Eagle Global Advisors LLC reduced its stake in Magellan Midstream Partners, L.P. (NYSE:MMP) by 2.6% during the fourth quarter, Holdings Channel reports. The fund owned 2,000,589 shares of the pipeline company’s stock after selling 52,719 shares during the quarter. Magellan Midstream Partners comprises approximately 4.4% of Eagle Global Advisors LLC’s holdings, making the stock its 3rd biggest position. Eagle Global Advisors LLC’s holdings in Magellan Midstream Partners were worth $141,922,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Welch Group LLC bought a new stake in Magellan Midstream Partners in the 4th quarter valued at $135,000. Glenview State Bank Trust DEPT. bought a new stake in Magellan Midstream Partners in the 3rd quarter valued at $223,000. Personal Capital Advisors Corp bought a new stake in Magellan Midstream Partners in the 4th quarter valued at $228,000. Aries Wealth Management bought a new stake in Magellan Midstream Partners in the 4th quarter valued at $239,000. Finally, Opes Advisors Inc bought a new stake in Magellan Midstream Partners in the 4th quarter valued at $259,000. Institutional investors own 62.35% of the company’s stock.
MMP has been the topic of a number of research reports. BMO Capital Markets initiated coverage on shares of Magellan Midstream Partners in a report on Monday, December 11th. They issued a “buy” rating and a $80.00 price target on the stock. Credit Suisse Group initiated coverage on shares of Magellan Midstream Partners in a report on Thursday, January 4th. They issued an “underperform” rating on the stock. Bank of America initiated coverage on shares of Magellan Midstream Partners in a report on Tuesday, January 9th. They issued a “buy” rating on the stock. Royal Bank of Canada restated a “hold” rating and issued a $81.00 target price on shares of Magellan Midstream Partners in a report on Tuesday, January 16th. Finally, Barclays reduced their target price on shares of Magellan Midstream Partners from $78.00 to $76.00 and set an “equal weight” rating on the stock in a report on Friday, February 2nd. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $77.36.
Shares of Magellan Midstream Partners, L.P. (MMP) opened at $65.05 on Tuesday. Magellan Midstream Partners, L.P. has a fifty-two week low of $63.55 and a fifty-two week high of $78.48. The company has a quick ratio of 0.51, a current ratio of 0.73 and a debt-to-equity ratio of 2.01. The firm has a market cap of $14,914.84, a PE ratio of 17.07, a PEG ratio of 2.64 and a beta of 0.61.
Magellan Midstream Partners (NYSE:MMP) last posted its earnings results on Thursday, February 1st. The pipeline company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.08). Magellan Midstream Partners had a return on equity of 40.85% and a net margin of 34.67%. The business had revenue of $673.30 million during the quarter, compared to the consensus estimate of $690.18 million. During the same quarter last year, the firm earned $0.93 earnings per share. The business’s quarterly revenue was up 9.5% on a year-over-year basis. research analysts anticipate that Magellan Midstream Partners, L.P. will post 3.99 earnings per share for the current year.
The company also recently declared a dividend, which was paid on Wednesday, February 14th. Investors of record on Tuesday, February 6th were issued a dividend of $0.92 per share. This represents a yield of 0.0125170068027211%. This is an increase from Magellan Midstream Partners’s previous dividend of $0.84. The ex-dividend date of this dividend was Monday, February 5th. Magellan Midstream Partners’s dividend payout ratio is presently 96.59%.
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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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