Sfmg LLC lessened its position in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 3.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,800 shares of the pipeline company’s stock after selling 480 shares during the period. Sfmg LLC’s holdings in Magellan Midstream Partners were worth $742,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. B & T Capital Management DBA Alpha Capital Management acquired a new position in shares of Magellan Midstream Partners in the 3rd quarter valued at about $30,000. Venturi Wealth Management LLC bought a new position in Magellan Midstream Partners in the third quarter worth about $34,000. Manchester Financial Inc. bought a new position in Magellan Midstream Partners in the fourth quarter worth about $39,000. Mechanics Bank Trust Department bought a new position in Magellan Midstream Partners in the third quarter worth about $40,000. Finally, Arlington Partners LLC bought a new position in Magellan Midstream Partners in the fourth quarter worth about $44,000. 64.02% of the stock is currently owned by institutional investors.
A number of brokerages have recently weighed in on MMP. Bank of America cut Magellan Midstream Partners from a “neutral” rating to an “underperform” rating in a research report on Monday, November 4th. Citigroup cut their price target on Magellan Midstream Partners from $70.00 to $66.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Wolfe Research raised Magellan Midstream Partners from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. Barclays upgraded Magellan Midstream Partners from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $68.00 to $69.00 in a research report on Tuesday, January 14th. Finally, Mizuho reaffirmed a “hold” rating and issued a $68.00 target price on shares of Magellan Midstream Partners in a research report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $68.67.
Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings data on Thursday, January 30th. The pipeline company reported $1.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.18 by $0.07. Magellan Midstream Partners had a return on equity of 41.22% and a net margin of 37.42%. The business had revenue of $740.68 million during the quarter, compared to the consensus estimate of $840.57 million. During the same period in the previous year, the firm posted $1.25 earnings per share. The business’s revenue was down 14.4% on a year-over-year basis. On average, sell-side analysts anticipate that Magellan Midstream Partners, L.P. will post 4.64 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, February 7th will be given a dividend of $1.0275 per share. This represents a $4.11 dividend on an annualized basis and a yield of 6.96%. The ex-dividend date is Thursday, February 6th. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $1.02. Magellan Midstream Partners’s payout ratio is 86.34%.
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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