Creative Planning Lowers Stake in Magellan Midstream Partners, L.P. (MMP)

Creative Planning reduced its stake in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 0.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,929,541 shares of the pipeline company’s stock after selling 6,439 shares during the quarter. Magellan Midstream Partners accounts for approximately 0.6% of Creative Planning’s investment portfolio, making the stock its 27th biggest holding. Creative Planning’s holdings in Magellan Midstream Partners were worth $136,882,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Wasatch Advisors Inc. raised its holdings in shares of Magellan Midstream Partners by 12.7% during the fourth quarter. Wasatch Advisors Inc. now owns 24,771 shares of the pipeline company’s stock worth $1,757,000 after purchasing an additional 2,800 shares during the last quarter. Bank of Montreal Can raised its holdings in shares of Magellan Midstream Partners by 5.0% during the fourth quarter. Bank of Montreal Can now owns 2,258,844 shares of the pipeline company’s stock worth $160,241,000 after purchasing an additional 106,636 shares during the last quarter. Access Financial Services Inc. raised its holdings in shares of Magellan Midstream Partners by 12.6% during the fourth quarter. Access Financial Services Inc. now owns 9,367 shares of the pipeline company’s stock worth $664,000 after purchasing an additional 1,051 shares during the last quarter. Starfire Investment Advisers Inc. purchased a new position in shares of Magellan Midstream Partners during the fourth quarter worth $2,390,000. Finally, Walnut Private Equity Partners LLC raised its holdings in shares of Magellan Midstream Partners by 11.2% during the fourth quarter. Walnut Private Equity Partners LLC now owns 219,405 shares of the pipeline company’s stock worth $15,107,000 after purchasing an additional 22,020 shares during the last quarter. Institutional investors and hedge funds own 62.05% of the company’s stock.

MMP has been the subject of several recent research reports. Mizuho reissued a “sell” rating and set a $72.00 target price on shares of Magellan Midstream Partners in a report on Friday, October 20th. BMO Capital Markets initiated coverage on shares of Magellan Midstream Partners in a report on Monday, December 11th. They set a “buy” rating and a $80.00 target price for the company. Citigroup raised shares of Magellan Midstream Partners from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a report on Thursday, September 21st. Bank of America initiated coverage on shares of Magellan Midstream Partners in a report on Tuesday, January 9th. They set a “buy” rating for the company. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $81.00 price objective on shares of Magellan Midstream Partners in a report on Tuesday. Four analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. Magellan Midstream Partners has a consensus rating of “Hold” and an average price target of $78.51.

Magellan Midstream Partners, L.P. (MMP) traded down $0.30 on Wednesday, reaching $74.32. 1,335,000 shares of the company’s stock were exchanged, compared to its average volume of 916,140. Magellan Midstream Partners, L.P. has a one year low of $63.55 and a one year high of $81.77. The company has a quick ratio of 0.29, a current ratio of 0.50 and a debt-to-equity ratio of 1.90. The stock has a market capitalization of $16,750.00, a PE ratio of 20.09, a price-to-earnings-growth ratio of 2.40 and a beta of 0.77.

Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, November 2nd. The pipeline company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.02. Magellan Midstream Partners had a net margin of 34.50% and a return on equity of 40.99%. The company had revenue of $551.80 million during the quarter, compared to analysts’ expectations of $610.12 million. During the same quarter in the previous year, the company earned $0.91 earnings per share. The firm’s revenue for the quarter was down 3.7% on a year-over-year basis. analysts predict that Magellan Midstream Partners, L.P. will post 3.87 earnings per share for the current year.

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About Magellan Midstream Partners

Magellan Midstream Partners, L.P. is principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil. The Company operates through three segments: refined products, crude oil and marine storage. As of December 31, 2016, its asset portfolio, including the assets of its joint ventures, consisted of its refined products segment, consisting 9,700-mile refined products pipeline system with 53 terminals, as well as 26 independent terminals not connected to its pipeline system and its 1,100-mile ammonia pipeline system; its crude oil segment, consisted of approximately 2,200 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 26 million barrels, of which 16 million are used for contract storage, and its marine storage segment, consisted of five marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels.

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

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