EagleClaw Capital Managment LLC Takes Position in Magellan Midstream Partners, L.P. (NYSE:MMP)

EagleClaw Capital Managment LLC acquired a new stake in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 6,550 shares of the pipeline company’s stock, valued at approximately $434,000.

Several other large investors have also added to or reduced their stakes in MMP. Invesco Ltd. lifted its holdings in shares of Magellan Midstream Partners by 14,258.5% during the 2nd quarter. Invesco Ltd. now owns 10,162,949 shares of the pipeline company’s stock valued at $650,428,000 after purchasing an additional 10,092,169 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Magellan Midstream Partners by 254.3% during the 2nd quarter. Janus Henderson Group PLC now owns 5,706,834 shares of the pipeline company’s stock valued at $365,237,000 after purchasing an additional 4,096,277 shares in the last quarter. Kayne Anderson Capital Advisors LP lifted its holdings in shares of Magellan Midstream Partners by 28.7% during the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 4,977,049 shares of the pipeline company’s stock valued at $318,524,000 after purchasing an additional 1,108,800 shares in the last quarter. Chickasaw Capital Management LLC lifted its holdings in shares of Magellan Midstream Partners by 24.4% during the 3rd quarter. Chickasaw Capital Management LLC now owns 3,243,127 shares of the pipeline company’s stock valued at $214,922,000 after purchasing an additional 635,252 shares in the last quarter. Finally, Bank of Montreal Can lifted its holdings in shares of Magellan Midstream Partners by 47.4% during the 2nd quarter. Bank of Montreal Can now owns 1,300,273 shares of the pipeline company’s stock valued at $83,216,000 after purchasing an additional 418,408 shares in the last quarter. Institutional investors and hedge funds own 66.28% of the company’s stock.

Shares of Magellan Midstream Partners stock traded down $0.05 on Tuesday, reaching $64.72. 29,661 shares of the company were exchanged, compared to its average volume of 673,082. Magellan Midstream Partners, L.P. has a one year low of $54.25 and a one year high of $67.75. The company has a market capitalization of $14.79 billion, a price-to-earnings ratio of 15.24, a PEG ratio of 2.48 and a beta of 0.72. The company has a current ratio of 0.66, a quick ratio of 0.38 and a debt-to-equity ratio of 1.73. The company has a 50-day moving average of $65.84 and a 200 day moving average of $64.17.

Magellan Midstream Partners (NYSE:MMP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.13. The business had revenue of $701.70 million for the quarter, compared to analyst estimates of $658.67 million. Magellan Midstream Partners had a return on equity of 38.48% and a net margin of 48.33%. The firm’s revenue was up 8.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.94 EPS. Analysts predict that Magellan Midstream Partners, L.P. will post 4.37 earnings per share for the current year.

MMP has been the topic of several research reports. Stifel Nicolaus boosted their target price on Magellan Midstream Partners from $62.00 to $68.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. Credit Suisse Group upped their price objective on Magellan Midstream Partners from $68.00 to $70.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 6th. Raymond James upped their price objective on Magellan Midstream Partners from $69.00 to $71.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. ValuEngine upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Bank of America upped their price objective on Magellan Midstream Partners from $63.00 to $66.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $68.46.

In related news, insider Jeff R. Selvidge sold 7,000 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $66.38, for a total transaction of $464,660.00. Following the transaction, the insider now directly owns 17,897 shares of the company’s stock, valued at approximately $1,188,002.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Chansoo Joung bought 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were acquired at an average cost of $67.28 per share, for a total transaction of $336,400.00. Following the completion of the acquisition, the director now directly owns 5,000 shares in the company, valued at approximately $336,400. The disclosure for this purchase can be found here. 0.26% of the stock is currently owned by insiders.

Magellan Midstream Partners Company Profile

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.

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

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