Oppenheimer Asset Management Inc. boosted its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP – Free Report) by 14.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,069 shares of the pipeline company’s stock after purchasing an additional 1,770 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Magellan Midstream Partners were worth $763,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the business. Private Advisor Group LLC bought a new stake in Magellan Midstream Partners during the 1st quarter valued at approximately $1,552,000. Grey Street Capital LLC bought a new stake in Magellan Midstream Partners during the 1st quarter valued at approximately $1,189,000. Register Financial Advisors LLC bought a new stake in Magellan Midstream Partners during the 1st quarter valued at approximately $27,000. MAI Capital Management boosted its stake in Magellan Midstream Partners by 0.6% during the 1st quarter. MAI Capital Management now owns 123,651 shares of the pipeline company’s stock valued at $6,709,000 after purchasing an additional 756 shares during the period. Finally, Pring Turner Capital Group Inc. boosted its stake in Magellan Midstream Partners by 25.2% during the 1st quarter. Pring Turner Capital Group Inc. now owns 5,909 shares of the pipeline company’s stock valued at $321,000 after purchasing an additional 1,188 shares during the period. Institutional investors own 52.40% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have commented on MMP shares. Stifel Nicolaus cut Magellan Midstream Partners from a “buy” rating to a “hold” rating and upped their price target for the company from $61.00 to $64.00 in a report on Thursday, May 18th. US Capital Advisors cut Magellan Midstream Partners from an “overweight” rating to a “hold” rating in a report on Friday, May 19th. TD Securities upped their price target on Magellan Midstream Partners from $67.50 to $69.00 and gave the company a “tender” rating in a report on Friday, August 4th. Argus cut Magellan Midstream Partners from a “hold” rating to a “sell” rating in a report on Wednesday, August 16th. Finally, Citigroup cut Magellan Midstream Partners from a “buy” rating to a “neutral” rating and upped their price target for the company from $57.00 to $63.00 in a report on Wednesday, May 17th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $60.70.
Magellan Midstream Partners Trading Up 0.2 %
Shares of MMP opened at $65.54 on Friday. The stock has a market cap of $13.25 billion, a PE ratio of 13.06 and a beta of 0.90. Magellan Midstream Partners, L.P. has a 1 year low of $45.52 and a 1 year high of $66.78. The stock has a 50 day simple moving average of $63.87 and a 200-day simple moving average of $58.74. The company has a current ratio of 1.08, a quick ratio of 0.60 and a debt-to-equity ratio of 2.91.
Magellan Midstream Partners (NYSE:MMP – Get Free Report) last released its quarterly earnings results on Thursday, August 3rd. The pipeline company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.13. The business had revenue of $877.20 million for the quarter, compared to analyst estimates of $797.91 million. Magellan Midstream Partners had a return on equity of 58.77% and a net margin of 29.55%. On average, sell-side analysts predict that Magellan Midstream Partners, L.P. will post 5.12 EPS for the current fiscal year.
Magellan Midstream Partners Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, August 7th were given a dividend of $1.0475 per share. The ex-dividend date of this dividend was Friday, August 4th. This represents a $4.19 dividend on an annualized basis and a yield of 6.39%. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 83.47%.
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 refined products pipeline that transports gasoline, diesel and aviation fuel, kerosene, and heating oil to refiners, wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports.
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