BP Capital Fund Advisors LLC increased its position in Magellan Midstream Partners, L.P. (NYSE:MMP) by 105.3% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 201,854 shares of the pipeline company’s stock after purchasing an additional 103,524 shares during the period. Magellan Midstream Partners comprises about 2.8% of BP Capital Fund Advisors LLC’s investment portfolio, making the stock its 8th biggest holding. BP Capital Fund Advisors LLC owned 0.09% of Magellan Midstream Partners worth $6,404,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of MMP. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in Magellan Midstream Partners in the 2nd quarter worth approximately $106,000. Girard Partners LTD. acquired a new position in Magellan Midstream Partners in the 3rd quarter worth approximately $152,000. Whittier Trust Co. of Nevada Inc. acquired a new position in Magellan Midstream Partners in the 2nd quarter worth approximately $165,000. NEXT Financial Group Inc acquired a new position in Magellan Midstream Partners in the 3rd quarter worth approximately $196,000. Finally, Warren Averett Asset Management LLC acquired a new position in Magellan Midstream Partners in the 3rd quarter worth approximately $202,000. 64.30% of the stock is owned by hedge funds and other institutional investors.
A number of research firms recently commented on MMP. Zacks Investment Research raised shares of Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $69.00 price objective for the company in a research note on Thursday, November 15th. Wolfe Research began coverage on shares of Magellan Midstream Partners in a research note on Tuesday, October 30th. They issued a “hold” rating for the company. Stifel Nicolaus set a $67.00 price objective on shares of Magellan Midstream Partners and gave the stock a “hold” rating in a research note on Friday, November 2nd. Barclays decreased their price objective on shares of Magellan Midstream Partners from $74.00 to $70.00 and set an “equal weight” rating for the company in a research note on Friday, November 2nd. Finally, Bank of America raised their price objective on shares of Magellan Midstream Partners from $71.00 to $77.00 and gave the stock a “buy” rating in a research note on Monday, November 5th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $74.00.
Magellan Midstream Partners (NYSE:MMP) last issued its earnings results on Thursday, November 1st. The pipeline company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.07. The company had revenue of $638.00 million during the quarter, compared to analyst estimates of $621.97 million. Magellan Midstream Partners had a net margin of 47.75% and a return on equity of 43.31%. The company’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter last year, the business posted $0.97 EPS. Equities analysts forecast that Magellan Midstream Partners, L.P. will post 4.31 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 14th. Shareholders of record on Wednesday, November 7th were paid a dividend of $0.9775 per share. The ex-dividend date of this dividend was Tuesday, November 6th. This represents a $3.91 dividend on an annualized basis and a dividend yield of 6.29%. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.96. Magellan Midstream Partners’s dividend payout ratio (DPR) is 102.62%.
In other news, SVP Jeff R. Selvidge sold 5,500 shares of the firm’s stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $68.70, for a total transaction of $377,850.00. Following the transaction, the senior vice president now owns 20,380 shares in the company, valued at approximately $1,400,106. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael N. Mears sold 30,000 shares of the firm’s stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $68.84, for a total transaction of $2,065,200.00. Following the transaction, the chief executive officer now owns 169,295 shares in the company, valued at approximately $11,654,267.80. The disclosure for this sale can be found here. Insiders have sold a total of 40,500 shares of company stock valued at $2,786,500 in the last three months. Company insiders own 0.26% of the company’s stock.
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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, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.
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