Todays Report: The Oxbow Advisors LLC Maintains Stake in Magellan Midstream Partners L.P. (MMP)

The Oxbow Advisors LLC Maintains Stake in Magellan Midstream Partners L.P. (MMP)

Oxbow Advisors LLC maintained its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) during the second quarter, Holdings Channel reports. The firm owned 14,305 shares of the company’s stock at the end of the second quarter. Oxbow Advisors LLC’s holdings in Magellan Midstream Partners L.P. were worth $1,087,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Alps Advisors Inc. boosted its stake in Magellan Midstream Partners L.P. by 18.8% in the second quarter. Alps Advisors Inc. now owns 11,805,830 shares of the company’s stock worth $897,243,000 after buying an additional 1,865,220 shares during the period. Harvest Fund Advisors LLC boosted its stake in Magellan Midstream Partners L.P. by 5.9% in the first quarter. Harvest Fund Advisors LLC now owns 6,697,131 shares of the company’s stock worth $460,763,000 after buying an additional 375,058 shares during the period. Center Coast Capital Advisors LP boosted its stake in Magellan Midstream Partners L.P. by 16.4% in the second quarter. Center Coast Capital Advisors LP now owns 2,013,936 shares of the company’s stock worth $153,059,000 after buying an additional 283,794 shares during the period. Creative Planning boosted its stake in Magellan Midstream Partners L.P. by 1.4% in the second quarter. Creative Planning now owns 1,434,703 shares of the company’s stock worth $109,038,000 after buying an additional 20,234 shares during the period. Finally, Bank of Montreal Can acquired a new stake in Magellan Midstream Partners L.P. during the second quarter worth approximately $68,341,000. Institutional investors and hedge funds own 62.55% of the company’s stock.

Magellan Midstream Partners L.P. (NYSE:MMP) traded down 1.14% during mid-day trading on Friday, hitting $67.41. 366,053 shares of the stock traded hands. Magellan Midstream Partners L.P. has a 12 month low of $54.51 and a 12 month high of $77.45. The company has a market cap of $15.35 billion, a price-to-earnings ratio of 18.07 and a beta of 0.71. The stock’s 50 day moving average is $69.78 and its 200-day moving average is $71.26.

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its earnings results on Tuesday, August 2nd. The company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.07. Magellan Midstream Partners L.P. had a net margin of 38.97% and a return on equity of 38.58%. The company had revenue of $518.90 million for the quarter, compared to analyst estimates of $519.12 million. During the same period in the prior year, the business posted $0.78 earnings per share. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, equities research analysts anticipate that Magellan Midstream Partners L.P. will post $3.56 EPS for the current year.

The business also recently announced a dividend, which will be paid on Monday, November 14th. Shareholders of record on Monday, October 31st will be given a dividend of $0.8375 per share. This is a positive change from Magellan Midstream Partners L.P.’s previous dividend of $0.70. The ex-dividend date of this dividend is Thursday, October 27th. Magellan Midstream Partners L.P.’s dividend payout ratio is presently 89.57%.

A number of equities research analysts have recently commented on MMP shares. Argus restated a “buy” rating and set a $85.00 target price on shares of Magellan Midstream Partners L.P. in a research report on Tuesday, August 23rd. Zacks Investment Research upgraded Magellan Midstream Partners L.P. from a “hold” rating to a “buy” rating and set a $78.00 target price on the stock in a research report on Wednesday, October 5th. Mizuho started coverage on Magellan Midstream Partners L.P. in a research report on Thursday, September 29th. They set a “neutral” rating and a $73.00 target price on the stock. Wunderlich restated a “hold” rating and set a $71.00 target price on shares of Magellan Midstream Partners L.P. in a research report on Friday, August 5th. Finally, Morgan Stanley set a $73.00 target price on Magellan Midstream Partners L.P. and gave the company a “hold” rating in a research report on Wednesday, August 3rd. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Magellan Midstream Partners L.P. has an average rating of “Hold” and an average price target of $77.97.

Magellan Midstream Partners L.P. Company Profile

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