Bbva Compass Bancshares Inc. reduced its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 11.7% in the first quarter, HoldingsChannel.com reports. The fund owned 7,353 shares of the pipeline company’s stock after selling 979 shares during the period. Bbva Compass Bancshares Inc.’s holdings in Magellan Midstream Partners were worth $446,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Alps Advisors Inc. lifted its holdings in shares of Magellan Midstream Partners by 2.3% in the fourth quarter. Alps Advisors Inc. now owns 14,930,399 shares of the pipeline company’s stock worth $851,929,000 after buying an additional 329,367 shares in the last quarter. Harvest Fund Advisors LLC lifted its holdings in shares of Magellan Midstream Partners by 3.7% in the fourth quarter. Harvest Fund Advisors LLC now owns 7,561,427 shares of the pipeline company’s stock worth $431,455,000 after buying an additional 267,644 shares in the last quarter. Energy Income Partners LLC lifted its holdings in shares of Magellan Midstream Partners by 19.3% in the fourth quarter. Energy Income Partners LLC now owns 5,579,413 shares of the pipeline company’s stock worth $318,361,000 after buying an additional 902,646 shares in the last quarter. Kayne Anderson Capital Advisors LP lifted its holdings in shares of Magellan Midstream Partners by 0.8% in the first quarter. Kayne Anderson Capital Advisors LP now owns 3,868,249 shares of the pipeline company’s stock worth $234,522,000 after buying an additional 31,728 shares in the last quarter. Finally, Chickasaw Capital Management LLC raised its stake in Magellan Midstream Partners by 5.6% during the first quarter. Chickasaw Capital Management LLC now owns 2,645,062 shares of the pipeline company’s stock valued at $160,370,000 after purchasing an additional 140,483 shares in the last quarter. 66.81% of the stock is owned by institutional investors.
Shares of MMP opened at $61.45 on Thursday. Magellan Midstream Partners, L.P. has a twelve month low of $54.25 and a twelve month high of $72.90. The firm has a market capitalization of $13.87 billion, a PE ratio of 14.46, a PEG ratio of 2.49 and a beta of 0.85. The company has a current ratio of 0.70, a quick ratio of 0.39 and a debt-to-equity ratio of 1.69.
Magellan Midstream Partners (NYSE:MMP) last announced its earnings results on Wednesday, May 1st. The pipeline company reported $1.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.06. Magellan Midstream Partners had a net margin of 47.92% and a return on equity of 38.97%. The business had revenue of $628.90 million for the quarter, compared to the consensus estimate of $692.56 million. During the same quarter in the prior year, the firm posted $1.05 earnings per share. The business’s revenue for the quarter was down 7.3% on a year-over-year basis. On average, equities research analysts predict that Magellan Midstream Partners, L.P. will post 4.03 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 8th were paid a $1.005 dividend. The ex-dividend date was Tuesday, May 7th. This represents a $4.02 annualized dividend and a dividend yield of 6.54%. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $1.00. Magellan Midstream Partners’s dividend payout ratio is currently 94.59%.
MMP has been the topic of a number of recent research reports. Jefferies Financial Group downgraded shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research note on Monday, January 28th. Wolfe Research downgraded shares of Magellan Midstream Partners to an “underperform” rating and set a $56.00 price target on the stock. in a research note on Friday, February 1st. Credit Suisse Group decreased their price target on shares of Magellan Midstream Partners from $76.00 to $68.00 and set a “neutral” rating on the stock in a research note on Monday, February 11th. ValuEngine downgraded shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research note on Monday, February 4th. Finally, Citigroup set a $70.00 price target on shares of Magellan Midstream Partners and gave the company a “buy” rating in a research note on Saturday, February 2nd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $69.38.
In other news, Director Robert G. Croyle sold 2,119 shares of the stock in a transaction on Tuesday, February 26th. The shares were sold at an average price of $59.94, for a total value of $127,012.86. Following the sale, the director now owns 3,758 shares of the company’s stock, valued at $225,254.52. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Lisa J. Korner sold 6,958 shares of the company’s stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $59.29, for a total transaction of $412,539.82. Following the completion of the transaction, the insider now owns 74,517 shares in the company, valued at $4,418,112.93. The disclosure for this sale can be found here. In the last three months, insiders sold 43,696 shares of company stock worth $2,597,682. Insiders own 0.26% of the company’s stock.
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Magellan Midstream Partners Company Profile
Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates diesel fuel, kerosene, heating oil, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.
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