Magellan Midstream Partners, L.P. (NYSE:MMP) Shares Purchased by Tortoise Capital Advisors L.L.C.

Tortoise Capital Advisors L.L.C. lifted its holdings in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 4,532.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,172,822 shares of the pipeline company’s stock after buying an additional 7,996,388 shares during the period. Magellan Midstream Partners comprises 5.9% of Tortoise Capital Advisors L.L.C.’s holdings, making the stock its 4th largest position. Tortoise Capital Advisors L.L.C. owned approximately 3.66% of Magellan Midstream Partners worth $354,374,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of MMP. Bollard Group LLC raised its holdings in Magellan Midstream Partners by 9.3% in the 1st quarter. Bollard Group LLC now owns 522,400 shares of the pipeline company’s stock valued at $22,651,000 after acquiring an additional 44,341 shares during the period. Arch Capital Group Ltd. bought a new position in Magellan Midstream Partners in the first quarter valued at approximately $3,106,000. Cambridge Investment Research Advisors Inc. increased its stake in Magellan Midstream Partners by 3.5% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 21,059 shares of the pipeline company’s stock valued at $913,000 after acquiring an additional 714 shares during the last quarter. Boston Private Wealth LLC increased its stake in Magellan Midstream Partners by 43.7% in the first quarter. Boston Private Wealth LLC now owns 37,223 shares of the pipeline company’s stock valued at $1,614,000 after acquiring an additional 11,323 shares during the last quarter. Finally, Ausdal Financial Partners Inc. increased its stake in Magellan Midstream Partners by 32.2% in the first quarter. Ausdal Financial Partners Inc. now owns 7,518 shares of the pipeline company’s stock valued at $326,000 after acquiring an additional 1,830 shares during the last quarter. Institutional investors own 59.56% of the company’s stock.

In other news, SVP Lisa J. Korner sold 10,000 shares of the business’s stock in a transaction dated Friday, April 30th. The shares were sold at an average price of $47.62, for a total transaction of $476,200.00. Following the completion of the sale, the senior vice president now directly owns 82,953 shares of the company’s stock, valued at $3,950,221.86. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.33% of the company’s stock.

A number of analysts have weighed in on the stock. Royal Bank of Canada raised their target price on shares of Magellan Midstream Partners from $49.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday, May 4th. Raymond James raised their target price on shares of Magellan Midstream Partners from $47.00 to $48.00 and gave the company an “outperform” rating in a research report on Thursday, April 15th. TheStreet upgraded shares of Magellan Midstream Partners from a “c+” rating to a “b” rating in a report on Thursday, June 10th. TD Securities lowered shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating and lifted their price target for the stock from $47.00 to $48.00 in a report on Friday, April 30th. Finally, Wells Fargo & Company lifted their price target on shares of Magellan Midstream Partners from $51.00 to $52.00 and gave the stock an “equal weight” rating in a report on Thursday, June 24th. Twelve research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $48.33.

MMP traded up $0.30 during midday trading on Thursday, hitting $46.68. The company had a trading volume of 26,506 shares, compared to its average volume of 939,849. Magellan Midstream Partners, L.P. has a 52 week low of $32.61 and a 52 week high of $53.85. The company has a quick ratio of 0.47, a current ratio of 0.85 and a debt-to-equity ratio of 2.18. The stock has a market cap of $10.42 billion, a P/E ratio of 12.78 and a beta of 1.12. The stock’s 50 day simple moving average is $49.53.

Magellan Midstream Partners (NYSE:MMP) last posted its earnings results on Thursday, April 29th. The pipeline company reported $1.09 EPS for the quarter, topping the consensus estimate of $0.87 by $0.22. The company had revenue of $661.00 million during the quarter, compared to the consensus estimate of $661.52 million. Magellan Midstream Partners had a net margin of 32.55% and a return on equity of 34.70%. The firm’s revenue for the quarter was down 15.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.28 earnings per share. Sell-side analysts forecast that Magellan Midstream Partners, L.P. will post 3.89 EPS for the current fiscal year.

Magellan Midstream Partners Company Profile

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products and Crude Oil segments. It operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to refiners, 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.

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

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