SeaCrest Wealth Management LLC Sells 2,639 Shares of Magellan Midstream Partners, L.P. (NYSE:MMP)

SeaCrest Wealth Management LLC decreased its position in Magellan Midstream Partners, L.P. (NYSE:MMP) by 20.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,187 shares of the pipeline company’s stock after selling 2,639 shares during the period. SeaCrest Wealth Management LLC’s holdings in Magellan Midstream Partners were worth $640,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in MMP. Homrich & Berg lifted its position in Magellan Midstream Partners by 0.6% during the 3rd quarter. Homrich & Berg now owns 28,071 shares of the pipeline company’s stock valued at $1,860,000 after acquiring an additional 174 shares during the period. Mitchell Mcleod Pugh & Williams Inc. lifted its holdings in Magellan Midstream Partners by 0.9% during the fourth quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 22,024 shares of the pipeline company’s stock valued at $1,385,000 after purchasing an additional 190 shares in the last quarter. FLC Capital Advisors lifted its holdings in Magellan Midstream Partners by 1.2% during the third quarter. FLC Capital Advisors now owns 18,376 shares of the pipeline company’s stock valued at $1,218,000 after purchasing an additional 222 shares in the last quarter. Carnegie Capital Asset Management LLC boosted its position in shares of Magellan Midstream Partners by 0.8% in the third quarter. Carnegie Capital Asset Management LLC now owns 30,623 shares of the pipeline company’s stock worth $2,029,000 after purchasing an additional 237 shares during the period. Finally, Searle & CO. increased its stake in shares of Magellan Midstream Partners by 1.3% in the fourth quarter. Searle & CO. now owns 20,180 shares of the pipeline company’s stock worth $1,269,000 after purchasing an additional 250 shares in the last quarter. Institutional investors and hedge funds own 63.98% of the company’s stock.

MMP stock opened at $64.70 on Friday. Magellan Midstream Partners, L.P. has a 52 week low of $56.75 and a 52 week high of $67.75. The firm has a market capitalization of $14.78 billion, a P/E ratio of 14.13, a price-to-earnings-growth ratio of 2.30 and a beta of 0.71. The company has a fifty day simple moving average of $62.73 and a two-hundred day simple moving average of $64.05. The company has a quick ratio of 0.53, a current ratio of 0.83 and a debt-to-equity ratio of 1.81.

Magellan Midstream Partners (NYSE:MMP) last announced its earnings results on Thursday, October 31st. The pipeline company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.10. Magellan Midstream Partners had a net margin of 36.75% and a return on equity of 38.78%. The firm had revenue of $656.60 million for the quarter, compared to analysts’ expectations of $673.05 million. During the same period in the prior year, the company earned $1.10 EPS. The business’s revenue was up 2.9% compared to the same quarter last year. As a group, analysts anticipate that Magellan Midstream Partners, L.P. will post 4.71 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, February 7th will be given a dividend of $1.0275 per share. The ex-dividend date of this dividend is Thursday, February 6th. This represents a $4.11 annualized dividend and a dividend yield of 6.35%. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $1.02. Magellan Midstream Partners’s payout ratio is currently 96.00%.

Several brokerages recently weighed in on MMP. Stifel Nicolaus set a $70.00 target price on shares of Magellan Midstream Partners and gave the stock a “hold” rating in a report on Friday, November 1st. Mizuho reissued a “hold” rating and issued a $68.00 price target on shares of Magellan Midstream Partners in a report on Wednesday. Wells Fargo & Co raised shares of Magellan Midstream Partners from an “equal weight” rating to an “overweight” rating and set a $70.00 price objective for the company in a report on Tuesday, January 7th. Wolfe Research upgraded shares of Magellan Midstream Partners from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Finally, Bank of America lowered shares of Magellan Midstream Partners from a “neutral” rating to an “underperform” rating in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $68.00.

About Magellan Midstream Partners

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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