Magellan Midstream Partners, L.P. (NYSE:MMP) Director Buys $336,400.00 in Stock

Magellan Midstream Partners, L.P. (NYSE:MMP) Director Chansoo Joung acquired 5,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was acquired at an average cost of $67.28 per share, with a total value of $336,400.00. Following the purchase, the director now owns 5,000 shares of the company’s stock, valued at $336,400. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Magellan Midstream Partners stock traded down $0.55 during midday trading on Thursday, reaching $66.65. 10,015 shares of the stock traded hands, compared to its average volume of 868,451. The stock’s fifty day moving average is $65.71 and its 200-day moving average is $62.40. Magellan Midstream Partners, L.P. has a 12 month low of $54.25 and a 12 month high of $71.05. The stock has a market cap of $15.34 billion, a P/E ratio of 15.78, a PEG ratio of 2.69 and a beta of 0.74. The company has a quick ratio of 0.38, a current ratio of 0.66 and a debt-to-equity ratio of 1.73.

Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.13. Magellan Midstream Partners had a return on equity of 38.48% and a net margin of 48.33%. The company had revenue of $701.70 million during the quarter, compared to analyst estimates of $658.67 million. During the same period in the prior year, the company earned $0.94 earnings per share. The firm’s revenue was up 8.9% on a year-over-year basis. On average, equities analysts predict that Magellan Midstream Partners, L.P. will post 4.18 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were paid a dividend of $1.013 per share. The ex-dividend date of this dividend was Tuesday, August 6th. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.92. This represents a $4.05 dividend on an annualized basis and a yield of 6.08%. Magellan Midstream Partners’s dividend payout ratio is presently 95.29%.

A number of research firms have recently weighed in on MMP. 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. ValuEngine raised Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Thursday, May 23rd. Johnson Rice began coverage on Magellan Midstream Partners in a research note on Thursday, May 30th. They issued an “accumulate” rating and a $71.00 price objective for the company. 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. Finally, Stifel Nicolaus upped their price objective on Magellan Midstream Partners from $62.00 to $68.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the stock. Magellan Midstream Partners presently has an average rating of “Hold” and a consensus target price of $69.00.

Institutional investors have recently made changes to their positions in the stock. Kanawha Capital Management LLC bought a new stake in shares of Magellan Midstream Partners in the 2nd quarter valued at approximately $306,000. Cresset Asset Management LLC lifted its stake in shares of Magellan Midstream Partners by 2,477.4% in the 2nd quarter. Cresset Asset Management LLC now owns 22,475 shares of the pipeline company’s stock valued at $1,438,000 after purchasing an additional 21,603 shares during the last quarter. Barings LLC lifted its stake in shares of Magellan Midstream Partners by 194.3% in the 2nd quarter. Barings LLC now owns 140,652 shares of the pipeline company’s stock valued at $9,002,000 after purchasing an additional 92,852 shares during the last quarter. Colony Group LLC lifted its stake in shares of Magellan Midstream Partners by 50.5% in the 2nd quarter. Colony Group LLC now owns 22,200 shares of the pipeline company’s stock valued at $1,421,000 after purchasing an additional 7,446 shares during the last quarter. Finally, Phocas Financial Corp. bought a new stake in shares of Magellan Midstream Partners in the 2nd quarter valued at approximately $141,000. 70.17% of the stock is owned by institutional investors.

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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