Magellan Midstream Partners L.P. (MMP) : Eagle Ridge Investment Management reduced its stake in Magellan Midstream Partners L.P. by 2.01% during the most recent quarter end. The investment management company now holds a total of 20,213 shares of Magellan Midstream Partners L.P. which is valued at $1,415,112 after selling 415 shares in Magellan Midstream Partners L.P. , the firm said in a disclosure report filed with the SEC on Apr 21, 2016.Magellan Midstream Partners L.P. makes up approximately 0.32% of Eagle Ridge Investment Management’s portfolio.
Magellan Midstream Partners L.P. opened for trading at $70.18 and hit $71.15 on the upside on Wednesday, eventually ending the session at $71.12, with a gain of 2.40% or 1.67 points. The heightened volatility saw the trading volume jump to 7,74,041 shares. Company has a market cap of $16,200 M.
Other Hedge Funds, Including , Next Financial Group Inc reduced its stake in MMP by selling 50 shares or 1.4% in the most recent quarter. The Hedge Fund company now holds 3,531 shares of MMP which is valued at $247,205. Magellan Midstream Partners L.P. makes up approx 0.09% of Next Financial Group Inc’s portfolio. Lebenthal Holdingsllc added MMP to its portfolio by purchasing 4,789 company shares during the most recent quarter which is valued at $335,278. Magellan Midstream Partners L.P. makes up approx 0.06% of Lebenthal Holdingsllc’s portfolio.Carnegie Capital Asset Management boosted its stake in MMP in the latest quarter, The investment management firm added 1,110 additional shares and now holds a total of 42,661 shares of Magellan Midstream Partners L.P. which is valued at $2,808,800. Magellan Midstream Partners L.P. makes up approx 0.43% of Carnegie Capital Asset Management’s portfolio. Gradient Investments sold out all of its stake in MMP during the most recent quarter. The investment firm sold 56 shares of MMP which is valued $3,687.
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 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.