Excalibur Management Corp Holds Stake in Magellan Midstream Partners L.P. (MMP)

Excalibur Management Corp maintained its position in Magellan Midstream Partners L.P. (NYSE:MMP) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,750 shares of the pipeline company’s stock at the end of the second quarter. Excalibur Management Corp’s holdings in Magellan Midstream Partners L.P. were worth $267,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. OppenheimerFunds Inc. increased its position in Magellan Midstream Partners L.P. by 21.9% in the first quarter. OppenheimerFunds Inc. now owns 13,042,073 shares of the pipeline company’s stock valued at $1,003,066,000 after buying an additional 2,345,950 shares during the period. UBS Group AG increased its position in Magellan Midstream Partners L.P. by 8.3% in the first quarter. UBS Group AG now owns 5,907,324 shares of the pipeline company’s stock valued at $454,332,000 after buying an additional 453,671 shares during the period. JPMorgan Chase & Co. increased its position in Magellan Midstream Partners L.P. by 8.0% in the first quarter. JPMorgan Chase & Co. now owns 3,763,537 shares of the pipeline company’s stock valued at $289,454,000 after buying an additional 277,575 shares during the period. Chickasaw Capital Management LLC increased its position in Magellan Midstream Partners L.P. by 2.9% in the first quarter. Chickasaw Capital Management LLC now owns 2,680,282 shares of the pipeline company’s stock valued at $206,140,000 after buying an additional 76,703 shares during the period. Finally, Center Coast Capital Advisors LP increased its position in Magellan Midstream Partners L.P. by 4.2% in the first quarter. Center Coast Capital Advisors LP now owns 2,115,744 shares of the pipeline company’s stock valued at $162,722,000 after buying an additional 85,815 shares during the period. 62.85% of the stock is owned by institutional investors.

Magellan Midstream Partners L.P. (NYSE MMP) traded up 0.07% during mid-day trading on Tuesday, reaching $70.80. 354,566 shares of the company’s stock traded hands. The stock has a 50 day moving average of $70.36 and a 200 day moving average of $74.93. The company has a market cap of $16.14 billion, a P/E ratio of 19.72 and a beta of 0.81. Magellan Midstream Partners L.P. has a 12-month low of $64.25 and a 12-month high of $81.77.

Magellan Midstream Partners L.P. (NYSE:MMP) last posted its quarterly earnings results on Wednesday, May 3rd. The pipeline company reported $0.98 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.08. The business had revenue of $519.80 million during the quarter, compared to analyst estimates of $554.22 million. Magellan Midstream Partners L.P. had a net margin of 35.16% and a return on equity of 41.17%. The company’s revenue was down 19.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.87 earnings per share. On average, equities research analysts predict that Magellan Midstream Partners L.P. will post $3.87 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Monday, July 31st will be given a $0.89 dividend. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. This represents a $3.56 dividend on an annualized basis and a dividend yield of 5.03%. The ex-dividend date of this dividend is Thursday, July 27th. Magellan Midstream Partners L.P.’s dividend payout ratio is presently 97.49%.

Several research analysts recently commented on MMP shares. BidaskClub raised shares of Magellan Midstream Partners L.P. from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. Barclays PLC downgraded shares of Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $88.00 to $77.00 in a report on Tuesday, July 18th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $80.00 price objective on shares of Magellan Midstream Partners L.P. in a report on Thursday, April 13th. Mizuho downgraded shares of Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $74.00 to $72.00 in a report on Monday, July 10th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $81.00 price objective on shares of Magellan Midstream Partners L.P. in a report on Wednesday, July 19th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $78.86.

In other Magellan Midstream Partners L.P. news, insider Douglas J. May sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $75.00, for a total value of $600,000.00. Following the completion of the transaction, the insider now directly owns 27,599 shares in the company, valued at $2,069,925. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.24% of the company’s stock.

Magellan Midstream Partners L.P. Company Profile

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