Balyasny Asset Management LLC acquired a new stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 99,586 shares of the pipeline company’s stock, valued at approximately $7,097,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Chilton Capital Management LLC grew its position in Magellan Midstream Partners L.P. by 1.6% during the 2nd quarter. Chilton Capital Management LLC now owns 40,431 shares of the pipeline company’s stock valued at $2,882,000 after purchasing an additional 636 shares during the last quarter. Doliver Capital Advisors LP purchased a new stake in Magellan Midstream Partners L.P. during the 2nd quarter valued at about $234,000. Evercore Wealth Management LLC grew its position in Magellan Midstream Partners L.P. by 13.2% during the 2nd quarter. Evercore Wealth Management LLC now owns 12,927 shares of the pipeline company’s stock valued at $921,000 after purchasing an additional 1,505 shares during the last quarter. Global Endowment Management LP grew its position in Magellan Midstream Partners L.P. by 31.9% during the 2nd quarter. Global Endowment Management LP now owns 38,850 shares of the pipeline company’s stock valued at $2,769,000 after purchasing an additional 9,400 shares during the last quarter. Finally, Virtu KCG Holdings LLC grew its position in Magellan Midstream Partners L.P. by 103.6% during the 2nd quarter. Virtu KCG Holdings LLC now owns 33,608 shares of the pipeline company’s stock valued at $2,395,000 after purchasing an additional 17,101 shares during the last quarter. 60.72% of the stock is currently owned by institutional investors.

Magellan Midstream Partners L.P. (MMP) opened at 70.73 on Friday. Magellan Midstream Partners L.P. has a 12-month low of $63.92 and a 12-month high of $81.77. The company has a 50 day moving average of $68.99 and a 200-day moving average of $71.57. The stock has a market cap of $16.13 billion, a P/E ratio of 19.18 and a beta of 0.79.

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 EPS for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.03. The firm had revenue of $619.40 million for the quarter, compared to analyst estimates of $561.70 million. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. Magellan Midstream Partners L.P.’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.82 earnings per share. Equities analysts forecast that Magellan Midstream Partners L.P. will post $3.89 earnings per share for the current year.

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A number of brokerages have recently issued reports on MMP. 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 dropped their price target for the company from $88.00 to $77.00 in a report on Tuesday, July 18th. Stifel Nicolaus reaffirmed a “hold” rating and set a $77.00 price target on shares of Magellan Midstream Partners L.P. in a report on Thursday, August 3rd. Royal Bank Of Canada reaffirmed a “hold” rating and set a $80.00 price target on shares of Magellan Midstream Partners L.P. in a report on Monday, July 24th. Finally, Mizuho downgraded shares of Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $74.00 to $72.00 in a report on Monday, July 10th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. Magellan Midstream Partners L.P. has a consensus rating of “Hold” and an average price target of $79.04.

In related news, insider Jeff R. Selvidge sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $70.64, for a total value of $353,200.00. Following the sale, the insider now owns 19,653 shares in the company, valued at $1,388,287.92. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.24% of the stock is owned by corporate insiders.

Magellan Midstream Partners L.P. Profile

Institutional Ownership by Quarter for Magellan Midstream Partners L.P. (NYSE:MMP)

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