Magellan Midstream Partners L.P. (MMP) : Cumberland Advisors Inc scooped up 60 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 Jul 13, 2016. The investment management firm now holds a total of 320 shares of Magellan Midstream Partners L.P. which is valued at $23,923.Magellan Midstream Partners L.P. makes up approximately 0.01% of Cumberland Advisors Inc’s portfolio.
Other Hedge Funds, Including , Beacon Financial Group reduced its stake in MMP by selling 4,770 shares or 6.91% in the most recent quarter. The Hedge Fund company now holds 64,304 shares of MMP which is valued at $4,807,367. Magellan Midstream Partners L.P. makes up approx 1.01% of Beacon Financial Group’s portfolio.Searle reduced its stake in MMP by selling 13,130 shares or 59.33% in the most recent quarter. The Hedge Fund company now holds 9,000 shares of MMP which is valued at $672,840. Magellan Midstream Partners L.P. makes up approx 6.67% of Searle’s portfolio.
Magellan Midstream Partners L.P. closed down -1.1 points or -1.45% at $74.59 with 7,90,615 shares getting traded on Monday. Post opening the session at $75.41, the shares hit an intraday low of $74.3919 and an intraday high of $76.42 and the price fluctuated in this range throughout the day.Shares ended Monday 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 .
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.