600 Shares in Magellan Midstream Partners, L.P. (NYSE:MMP) Acquired by Accurate Wealth Management LLC

Posted by on Mar 24th, 2023

Accurate Wealth Management LLC purchased a new stake in Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 600 shares of the pipeline company’s stock, valued at approximately $31,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in Magellan Midstream Partners by 10.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,697,017 shares of the pipeline company’s stock valued at $132,343,000 after purchasing an additional 246,037 shares during the period. Bank of New York Mellon Corp raised its position in shares of Magellan Midstream Partners by 4.7% during the first quarter. Bank of New York Mellon Corp now owns 51,663 shares of the pipeline company’s stock worth $2,535,000 after acquiring an additional 2,299 shares during the last quarter. Raymond James Trust N.A. raised its position in shares of Magellan Midstream Partners by 6.7% during the first quarter. Raymond James Trust N.A. now owns 12,003 shares of the pipeline company’s stock worth $589,000 after acquiring an additional 758 shares during the last quarter. Blair William & Co. IL increased its position in Magellan Midstream Partners by 2.3% during the 1st quarter. Blair William & Co. IL now owns 200,265 shares of the pipeline company’s stock valued at $9,827,000 after purchasing an additional 4,580 shares during the period. Finally, Cetera Investment Advisers increased its position in Magellan Midstream Partners by 4.4% during the 1st quarter. Cetera Investment Advisers now owns 17,177 shares of the pipeline company’s stock valued at $843,000 after purchasing an additional 729 shares during the period. 51.06% of the stock is currently owned by institutional investors and hedge funds.

Magellan Midstream Partners Trading Down 0.8 %

MMP opened at $50.89 on Friday. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.98 and a quick ratio of 0.49. The company’s 50-day moving average is $53.23 and its 200 day moving average is $51.49. The firm has a market capitalization of $10.35 billion, a PE ratio of 10.28, a P/E/G ratio of 7.76 and a beta of 0.92. Magellan Midstream Partners, L.P. has a fifty-two week low of $44.79 and a fifty-two week high of $60.55.

Magellan Midstream Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 14th. Investors of record on Tuesday, February 7th were given a dividend of $1.048 per share. This is a boost from Magellan Midstream Partners’s previous quarterly dividend of $1.05. The ex-dividend date of this dividend was Monday, February 6th. This represents a $4.19 annualized dividend and a dividend yield of 8.24%. Magellan Midstream Partners’s payout ratio is presently 84.65%.

Analyst Ratings Changes

Several research firms have recently weighed in on MMP. Barclays upgraded shares of Magellan Midstream Partners from an “equal weight” rating to an “overweight” rating and set a $59.00 price objective for the company in a research report on Wednesday, January 18th. Wells Fargo & Company raised their target price on Magellan Midstream Partners from $56.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 7th. StockNews.com initiated coverage on Magellan Midstream Partners in a research note on Thursday, March 16th. They issued a “hold” rating on the stock. Citigroup lifted their price objective on shares of Magellan Midstream Partners from $56.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, February 7th. Finally, Raymond James raised their price target on shares of Magellan Midstream Partners from $55.00 to $58.00 and gave the stock an “outperform” rating in a report on Friday, February 3rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $56.27.

Magellan Midstream Partners Company Profile

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Magellan Midstream Partners LP engages in the transportation, storage, and distribution of petroleum products and crude oil. It operates through the following segments: Refined Products and Crude Oil. The Refined Products segment consists of an approximately 9,800-mile refined petroleum products pipeline system with 54 terminals and two marine storage terminals.

Further Reading

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

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