Magellan Midstream Partners L.P. (MMP) : Friedberg Investment Management reduced its stake in Magellan Midstream Partners L.P. by 1.83% during the most recent quarter end. The investment management company now holds a total of 125,450 shares of Magellan Midstream Partners L.P. which is valued at $9,041,182 after selling 2,335 shares in Magellan Midstream Partners L.P. , the firm said in a disclosure report filed with the SEC on Apr 26, 2016.Magellan Midstream Partners L.P. makes up approximately 4.43% of Friedberg Investment Management’s portfolio.
Magellan Midstream Partners L.P. closed down -0.28 points or -0.39% at $71.79 with 8,57,181 shares getting traded on Monday. Post opening the session at $71.79, the shares hit an intraday low of $71.0283 and an intraday high of $72.57 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.
Other Hedge Funds, Including , Chicago Partners Investment Group boosted its stake in MMP in the latest quarter, The investment management firm added 10,233 additional shares and now holds a total of 117,777 shares of Magellan Midstream Partners L.P. which is valued at $8,488,188. Magellan Midstream Partners L.P. makes up approx 4.22% of Chicago Partners Investment Group’s portfolio.Advisory Services Network boosted its stake in MMP in the latest quarter, The investment management firm added 2,995 additional shares and now holds a total of 7,139 shares of Magellan Midstream Partners L.P. which is valued at $499,801. Magellan Midstream Partners L.P. makes up approx 0.13% of Advisory Services Network’s portfolio.Eagle Ridge Investment Management reduced its stake in MMP by selling 415 shares or 2.01% in the most recent quarter. The Hedge Fund company now holds 20,213 shares of MMP which is valued at $1,415,112. Magellan Midstream Partners L.P. makes up approx 0.32% of Eagle Ridge Investment Management’s portfolio.Winslow Evans Crocker reduced its stake in MMP by selling 831 shares or 2.45% in the most recent quarter. The Hedge Fund company now holds 33,113 shares of MMP which is valued at $2,318,241. Magellan Midstream Partners L.P. makes up approx 0.68% of Winslow Evans Crocker’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.. 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. was Initiated by Morgan Stanley to “Equal-Weight” on Feb 25, 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.