Magellan Midstream Partners L.P. (MMP) : Oppenheimerfunds scooped up 230,413 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 May 12, 2016. The investment management firm now holds a total of 8,545,716 shares of Magellan Midstream Partners L.P. which is valued at $595.5 Million.Magellan Midstream Partners L.P. makes up approximately 0.79% of Oppenheimerfunds’s portfolio.
Other Hedge Funds, Including , Gilman Hill Asset Management reduced its stake in MMP by selling 2,463 shares or 5.18% in the most recent quarter. The Hedge Fund company now holds 45,045 shares of MMP which is valued at $3.2 Million. Magellan Midstream Partners L.P. makes up approx 1.43% of Gilman Hill Asset Management’s portfolio.Brighton Jones boosted its stake in MMP in the latest quarter, The investment management firm added 1,672 additional shares and now holds a total of 5,618 shares of Magellan Midstream Partners L.P. which is valued at $402,249. Magellan Midstream Partners L.P. makes up approx 0.07% of Brighton Jones’s portfolio. Bank Of Stockton added MMP to its portfolio by purchasing 4,530 company shares during the most recent quarter which is valued at $326,477. Magellan Midstream Partners L.P. makes up approx 0.18% of Bank Of Stockton’s portfolio.
Magellan Midstream Partners L.P. closed down -0.1 points or -0.14% at $71.37 with 8,57,540 shares getting traded on Friday. Post opening the session at $71.84, the shares hit an intraday low of $71.205 and an intraday high of $72.24 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.
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.