Linscomb & Williams Inc. reduced its position in Magellan Midstream Partners, L.P. (NYSE:MMP) by 1.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 25,869 shares of the pipeline company’s stock after selling 258 shares during the period. Linscomb & Williams Inc.’s holdings in Magellan Midstream Partners were worth $1,568,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Alps Advisors Inc. increased its stake in shares of Magellan Midstream Partners by 2.3% in the 4th quarter. Alps Advisors Inc. now owns 14,930,399 shares of the pipeline company’s stock valued at $851,929,000 after buying an additional 329,367 shares during the period. Harvest Fund Advisors LLC grew its stake in shares of Magellan Midstream Partners by 3.7% during the fourth quarter. Harvest Fund Advisors LLC now owns 7,561,427 shares of the pipeline company’s stock worth $431,455,000 after purchasing an additional 267,644 shares during the period. Energy Income Partners LLC grew its stake in shares of Magellan Midstream Partners by 19.3% during the fourth quarter. Energy Income Partners LLC now owns 5,579,413 shares of the pipeline company’s stock worth $318,361,000 after purchasing an additional 902,646 shares during the period. Kayne Anderson Capital Advisors LP grew its stake in shares of Magellan Midstream Partners by 0.8% during the first quarter. Kayne Anderson Capital Advisors LP now owns 3,868,249 shares of the pipeline company’s stock worth $234,522,000 after purchasing an additional 31,728 shares during the period. Finally, Chickasaw Capital Management LLC grew its stake in shares of Magellan Midstream Partners by 5.6% during the first quarter. Chickasaw Capital Management LLC now owns 2,645,062 shares of the pipeline company’s stock worth $160,370,000 after purchasing an additional 140,483 shares during the period. 68.81% of the stock is owned by institutional investors.
In other Magellan Midstream Partners news, insider Jeff R. Selvidge sold 2,500 shares of the business’s stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $60.34, for a total value of $150,850.00. Following the completion of the transaction, the insider now directly owns 25,897 shares of the company’s stock, valued at $1,562,624.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director James R. Montague sold 2,119 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $59.83, for a total value of $126,779.77. Following the completion of the transaction, the director now directly owns 21,952 shares of the company’s stock, valued at $1,313,388.16. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,738 shares of company stock valued at $404,643. Insiders own 0.26% of the company’s stock.
Magellan Midstream Partners (NYSE:MMP) last posted its earnings results on Wednesday, May 1st. The pipeline company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.06. Magellan Midstream Partners had a return on equity of 38.97% and a net margin of 47.92%. The firm had revenue of $628.90 million during the quarter, compared to analysts’ expectations of $692.56 million. During the same period in the previous year, the firm earned $1.05 earnings per share. The company’s revenue was down 7.3% on a year-over-year basis. As a group, equities research analysts anticipate that Magellan Midstream Partners, L.P. will post 4.04 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 8th were paid a $1.005 dividend. This represents a $4.02 dividend on an annualized basis and a yield of 6.44%. This is a boost from Magellan Midstream Partners’s previous quarterly dividend of $1.00. The ex-dividend date was Tuesday, May 7th. Magellan Midstream Partners’s payout ratio is presently 94.59%.
A number of equities research analysts recently commented on MMP shares. Jefferies Financial Group cut Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research note on Monday, January 28th. Wolfe Research cut Magellan Midstream Partners to an “underperform” rating and set a $56.00 price objective for the company. in a research note on Friday, February 1st. Citigroup set a $70.00 price objective on Magellan Midstream Partners and gave the stock a “buy” rating in a research note on Saturday, February 2nd. ValuEngine cut Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research note on Monday, February 4th. Finally, Evercore ISI started coverage on Magellan Midstream Partners in a research note on Tuesday, February 5th. They set an “outperform” rating for the company. One analyst has rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $69.38.
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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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