Traders Sell Shares of Magellan Midstream Partners (MMP) on Strength (MMP)

Investors sold shares of Magellan Midstream Partners, L.P. (NYSE:MMP) on strength during trading on Friday. $19.03 million flowed into the stock on the tick-up and $105.14 million flowed out of the stock on the tick-down, for a money net flow of $86.11 million out of the stock. Of all companies tracked, Magellan Midstream Partners had the 0th highest net out-flow for the day. Magellan Midstream Partners traded up $0.06 for the day and closed at $71.76

MMP has been the topic of a number of research reports. Zacks Investment Research upgraded shares of Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a report on Monday, July 16th. BMO Capital Markets reiterated a “buy” rating and issued a $85.00 price target on shares of Magellan Midstream Partners in a report on Friday, July 13th. Barclays lifted their price target on shares of Magellan Midstream Partners from $69.00 to $72.00 and gave the company an “equal weight” rating in a report on Wednesday, July 11th. Stifel Nicolaus lifted their price target on shares of Magellan Midstream Partners from $71.00 to $73.00 and gave the company a “hold” rating in a report on Friday, August 3rd. Finally, ValuEngine upgraded shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a report on Wednesday, July 25th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $74.92.

The stock has a market cap of $16.36 billion, a PE ratio of 18.83, a PEG ratio of 2.86 and a beta of 0.80. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.31 and a current ratio of 0.54.

Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, August 2nd. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.04. The company had revenue of $644.10 million during the quarter, compared to analysts’ expectations of $662.37 million. Magellan Midstream Partners had a net margin of 33.54% and a return on equity of 42.90%. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.91 EPS. analysts anticipate that Magellan Midstream Partners, L.P. will post 4.18 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 14th. Shareholders of record on Tuesday, August 7th will be given a $0.957 dividend. This represents a $3.83 annualized dividend and a yield of 5.33%. This is a boost from Magellan Midstream Partners’s previous quarterly dividend of $0.92. The ex-dividend date is Monday, August 6th. Magellan Midstream Partners’s payout ratio is 100.52%.

Institutional investors have recently added to or reduced their stakes in the business. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in Magellan Midstream Partners during the 2nd quarter valued at approximately $106,000. Legacy Advisors LLC increased its stake in Magellan Midstream Partners by 87.3% during the 2nd quarter. Legacy Advisors LLC now owns 1,547 shares of the pipeline company’s stock valued at $107,000 after purchasing an additional 721 shares in the last quarter. Well Done LLC acquired a new stake in shares of Magellan Midstream Partners in the first quarter worth $135,000. Lee Financial Co increased its stake in shares of Magellan Midstream Partners by 335.1% in the first quarter. Lee Financial Co now owns 2,802 shares of the pipeline company’s stock worth $164,000 after acquiring an additional 2,158 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Magellan Midstream Partners in the second quarter worth $165,000. 62.80% of the stock is owned by institutional investors.

About Magellan Midstream Partners

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.

Featured Story: Why Dividend Stocks May Be Right for You

Receive News & Ratings for Magellan Midstream Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Midstream Partners and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply