Short Interest in Magellan Midstream Partners, L.P. (NYSE:MMP) Grows By 5.9%

Magellan Midstream Partners, L.P. (NYSE:MMP) saw a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 7,361,900 shares, a growth of 5.9% from the May 30th total of 6,950,700 shares. Currently, 3.2% of the shares of the stock are short sold. Based on an average daily volume of 753,400 shares, the days-to-cover ratio is currently 9.8 days.

A number of analysts have issued reports on MMP shares. Johnson Rice started coverage on Enterprise Products Partners in a research note on Thursday, May 30th. They issued a “buy” rating and a $35.00 price objective on the stock. LADENBURG THALM/SH SH set a $75.00 price objective on Magellan Midstream Partners and gave the stock a “buy” rating in a research note on Tuesday, March 26th. ValuEngine downgraded Verso from a “hold” rating to a “sell” rating in a research note on Thursday, May 23rd. Finally, Zacks Investment Research downgraded Great Portland Estates from a “hold” rating to a “sell” rating in a research note on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the company. Magellan Midstream Partners has a consensus rating of “Hold” and an average price target of $68.31.

Shares of Magellan Midstream Partners stock opened at $66.08 on Wednesday. The stock has a market cap of $15.06 billion, a PE ratio of 15.55, a price-to-earnings-growth ratio of 2.60 and a beta of 0.75. The company has a current ratio of 0.70, a quick ratio of 0.39 and a debt-to-equity ratio of 1.69. The business has a 50 day moving average of $63.47. Magellan Midstream Partners has a one year low of $54.25 and a one year high of $72.90.

Magellan Midstream Partners (NYSE:MMP) last announced its earnings results on Wednesday, May 1st. The pipeline company reported $1.06 EPS for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.06. The firm had revenue of $628.90 million during the quarter, compared to analysts’ expectations of $692.56 million. Magellan Midstream Partners had a return on equity of 38.97% and a net margin of 47.92%. The company’s quarterly revenue was down 7.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.05 EPS. Equities analysts expect that Magellan Midstream Partners will post 4.23 EPS for the current year.

In related news, insider Jeff R. Selvidge sold 4,000 shares of Magellan Midstream Partners stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $63.64, for a total transaction of $254,560.00. Following the sale, the insider now owns 23,397 shares of the company’s stock, valued at approximately $1,488,985.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.26% of the stock is currently owned by company insiders.

Several institutional investors have recently made changes to their positions in MMP. CWM LLC boosted its holdings in Magellan Midstream Partners by 103.7% during the 1st quarter. CWM LLC now owns 556 shares of the pipeline company’s stock valued at $34,000 after acquiring an additional 283 shares during the period. Massey Quick Simon & CO. LLC boosted its holdings in Magellan Midstream Partners by 308.6% during the 1st quarter. Massey Quick Simon & CO. LLC now owns 662 shares of the pipeline company’s stock valued at $40,000 after acquiring an additional 500 shares during the period. Investors Research Corp purchased a new position in Magellan Midstream Partners during the 1st quarter valued at $49,000. Executive Wealth Management LLC purchased a new position in Magellan Midstream Partners during the 4th quarter valued at $69,000. Finally, Bremer Bank National Association purchased a new position in Magellan Midstream Partners during the 1st quarter valued at $71,000. Hedge funds and other institutional investors own 68.86% of the company’s stock.

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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