Magellan Midstream Partners L.P. (MMP) Shares are Up 2.11%

Magellan Midstream Partners L.P. (MMP) has been under a strong bear grip, hence the stock is down -6.36% when compared to the S&P 500 in the past 4 weeks. However, in the near-term, buying emerged at lower levels and the stock has outperformed the S&P 500 by 2.06% in the past 1 week. The stock has risen by 2.11% in the past week indicating that the buyers are active at lower levels, but the stock is down -5.39% in the past 4 weeks.

The stock has recorded a 20-day Moving Average of 0.06% and the 50-Day Moving Average is 1.58%. Magellan Midstream Partners L.P. (NYSE:MMP): stock turned positive on Friday. Though the stock opened at $71.12, the bulls momentum made the stock top out at $72.3 level for the day. The stock recorded a low of $71.12 and closed the trading day at $71.61, in the green by 1.27%. The total traded volume for the day was 637,733. The stock had closed at $70.71 in the previous days trading.


The company Insiders own 0.28% of Magellan Midstream Partners L.P. shares according to the proxy statements. Institutional Investors own 64.37% of Magellan Midstream Partners L.P. shares. During last six month period, the net percent change held by insiders has seen a change of -13.84%. Also, Ladenburg Thalmann initiates coverage on Magellan Midstream Partners L.P. (NYSE:MMP). The current rating of the shares is Buy, according to the research report released by the firm. The rating by the firm was issued on July 13, 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 9,500-mile refined products pipeline system with 53 terminals, as well as 27 independent terminals not connected to the Companys pipeline system and its 1,100-mile ammonia pipeline system. Magellans crude oil segment consists of approximately 1,600 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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