Private Advisor Group LLC boosted its position in Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) by 2.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 30,077 shares of the pipeline company's stock after purchasing an additional 614 shares during the period. Private Advisor Group LLC's holdings in Magellan Midstream Partners were worth $1,436,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in MMP. Farmers & Merchants Investments Inc. bought a new position in shares of Magellan Midstream Partners in the first quarter valued at $26,000. Cetera Advisors LLC increased its holdings in shares of Magellan Midstream Partners by 31.0% in the first quarter. Cetera Advisors LLC now owns 6,863 shares of the pipeline company's stock valued at $337,000 after buying an additional 1,624 shares in the last quarter. Allworth Financial LP increased its holdings in shares of Magellan Midstream Partners by 57.2% in the second quarter. Allworth Financial LP now owns 5,050 shares of the pipeline company's stock valued at $241,000 after buying an additional 1,837 shares in the last quarter. First Hawaiian Bank bought a new position in shares of Magellan Midstream Partners in the first quarter valued at $201,000. Finally, Bristlecone Advisors LLC increased its holdings in shares of Magellan Midstream Partners by 6.7% in the first quarter. Bristlecone Advisors LLC now owns 9,411 shares of the pipeline company's stock valued at $462,000 after buying an additional 595 shares in the last quarter. 52.37% of the stock is currently owned by institutional investors and hedge funds.
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Analyst Ratings Changes
MMP has been the topic of several research reports. The Goldman Sachs Group raised Magellan Midstream Partners from a "neutral" rating to a "buy" rating and upped their price target for the company from $55.00 to $59.00 in a report on Wednesday, June 8th. Royal Bank of Canada boosted their target price on shares of Magellan Midstream Partners from $56.00 to $58.00 and gave the company an "outperform" rating in a research note on Wednesday, August 3rd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Magellan Midstream Partners currently has an average rating of "Hold" and an average price target of $53.73.
Magellan Midstream Partners Trading Down 0.6 %
NYSE MMP opened at $47.51 on Friday. Magellan Midstream Partners, L.P. has a 1-year low of $43.58 and a 1-year high of $53.75. The company has a current ratio of 0.97, a quick ratio of 0.49 and a debt-to-equity ratio of 2.84. The company has a market capitalization of $9.87 billion, a PE ratio of 10.17, a price-to-earnings-growth ratio of 3.18 and a beta of 0.92. The firm's fifty day simple moving average is $50.75 and its 200-day simple moving average is $49.92.
Magellan Midstream Partners (NYSE:MMP – Get Rating) last posted its quarterly earnings results on Thursday, July 28th. The pipeline company reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $1.01 by $0.12. Magellan Midstream Partners had a net margin of 34.33% and a return on equity of 51.99%. The business had revenue of $788.60 million for the quarter, compared to the consensus estimate of $688.81 million. As a group, sell-side analysts anticipate that Magellan Midstream Partners, L.P. will post 4.39 earnings per share for the current fiscal year.
Magellan Midstream Partners Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, August 12th. Stockholders of record on Friday, August 5th were paid a $1.0375 dividend. This represents a $4.15 dividend on an annualized basis and a dividend yield of 8.74%. The ex-dividend date of this dividend was Thursday, August 4th. Magellan Midstream Partners's dividend payout ratio (DPR) is presently 88.87%.
Magellan Midstream Partners Profile
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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.
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