Walter & Keenan Financial Consulting Co. MI ADV maintained its position in shares of Magellan Midstream Partners L.P. (NYSE:MMP) during the second quarter, according to its most recent filing with the SEC. The firm owned 13,550 shares of the pipeline company’s stock at the end of the second quarter. Walter & Keenan Financial Consulting Co. MI ADV’s holdings in Magellan Midstream Partners L.P. were worth $966,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in MMP. Founders Capital Management purchased a new position in shares of Magellan Midstream Partners L.P. during the first quarter worth about $109,000. Catalyst Capital Advisors LLC boosted its position in shares of 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 worth $121,000 after buying an additional 300 shares during the period. NEXT Financial Group Inc boosted its position in shares of 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 worth $129,000 after buying an additional 126 shares during the period. AlphaMark Advisors LLC boosted its position in shares of 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 worth $148,000 after buying an additional 1,575 shares during the period. Finally, Independent Portfolio Consultants Inc. boosted its position in shares of 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 worth $140,000 after buying an additional 87 shares during the period. 62.86% of the stock is currently owned by institutional investors.

Shares of Magellan Midstream Partners L.P. (NYSE MMP) opened at 68.26 on Thursday. The firm has a 50-day moving average of $69.99 and a 200-day moving average of $74.48. The firm has a market cap of $15.56 billion, a price-to-earnings ratio of 18.51 and a beta of 0.80. Magellan Midstream Partners L.P. has a 12 month low of $64.25 and a 12 month high of $81.77.

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 EPS for the quarter, topping 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 net margin of 34.63% and a return on equity of 41.81%. The business’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.82 EPS. On average, analysts anticipate that Magellan Midstream Partners L.P. will post $3.91 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Monday, July 31st will be issued a $0.89 dividend. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 5.22%. Magellan Midstream Partners L.P.’s dividend payout ratio is presently 96.74%.

COPYRIGHT VIOLATION NOTICE: This piece was originally published by Watch List News and is the property of of Watch List News. If you are reading this piece on another publication, it was copied illegally and republished in violation of U.S. & international copyright & trademark laws. The correct version of this piece can be viewed at https://www.watchlistnews.com/walter-keenan-financial-consulting-co-mi-adv-holds-stake-in-magellan-midstream-partners-l-p-nysemmp/1467717.html.

A number of brokerages recently issued reports on MMP. Zacks Investment Research cut shares of Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. 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 note on Tuesday, June 20th. Macquarie began coverage on shares of Magellan Midstream Partners L.P. in a research note on Friday, April 21st. They issued a “neutral” rating and a $80.00 price objective on the stock. Credit Suisse Group raised shares of Magellan Midstream Partners L.P. from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $80.00 to $84.00 in a research note on Thursday, May 4th. Finally, 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 on the stock in a research note on Tuesday, July 18th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. Magellan Midstream Partners L.P. has a consensus rating of “Hold” and a consensus price target of $79.10.

In other news, insider Douglas J. May sold 8,000 shares of the stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $75.00, for a total value of $600,000.00. Following the transaction, the insider now owns 27,599 shares of the company’s stock, valued at approximately $2,069,925. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.24% of the stock is owned by corporate insiders.

Magellan Midstream Partners L.P. Company Profile

Want to see what other hedge funds are holding MMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magellan Midstream Partners L.P. (NYSE:MMP).

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

Receive News & Ratings for Magellan Midstream Partners L.P. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Midstream Partners L.P. and related companies with Analyst Ratings Network's FREE daily email newsletter.