Lucas Capital Management Buys 2,118 Shares of Magellan Midstream Partners L.P. (NYSE:MMP)

Lucas Capital Management increased its position in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 4.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 49,783 shares of the pipeline company’s stock after buying an additional 2,118 shares during the period. Magellan Midstream Partners L.P. comprises approximately 2.6% of Lucas Capital Management’s investment portfolio, making the stock its 8th largest position. Lucas Capital Management’s holdings in Magellan Midstream Partners L.P. were worth $3,548,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in MMP. Telemus Capital LLC increased its stake in shares of Magellan Midstream Partners L.P. by 0.9% in the second quarter. Telemus Capital LLC now owns 11,543 shares of the pipeline company’s stock worth $823,000 after buying an additional 107 shares during the last quarter. Stratos Wealth Partners LTD. increased its stake in shares of Magellan Midstream Partners L.P. by 1.5% in the second quarter. Stratos Wealth Partners LTD. now owns 15,827 shares of the pipeline company’s stock worth $1,128,000 after buying an additional 235 shares during the last quarter. Sei Investments Co. increased its stake in shares of Magellan Midstream Partners L.P. by 29.3% in the second quarter. Sei Investments Co. now owns 45,899 shares of the pipeline company’s stock worth $3,271,000 after buying an additional 10,409 shares during the last quarter. Busey Trust CO increased its stake in shares of Magellan Midstream Partners L.P. by 0.8% in the second quarter. Busey Trust CO now owns 11,787 shares of the pipeline company’s stock worth $840,000 after buying an additional 93 shares during the last quarter. Finally, Heritage Wealth Advisors increased its stake in shares of Magellan Midstream Partners L.P. by 1.4% in the second quarter. Heritage Wealth Advisors now owns 25,885 shares of the pipeline company’s stock worth $1,847,000 after buying an additional 349 shares during the last quarter. Institutional investors and hedge funds own 62.87% of the company’s stock.

Magellan Midstream Partners L.P. (MMP) opened at 69.14 on Friday. The company has a market cap of $15.77 billion, a P/E ratio of 18.75 and a beta of 0.80. The company has a 50-day moving average of $70.09 and a 200 day moving average of $74.72. Magellan Midstream Partners L.P. has a one year low of $64.25 and a one year high of $81.77.

Magellan Midstream Partners L.P. (NYSE:MMP) last released its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.03. The company had revenue of $619.40 million for the quarter, compared to analyst estimates of $561.70 million. Magellan Midstream Partners L.P. had a net margin of 34.63% and a return on equity of 41.81%. The firm’s revenue was up 19.4% on a year-over-year basis. During the same quarter last year, the business earned $0.82 earnings per share. Analysts anticipate that Magellan Midstream Partners L.P. will post $3.91 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, July 31st will be given a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a yield of 5.15%. The ex-dividend date of this dividend is Thursday, July 27th. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is currently 96.74%.

A number of brokerages have recently issued reports on MMP. Stifel Nicolaus reissued a “hold” rating and set a $77.00 price objective on shares of Magellan Midstream Partners L.P. in a research report on Thursday. BidaskClub downgraded shares of Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Royal Bank Of Canada reissued a “hold” rating and set a $80.00 price objective on shares of Magellan Midstream Partners L.P. in a research report on Monday, July 24th. Zacks Investment Research raised shares of Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Finally, 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 company from $88.00 to $77.00 in a research report on Tuesday, July 18th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company’s stock. Magellan Midstream Partners L.P. presently has a consensus rating of “Hold” and an average price target of $78.62.

In related news, insider Douglas J. May sold 8,000 shares of the firm’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $75.00, for a total transaction of $600,000.00. Following the sale, the insider now owns 27,599 shares in the company, valued at $2,069,925. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.24% of the stock is currently owned by company insiders.

Magellan Midstream Partners L.P. Company Profile

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