Adams Asset Advisors LLC Has $4,191,000 Stake in Magellan Midstream Partners L.P. (NYSE:MMP)

Adams Asset Advisors LLC held its position in Magellan Midstream Partners L.P. (NYSE:MMP) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 58,811 shares of the pipeline company’s stock at the end of the second quarter. Adams Asset Advisors LLC’s holdings in Magellan Midstream Partners L.P. were worth $4,191,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Private Trust Co. NA raised its position in shares of Magellan Midstream Partners L.P. by 5.7% in the second quarter. Private Trust Co. NA now owns 18,792 shares of the pipeline company’s stock worth $1,339,000 after buying an additional 1,009 shares in the last quarter. Morningstar Investment Services LLC raised its position in shares of Magellan Midstream Partners L.P. by 1.7% in the first quarter. Morningstar Investment Services LLC now owns 389,972 shares of the pipeline company’s stock worth $29,993,000 after buying an additional 6,562 shares in the last quarter. Wedbush Securities Inc. increased its stake in shares of Magellan Midstream Partners L.P. by 0.4% in the first quarter. Wedbush Securities Inc. now owns 10,262 shares of the pipeline company’s stock valued at $789,000 after buying an additional 39 shares during the last quarter. Heritage Wealth Advisors acquired a new stake in shares of Magellan Midstream Partners L.P. during the first quarter valued at $1,963,000. Finally, Brighton Jones LLC acquired a new stake in shares of Magellan Midstream Partners L.P. during the first quarter valued at $426,000. 62.86% of the stock is currently owned by institutional investors.

Shares of Magellan Midstream Partners L.P. (NYSE:MMP) traded down 2.47% during midday trading on Tuesday, hitting $67.50. The company had a trading volume of 890,002 shares. The company’s 50-day moving average price is $70.06 and its 200 day moving average price is $74.61. Magellan Midstream Partners L.P. has a 12-month low of $64.25 and a 12-month high of $81.77. The company has a market capitalization of $15.39 billion, a price-to-earnings ratio of 18.30 and a beta of 0.80.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.03. The business had revenue of $619.40 million for the quarter, compared to analysts’ expectations of $561.70 million. Magellan Midstream Partners L.P. had a net margin of 34.63% and a return on equity of 41.81%. The business’s revenue was up 19.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.82 earnings per share. Equities research analysts predict 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. Stockholders of record on Monday, July 31st will be paid a $0.89 dividend. This represents a $3.56 annualized dividend and a dividend yield of 5.27%. The ex-dividend date is Thursday, July 27th. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. Magellan Midstream Partners L.P.’s dividend payout ratio is currently 96.74%.

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A number of analysts have commented on the company. BidaskClub downgraded Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Zacks Investment Research downgraded Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Mizuho cut Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $74.00 to $72.00 in a report on Monday, July 10th. Jefferies Group LLC initiated coverage on Magellan Midstream Partners L.P. in a report on Thursday, June 22nd. They set a “hold” rating and a $73.00 price target for the company. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $81.00 target price on shares of Magellan Midstream Partners L.P. in a research note on Wednesday, July 19th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company’s stock. Magellan Midstream Partners L.P. has an average rating of “Hold” and an average price target of $79.10.

In other news, insider Douglas J. May sold 8,000 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 27,599 shares in the company, valued at $2,069,925. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.24% of the company’s stock.

Magellan Midstream Partners L.P. Company Profile

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

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