BNP Paribas Arbitrage SA raised its stake in Magellan Midstream Partners, L.P. (NYSE:MMP) by 275.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 54,955 shares of the pipeline company’s stock after acquiring an additional 40,299 shares during the quarter. BNP Paribas Arbitrage SA’s holdings in Magellan Midstream Partners were worth $3,517,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Manchester Financial Inc. acquired a new position in shares of Magellan Midstream Partners in the second quarter worth $25,000. CWM LLC raised its holdings in shares of Magellan Midstream Partners by 103.7% in the first quarter. CWM LLC now owns 556 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 283 shares during the last quarter. Massey Quick Simon & CO. LLC raised its holdings in shares of Magellan Midstream Partners by 308.6% in the first quarter. Massey Quick Simon & CO. LLC now owns 662 shares of the pipeline company’s stock worth $40,000 after acquiring an additional 500 shares during the last quarter. Investors Research Corp acquired a new position in shares of Magellan Midstream Partners in the first quarter worth $49,000. Finally, Putnam FL Investment Management Co. acquired a new position in shares of Magellan Midstream Partners in the second quarter worth $61,000. 71.00% of the stock is owned by institutional investors.
In related news, insider Jeff R. Selvidge sold 4,000 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $63.64, for a total value of $254,560.00. Following the completion of the transaction, the insider now directly owns 23,397 shares in the company, valued at $1,488,985.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.26% of the company’s stock.
Magellan Midstream Partners stock opened at $65.55 on Friday. The firm has a market capitalization of $14.87 billion, a P/E ratio of 15.42, a PEG ratio of 2.59 and a beta of 0.74. The stock has a fifty day moving average price of $65.33 and a 200 day moving average price of $62.25. Magellan Midstream Partners, L.P. has a 52 week low of $54.25 and a 52 week high of $71.85. The company has a current ratio of 0.66, a quick ratio of 0.38 and a debt-to-equity ratio of 1.73.
Magellan Midstream Partners (NYSE:MMP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.07 by $0.13. The firm had revenue of $701.70 million during the quarter, compared to analyst estimates of $658.67 million. Magellan Midstream Partners had a return on equity of 38.48% and a net margin of 48.33%. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.94 earnings per share. As a group, equities analysts predict that Magellan Midstream Partners, L.P. will post 4.18 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were paid a $1.013 dividend. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.92. This represents a $4.05 annualized dividend and a yield of 6.18%. The ex-dividend date was Tuesday, August 6th. Magellan Midstream Partners’s dividend payout ratio is presently 95.29%.
A number of research firms have recently weighed in on MMP. Credit Suisse Group boosted their price target on Magellan Midstream Partners from $68.00 to $70.00 and gave the stock a “neutral” rating in a report on Tuesday, August 6th. Johnson Rice began coverage on Magellan Midstream Partners in a report on Thursday, May 30th. They issued an “accumulate” rating and a $71.00 price target for the company. Stifel Nicolaus boosted their price target on Magellan Midstream Partners from $62.00 to $68.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Bank of America boosted their price target on Magellan Midstream Partners from $63.00 to $66.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Finally, ValuEngine raised Magellan Midstream Partners from a “sell” rating to a “hold” rating in a report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company’s stock. Magellan Midstream Partners currently has an average rating of “Hold” and a consensus price target of $69.00.
About Magellan Midstream Partners
Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.
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