Center Coast Capital Advisors Lp buys $121,127,241 stake in Magellan Midstream Partners L.P. (MMP)

Magellan Midstream Partners L.P. (MMP) : Center Coast Capital Advisors Lp scooped up 435,782 additional shares in Magellan Midstream Partners L.P. during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Apr 20, 2016. The investment management firm now holds a total of 1,730,142 shares of Magellan Midstream Partners L.P. which is valued at $121,127,241.Magellan Midstream Partners L.P. makes up approximately 3.68% of Center Coast Capital Advisors Lp’s portfolio.

Magellan Midstream Partners L.P. opened for trading at $70.02 and hit $70.38 on the upside on Friday, eventually ending the session at $70.01, with a gain of 0.52% or 0.36 points. The heightened volatility saw the trading volume jump to 6,84,818 shares. Company has a market cap of $15,947 M.

Other Hedge Funds, Including , Private Trust Co Na boosted its stake in MMP in the latest quarter, The investment management firm added 7,903 additional shares and now holds a total of 18,349 shares of Magellan Midstream Partners L.P. which is valued at $1,284,613. Magellan Midstream Partners L.P. makes up approx 0.34% of Private Trust Co Na’s portfolio.Prospera Financial Services Inc boosted its stake in MMP in the latest quarter, The investment management firm added 499 additional shares and now holds a total of 3,817 shares of Magellan Midstream Partners L.P. which is valued at $251,311. Magellan Midstream Partners L.P. makes up approx 0.06% of Prospera Financial Services Inc’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. (Magellan) is engaged in the transportation storage and distribution of refined petroleum products and crude oil. The Company’s business segments include Refined Products Crude Oil and Marine Storage. The Company’s refined products segment consists of Magellan’s 9500-mile refined products pipeline system with 53 terminals as well as 27 independent terminals not connected to the Company’s pipeline system and its 1100-mile ammonia pipeline system. Magellan’s 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.

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