KMG Fiduciary Partners LLC acquired a new position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,440 shares of the pipeline company’s stock, valued at approximately $234,000.
Other institutional investors have also recently modified their holdings of the company. NEXT Financial Group Inc bought a new stake in shares of Magellan Midstream Partners during the third quarter valued at approximately $26,000. Summit X LLC bought a new position in shares of Magellan Midstream Partners during the third quarter worth $27,000. Lenox Wealth Advisors LLC bought a new position in shares of Magellan Midstream Partners during the third quarter worth $30,000. Heritage Wealth Advisors boosted its position in shares of Magellan Midstream Partners by 188.9% during the third quarter. Heritage Wealth Advisors now owns 1,300 shares of the pipeline company’s stock worth $44,000 after purchasing an additional 850 shares in the last quarter. Finally, Investors Research Corp boosted its position in shares of Magellan Midstream Partners by 75.0% during the third quarter. Investors Research Corp now owns 1,400 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 600 shares in the last quarter. 50.31% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts recently commented on MMP shares. Raymond James dropped their price objective on shares of Magellan Midstream Partners from $51.00 to $45.00 and set an “outperform” rating on the stock in a report on Tuesday, October 20th. TheStreet upgraded shares of Magellan Midstream Partners from a “c” rating to a “b-” rating in a report on Wednesday, December 2nd. Morgan Stanley dropped their price objective on shares of Magellan Midstream Partners from $55.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, September 25th. Stifel Nicolaus raised their price objective on shares of Magellan Midstream Partners from $51.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, November 2nd. Finally, Zacks Investment Research upgraded shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating and set a $47.00 price objective on the stock in a report on Tuesday, December 8th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $49.95.
Magellan Midstream Partners (NYSE:MMP) last announced its earnings results on Friday, October 30th. The pipeline company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.85 by $0.12. The business had revenue of $598.26 million during the quarter, compared to the consensus estimate of $570.15 million. Magellan Midstream Partners had a net margin of 35.61% and a return on equity of 37.91%. Magellan Midstream Partners’s revenue was down 8.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.19 EPS. Sell-side analysts forecast that Magellan Midstream Partners, L.P. will post 3.79 EPS for the current year.
In other news, Director Chansoo Joung purchased 20,000 shares of the company’s stock in a transaction that occurred on Thursday, November 5th. The shares were bought at an average cost of $35.32 per share, with a total value of $706,400.00. Following the completion of the transaction, the director now directly owns 40,280 shares of the company’s stock, valued at $1,422,689.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is owned by company insiders.
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, 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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