Beach Investment Counsel Inc. PA Sells 19,488 Shares of Magellan Midstream Partners L.P. (MMP)

Beach Investment Counsel Inc. PA lowered its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 2.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 765,185 shares of the pipeline company’s stock after selling 19,488 shares during the period. Magellan Midstream Partners L.P. makes up about 6.3% of Beach Investment Counsel Inc. PA’s portfolio, making the stock its largest position. Beach Investment Counsel Inc. PA owned approximately 0.34% of Magellan Midstream Partners L.P. worth $58,850,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Independent Advisor Alliance bought a new position in Magellan Midstream Partners L.P. during the fourth quarter valued at approximately $106,000. Acropolis Investment Management LLC acquired a new position in shares of Magellan Midstream Partners L.P. during the first quarter worth about $118,000. Sowell Financial Services LLC acquired a new position in shares of Magellan Midstream Partners L.P. during the fourth quarter worth about $130,000. SRS Capital Advisors Inc. acquired a new position in shares of Magellan Midstream Partners L.P. during the fourth quarter worth about $131,000. Finally, Gratus Capital LLC purchased a new position in shares of Magellan Midstream Partners L.P. during the fourth quarter worth about $205,000. Hedge funds and other institutional investors own 62.57% of the company’s stock.

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

Shares of Magellan Midstream Partners L.P. (NYSE:MMP) traded down 0.29% during mid-day trading on Monday, reaching $69.63. 468,260 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $72.97 and its 200-day moving average price is $75.41. The stock has a market cap of $15.88 billion, a price-to-earnings ratio of 19.40 and a beta of 0.79. Magellan Midstream Partners L.P. has a 12-month low of $64.25 and a 12-month high of $81.77.

Magellan Midstream Partners L.P. (NYSE:MMP) last posted its earnings results on Wednesday, May 3rd. The pipeline company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.08. Magellan Midstream Partners L.P. had a return on equity of 41.17% and a net margin of 35.16%. The company had revenue of $519.80 million for the quarter, compared to analyst estimates of $554.22 million. During the same quarter in the previous year, the firm earned $0.87 earnings per share. The firm’s quarterly revenue was down 19.0% compared to the same quarter last year. Equities research analysts forecast that Magellan Midstream Partners L.P. will post $3.89 earnings per share for the current year.

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Several research firms recently commented on MMP. Citigroup Inc. cut shares of Magellan Midstream Partners L.P. from a “buy” rating to a “neutral” rating in a research report on Monday, March 6th. Macquarie assumed coverage on shares of Magellan Midstream Partners L.P. in a research report on Friday, April 21st. They set a “neutral” rating and a $80.00 price target on the stock. UBS AG restated a “neutral” rating and set a $82.00 price objective (up from $81.00) on shares of Magellan Midstream Partners L.P. in a research note on Thursday, March 23rd. Royal Bank Of Canada reiterated a “hold” rating and issued a $80.00 price target on shares of Magellan Midstream Partners L.P. in a research note on Tuesday, March 14th. Finally, Credit Suisse Group upgraded shares of Magellan Midstream Partners L.P. from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $80.00 to $84.00 in a research report on Thursday, May 4th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. Magellan Midstream Partners L.P. currently has a consensus rating of “Hold” and a consensus target price of $79.40.

In other Magellan Midstream Partners L.P. news, insider Douglas J. May sold 8,000 shares of Magellan Midstream Partners L.P. stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $75.00, for a total value of $600,000.00. Following the transaction, the insider now owns 27,599 shares in the company, valued at $2,069,925. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.24% of the stock is owned by insiders.

Magellan Midstream Partners L.P. Company Profile

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