Selz Capital LLC held its stake in Magellan Midstream Partners L.P. (NYSE:MMP) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 277,650 shares of the pipeline company’s stock at the end of the second quarter. Magellan Midstream Partners L.P. makes up about 5.6% of Selz Capital LLC’s investment portfolio, making the stock its 3rd largest position. Selz Capital LLC owned about 0.12% of Magellan Midstream Partners L.P. worth $19,788,000 as of its most recent filing with the SEC.
A number of other hedge funds have also added to or reduced their stakes in MMP. OppenheimerFunds Inc. increased its stake 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 last quarter. UBS Group AG increased its stake in shares of 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 worth $454,332,000 after buying an additional 453,671 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of 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 worth $289,454,000 after buying an additional 277,575 shares during the last quarter. Chickasaw Capital Management LLC increased its stake 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 last quarter. Finally, Center Coast Capital Advisors LP increased its stake 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 last quarter. Hedge funds and other institutional investors own 62.87% of the company’s stock.
Magellan Midstream Partners L.P. (NYSE:MMP) traded down 1.36% during trading on Friday, reaching $69.14. The company had a trading volume of 522,888 shares. The company has a market capitalization of $15.77 billion, a PE ratio of 18.75 and a beta of 0.80. The company has a 50 day moving average price of $70.09 and a 200 day moving average price of $74.72. Magellan Midstream Partners L.P. has a 52-week low of $64.25 and a 52-week high of $81.77.
Magellan Midstream Partners L.P. (NYSE:MMP) last announced its earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.03. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. The business had revenue of $619.40 million for the quarter, compared to analyst estimates of $561.70 million. During the same quarter last year, the firm earned $0.82 EPS. Magellan Midstream Partners L.P.’s revenue for the quarter was up 19.4% compared to the same quarter last year. On average, equities analysts forecast that Magellan Midstream Partners L.P. will post $3.91 EPS for the current fiscal year.
The business 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 dividend of $0.89 per share. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $3.56 annualized dividend and a dividend yield of 5.15%. Magellan Midstream Partners L.P.’s payout ratio is 96.74%.
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Several research firms have issued reports on MMP. Royal Bank Of Canada restated a “hold” rating and set a $80.00 price objective on shares of Magellan Midstream Partners L.P. in a report on Monday, July 24th. Stifel Nicolaus restated a “hold” rating and set a $77.00 price objective on shares of Magellan Midstream Partners L.P. in a report on Thursday. BidaskClub downgraded Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Zacks Investment Research upgraded Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Finally, Barclays PLC downgraded Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $88.00 to $77.00 in a report on Tuesday, July 18th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $79.10.
In other news, insider Douglas J. May sold 8,000 shares of Magellan Midstream Partners L.P. stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $75.00, for a total transaction of $600,000.00. Following the completion of the transaction, the insider now directly owns 27,599 shares in the company, valued at approximately $2,069,925. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.24% of the stock is owned by insiders.
Magellan Midstream Partners L.P. Company Profile
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