Bank of America Corp DE Decreases Holdings in Magellan Midstream Partners, L.P. (NYSE:MMP)

Posted by Defense World Staff on Jun 4th, 2023

Bank of America Corp DE decreased its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) by 21.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,758,996 shares of the pipeline company’s stock after selling 467,478 shares during the quarter. Bank of America Corp DE owned 0.86% of Magellan Midstream Partners worth $88,319,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. CoreCap Advisors LLC purchased a new stake in shares of Magellan Midstream Partners during the 4th quarter worth approximately $28,000. Accurate Wealth Management LLC purchased a new stake in shares of Magellan Midstream Partners during the 4th quarter worth approximately $31,000. EverSource Wealth Advisors LLC lifted its stake in Magellan Midstream Partners by 53.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 691 shares of the pipeline company’s stock valued at $35,000 after buying an additional 241 shares in the last quarter. Phocas Financial Corp. purchased a new stake in Magellan Midstream Partners in the 4th quarter valued at approximately $35,000. Finally, Concord Wealth Partners purchased a new stake in Magellan Midstream Partners in the 4th quarter valued at approximately $49,000. Hedge funds and other institutional investors own 51.06% of the company’s stock.

Magellan Midstream Partners Trading Up 2.1 %

MMP stock opened at $61.48 on Friday. The company has a market cap of $12.43 billion, a price-to-earnings ratio of 11.16 and a beta of 0.91. The company has a quick ratio of 0.44, a current ratio of 0.97 and a debt-to-equity ratio of 2.96. The business has a fifty day simple moving average of $57.02 and a 200-day simple moving average of $53.86. Magellan Midstream Partners, L.P. has a 52 week low of $44.79 and a 52 week high of $64.42.

Magellan Midstream Partners (NYSE:MMP – Get Rating) last announced its quarterly earnings results on Thursday, May 4th. The pipeline company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.11. Magellan Midstream Partners had a net margin of 33.72% and a return on equity of 57.78%. The firm had revenue of $869.70 million during the quarter, compared to analysts’ expectations of $731.28 million. During the same period in the prior year, the company earned $1.08 EPS. The firm’s revenue was up 28.9% on a year-over-year basis. On average, equities research analysts expect that Magellan Midstream Partners, L.P. will post 5.05 EPS for the current year.

Magellan Midstream Partners Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 15th. Investors of record on Monday, May 8th were given a dividend of $1.0475 per share. The ex-dividend date of this dividend was Friday, May 5th. This represents a $4.19 dividend on an annualized basis and a yield of 6.82%. Magellan Midstream Partners’s dividend payout ratio (DPR) is 76.04%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on MMP shares. Raymond James lowered Magellan Midstream Partners from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 20th. Royal Bank of Canada lowered Magellan Midstream Partners from an “outperform” rating to a “sector perform” rating and upped their target price for the company from $59.00 to $66.00 in a research note on Wednesday, May 17th. US Capital Advisors lowered Magellan Midstream Partners from an “overweight” rating to a “hold” rating in a research note on Friday, May 19th. TD Securities downgraded Magellan Midstream Partners from a “hold” rating to a “tender” rating and boosted their price target for the company from $55.00 to $67.50 in a report on Tuesday, May 16th. Finally, Citigroup downgraded Magellan Midstream Partners from a “buy” rating to a “neutral” rating and boosted their price target for the company from $57.00 to $63.00 in a report on Wednesday, May 17th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $59.68.

About Magellan Midstream Partners

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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.