Magellan Midstream Partners L.P. (MMP) : Tortoise Capital Advisors L.l.c. reduced its stake in Magellan Midstream Partners L.P. by 10.0% during the most recent quarter end. The investment management company now holds a total of 14,252,331 shares of Magellan Midstream Partners L.P. which is valued at $993.1 Million after selling 1,584,134 shares in Magellan Midstream Partners L.P. , the firm said in a disclosure report filed with the SEC on May 13, 2016.Magellan Midstream Partners L.P. makes up approximately 7.40% of Tortoise Capital Advisors L.l.c.’s portfolio.
Other Hedge Funds, Including , Rotella Capital Management sold out all of its stake in MMP during the most recent quarter. The investment firm sold 6,200 shares of MMP which is valued $432,016. Caprock Group added MMP to its portfolio by purchasing 63,248 company shares during the most recent quarter which is valued at $4.4 Million. Magellan Midstream Partners L.P. makes up approx 1.05% of Caprock Group’s portfolio.First Trust Advisors Lp reduced its stake in MMP by selling 33,562 shares or 41.48% in the most recent quarter. The Hedge Fund company now holds 47,343 shares of MMP which is valued at $3.3 Million. Magellan Midstream Partners L.P. makes up approx 0.01% of First Trust Advisors Lp’s portfolio.
Magellan Midstream Partners L.P. opened for trading at $70.74 and hit $71.56 on the upside on Wednesday, eventually ending the session at $70.68, with a gain of 0.31% or 0.22 points. The heightened volatility saw the trading volume jump to 5,63,479 shares. Company has a market cap of $16,100 M.
On the company’s financial health, Magellan Midstream Partners L.P. reported $0.87 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on May 4, 2016. Analyst had a consensus of $0.86. The company had revenue of $530.30 million for the quarter, compared to analysts expectations of $542.80 million. The company’s revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.83 EPS.
Many Wall Street Analysts have commented on Magellan Midstream Partners L.P.. Magellan Midstream Partners L.P. was Downgraded by Stifel to ” Hold” on May 5, 2016. Company shares were Reiterated by RBC Capital Mkts on Apr 29, 2016 to “Outperform”, Firm has raised the Price Target to $ 69 from a previous price target of $61 .Wunderlich Downgraded Magellan Midstream Partners L.P. on Apr 4, 2016 to ” Hold”, Price Target of the shares are set at $68.
Magellan Midstream Partners L.P. (Magellan) is engaged in the transportation storage and distribution of refined petroleum products and crude oil. The Companys business segments include Refined Products Crude Oil and Marine Storage. The Companys refined products segment consists of Magellans 9500-mile refined products pipeline system with 53 terminals as well as 27 independent terminals not connected to the Companys pipeline system and its 1100-mile ammonia pipeline system. Magellans crude oil segment consists of approximately 1600 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 21 million barrels of which 12 million is used for leased storage. Its marine storage segment consists of five marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels.