Independent Advisor Alliance Purchases 210 Shares of Magellan Midstream Partners, L.P. (NYSE:MMP)

Independent Advisor Alliance raised its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMPGet Rating) by 2.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,464 shares of the pipeline company’s stock after acquiring an additional 210 shares during the period. Independent Advisor Alliance’s holdings in Magellan Midstream Partners were worth $513,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of MMP. National Bank of Canada FI bought a new position in shares of Magellan Midstream Partners in the fourth quarter worth about $45,000. Commonwealth Equity Services LLC grew its holdings in shares of Magellan Midstream Partners by 2.9% in the fourth quarter. Commonwealth Equity Services LLC now owns 86,712 shares of the pipeline company’s stock worth $4,026,000 after purchasing an additional 2,428 shares during the last quarter. CWM LLC bought a new position in shares of Magellan Midstream Partners in the fourth quarter worth about $1,016,000. Sigma Planning Corp grew its holdings in shares of Magellan Midstream Partners by 10.2% in the fourth quarter. Sigma Planning Corp now owns 10,055 shares of the pipeline company’s stock worth $467,000 after purchasing an additional 934 shares during the last quarter. Finally, Fisher Asset Management LLC bought a new position in shares of Magellan Midstream Partners in the fourth quarter worth about $275,000. Institutional investors own 53.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MMP. Wells Fargo & Company upgraded shares of Magellan Midstream Partners from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $54.00 to $56.00 in a report on Tuesday, May 31st. JPMorgan Chase & Co. upgraded shares of Magellan Midstream Partners from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $52.00 to $57.00 in a report on Wednesday, May 25th. The Goldman Sachs Group upgraded shares of Magellan Midstream Partners from a “neutral” rating to a “buy” rating and increased their target price for the stock from $55.00 to $59.00 in a report on Wednesday, June 8th. Royal Bank of Canada increased their target price on shares of Magellan Midstream Partners from $56.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Morgan Stanley increased their target price on shares of Magellan Midstream Partners from $50.00 to $54.00 and gave the stock an “underweight” rating in a report on Tuesday, April 26th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $53.50.

Magellan Midstream Partners Stock Performance

MMP stock opened at $49.94 on Friday. The firm has a market cap of $10.37 billion, a price-to-earnings ratio of 10.69, a PEG ratio of 3.23 and a beta of 0.95. The firm has a 50-day simple moving average of $49.74 and a two-hundred day simple moving average of $49.25. Magellan Midstream Partners, L.P. has a one year low of $43.58 and a one year high of $53.75. The company has a debt-to-equity ratio of 2.84, a quick ratio of 1.01 and a current ratio of 0.97.

Magellan Midstream Partners (NYSE:MMPGet Rating) last released its quarterly earnings results on Thursday, May 5th. The pipeline company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.05 by $0.03. The business had revenue of $631.10 million during the quarter, compared to analyst estimates of $704.74 million. Magellan Midstream Partners had a net margin of 34.33% and a return on equity of 51.99%. The company’s quarterly revenue was down 6.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.09 earnings per share. On average, equities analysts forecast that Magellan Midstream Partners, L.P. will post 4.67 EPS for the current fiscal year.

Magellan Midstream Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 12th. Investors of record on Friday, August 5th will be given a $1.0375 dividend. This represents a $4.15 annualized dividend and a dividend yield of 8.31%. The ex-dividend date is Thursday, August 4th. Magellan Midstream Partners’s payout ratio is currently 88.87%.

Magellan Midstream Partners Profile

(Get Rating)

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. It operates through Refined Products and Crude Oil segments. The company operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports.

See Also

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

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