downgraded shares of Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $88.00 to $77.00 in a research report on Tuesday, July 18th. Royal Bank Of Canada restated a “hold” rating and set a $80.00 price objective on shares of Magellan Midstream Partners L.P. in a research report on Thursday, April 13th. Stifel Nicolaus restated a “hold” rating and set a $77.00 price objective on shares of Magellan Midstream Partners L.P. in a research report on Thursday, August 3rd. Finally, Mizuho downgraded shares of Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $74.00 to $72.00 in a research report on Monday, July 10th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company’s stock. Magellan Midstream Partners L.P. has a consensus rating of “Hold” and an average target price of $79.10.

In related news, insider Douglas J. May sold 8,000 shares of the business’s stock in a transaction on Wednesday, May 24th. The shares were 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 in the company, valued at approximately $2,069,925. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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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