Patriot Financial Group Insurance Agency LLC raised its stake in Magellan Midstream Partners L.P. (NYSE:MMP) by 5.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,081 shares of the pipeline company’s stock after buying an additional 350 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Magellan Midstream Partners L.P. were worth $492,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in MMP. Founders Capital Management acquired a new stake in Magellan Midstream Partners L.P. during the first quarter valued at about $109,000. Catalyst Capital Advisors LLC raised its stake in Magellan Midstream Partners L.P. by 23.7% in the first quarter. Catalyst Capital Advisors LLC now owns 1,568 shares of the pipeline company’s stock valued at $121,000 after buying an additional 300 shares during the last quarter. NEXT Financial Group Inc raised its stake in Magellan Midstream Partners L.P. by 7.5% in the second quarter. NEXT Financial Group Inc now owns 1,807 shares of the pipeline company’s stock valued at $129,000 after buying an additional 126 shares during the last quarter. Independent Portfolio Consultants Inc. raised its stake in Magellan Midstream Partners L.P. by 4.6% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,968 shares of the pipeline company’s stock valued at $140,000 after buying an additional 87 shares during the last quarter. Finally, AlphaMark Advisors LLC raised its stake in Magellan Midstream Partners L.P. by 444.9% in the first quarter. AlphaMark Advisors LLC now owns 1,929 shares of the pipeline company’s stock valued at $148,000 after buying an additional 1,575 shares during the last quarter. 60.81% of the stock is owned by institutional investors.

Shares of Magellan Midstream Partners L.P. (MMP) traded down 0.44% on Tuesday, reaching $65.68. 71,522 shares of the company’s stock traded hands. Magellan Midstream Partners L.P. has a 52 week low of $63.92 and a 52 week high of $81.77. The company’s 50-day moving average is $68.62 and its 200-day moving average is $73.37. The firm has a market capitalization of $14.98 billion, a P/E ratio of 17.81 and a beta of 0.80.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, beating the 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 during the quarter, compared to the consensus estimate of $561.70 million. During the same quarter last year, the firm posted $0.82 EPS. The company’s quarterly revenue was up 19.4% on a year-over-year basis. Equities research analysts anticipate that Magellan Midstream Partners L.P. will post $3.91 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, July 31st were issued a dividend of $0.89 per share. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. The ex-dividend date was Thursday, July 27th. This represents a $3.56 annualized dividend and a yield of 5.40%. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is currently 96.74%.

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Several equities research analysts have recently issued reports on MMP shares. UBS AG raised shares of Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 price objective for the company in a research report on Tuesday, July 18th. Barclays PLC lowered shares of Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $88.00 to $77.00 in a research report on Tuesday, July 18th. Royal Bank Of Canada reissued a “hold” rating and issued 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, Stifel Nicolaus reissued a “hold” rating and issued a $81.00 price objective on shares of Magellan Midstream Partners L.P. in a research report on Wednesday, July 19th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $79.40.

About Magellan Midstream Partners L.P.

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

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