Magellan Midstream Partners L.P. (MMP) : Beacon Financial Group reduced its stake in Magellan Midstream Partners L.P. by 4.08% during the most recent quarter end. The investment management company now holds a total of 69,074 shares of Magellan Midstream Partners L.P. which is valued at $4.6 Million after selling 2,940 shares in Magellan Midstream Partners L.P. according to a report filed by the company on Apr 1, 2016 with the SEC.Magellan Midstream Partners L.P. makes up approximately 1.00% of Beacon Financial Group’s portfolio.
On the company’s financial health, Magellan Midstream Partners L.P. reported $0.86 EPS for the quarter, missing the analyst consensus estimate by $ -0.09 based on the information available during the earnings call on Feb 4, 2016. Analyst had a consensus of $0.95. The company had revenue of $573.05 million for the quarter, compared to analysts expectations of $628.00 million. The company’s revenue was down -15.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.10 EPS.
Many Wall Street Analysts have commented on Magellan Midstream Partners L.P.. 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. was Initiated by Morgan Stanley to “Equal-Weight” on Feb 25, 2016. Magellan Midstream Partners L.P. was Downgraded by Credit Suisse to ” Neutral” on Feb 5, 2016.
Magellan Midstream Partners L.P. opened for trading at $66.17 and hit $67.21 on the upside on Monday, eventually ending the session at $65.83, with a gain of 0.12% or 0.08 points. The heightened volatility saw the trading volume jump to 13,69,833 shares. Company has a market cap of $14,995 M.
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.