Ray Gerald L & Associates Ltd. increased its position in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 7.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 90,292 shares of the pipeline company’s stock after buying an additional 6,250 shares during the period. Magellan Midstream Partners L.P. comprises 0.8% of Ray Gerald L & Associates Ltd.’s holdings, making the stock its 27th largest position. Ray Gerald L & Associates Ltd.’s holdings in Magellan Midstream Partners L.P. were worth $6,436,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. OppenheimerFunds Inc. increased its position in shares of 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 worth $1,003,066,000 after buying an additional 2,345,950 shares in the last quarter. Beach Investment Management LLC. increased its position in shares of Magellan Midstream Partners L.P. by 1,479.2% in the second quarter. Beach Investment Management LLC. now owns 762,331 shares of the pipeline company’s stock worth $54,331,000 after buying an additional 714,059 shares in the last quarter. Bank of Montreal Can increased its position in shares of Magellan Midstream Partners L.P. by 34.7% in the second quarter. Bank of Montreal Can now owns 1,985,471 shares of the pipeline company’s stock worth $141,505,000 after buying an additional 511,367 shares in the last quarter. UBS Group AG increased its position 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 in the last quarter. Finally, JPMorgan Chase & Co. increased its position 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 in the last quarter. Hedge funds and other institutional investors own 60.81% of the company’s stock.

Shares of Magellan Midstream Partners L.P. (NYSE MMP) opened at 65.75 on Tuesday. The stock has a 50 day moving average price of $68.62 and a 200 day moving average price of $73.37. Magellan Midstream Partners L.P. has a 52 week low of $63.92 and a 52 week high of $81.77. The stock has a market capitalization of $14.99 billion, a P/E ratio of 17.83 and a beta of 0.80.

Magellan Midstream Partners L.P. (NYSE:MMP) last released its quarterly earnings data 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 net margin of 34.63% and a return on equity of 41.81%. The firm had revenue of $619.40 million for the quarter, compared to the consensus estimate of $561.70 million. During the same period last year, the firm earned $0.82 earnings per share. The company’s quarterly revenue was up 19.4% on a year-over-year basis. On average, equities research analysts expect that Magellan Midstream Partners L.P. will post $3.91 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, July 31st were paid a $0.89 dividend. This represents a $3.56 annualized dividend and a yield of 5.40%. 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. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is 96.74%.

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A number of research analysts have recently issued reports on MMP shares. Credit Suisse Group raised Magellan Midstream Partners L.P. from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $80.00 to $84.00 in a research note on Thursday, May 4th. UBS AG raised Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 price objective on the stock in a research note on Tuesday, July 18th. BidaskClub raised Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. Zacks Investment Research downgraded Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Finally, Mizuho downgraded Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $74.00 to $72.00 in a research note on Monday, July 10th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $79.40.

About Magellan Midstream Partners L.P.

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

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