Osterweis Capital Management Inc Lowers stake in Magellan Midstream Partners L.P. (MMP)

Magellan Midstream Partners L.P. (MMP) : Osterweis Capital Management Inc reduced its stake in Magellan Midstream Partners L.P. by 4.19% during the most recent quarter end. The investment management company now holds a total of 886,463 shares of Magellan Midstream Partners L.P. which is valued at $63,479,615 after selling 38,733 shares in Magellan Midstream Partners L.P. , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.Magellan Midstream Partners L.P. makes up approximately 4.15% of Osterweis Capital Management Inc’s portfolio.

Other Hedge Funds, Including , Tcw Group Inc reduced its stake in MMP by selling 2,292 shares or 18.2% in the most recent quarter. The Hedge Fund company now holds 10,301 shares of MMP which is valued at $737,655. Magellan Midstream Partners L.P. makes up approx 0.01% of Tcw Group Inc’s portfolio.Edgemoor Investment Advisors boosted its stake in MMP in the latest quarter, The investment management firm added 10,829 additional shares and now holds a total of 34,660 shares of Magellan Midstream Partners L.P. which is valued at $2,424,814. Magellan Midstream Partners L.P. makes up approx 0.38% of Edgemoor Investment Advisors’s portfolio.Advisory Services Network boosted its stake in MMP in the latest quarter, The investment management firm added 545 additional shares and now holds a total of 7,684 shares of Magellan Midstream Partners L.P. which is valued at $550,021. Magellan Midstream Partners L.P. makes up approx 0.12% of Advisory Services Network’s portfolio.Cottage Street Advisors boosted its stake in MMP in the latest quarter, The investment management firm added 7,050 additional shares and now holds a total of 99,105 shares of Magellan Midstream Partners L.P. which is valued at $7,093,936. Magellan Midstream Partners L.P. makes up approx 5.55% of Cottage Street Advisors’s portfolio.

Magellan Midstream Partners L.P. opened for trading at $70 and hit $70.49 on the upside on Monday, eventually ending the session at $70.27, with a gain of 0.14% or 0.1 points. The heightened volatility saw the trading volume jump to 3,65,507 shares. Company has a market cap of $16,006 M.

On the company’s financial health, Magellan Midstream Partners L.P. reported $0.82 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $0.78. The company had revenue of $518.90 million for the quarter, compared to analysts expectations of $516.56 million. The company’s revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.78 EPS.

Many Wall Street Analysts have commented on Magellan Midstream Partners L.P.. Magellan Midstream Partners L.P. was Downgraded by Morgan Stanley to ” Underweight” on Aug 18, 2016.

Magellan Midstream Partners L.P. (Magellan) is engaged in the transportation storage and distribution of refined petroleum products and crude oil. The Company’s business segments include Refined Products Crude Oil and Marine Storage. The Company’s refined products segment consists of Magellan’s 9500-mile refined products pipeline system with 53 terminals as well as 27 independent terminals not connected to the Company’s pipeline system and its 1100-mile ammonia pipeline system. Magellan’s 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.

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