Magellan Midstream Partners L.P. (MMP) : Tortoise Capital Advisors L.l.c. reduced its stake in Magellan Midstream Partners L.P. by 3.34% during the most recent quarter end. The investment management company now holds a total of 13,776,397 shares of Magellan Midstream Partners L.P. which is valued at $986,527,789 after selling 475,934 shares in Magellan Midstream Partners L.P. , the firm said in a disclosure report filed with the SEC on Aug 11, 2016.Magellan Midstream Partners L.P. makes up approximately 6.89% of Tortoise Capital Advisors L.l.c.’s portfolio.
Other Hedge Funds, Including , Wfg Advisors Lp boosted its stake in MMP in the latest quarter, The investment management firm added 4 additional shares and now holds a total of 4,646 shares of Magellan Midstream Partners L.P. which is valued at $332,700. Magellan Midstream Partners L.P. makes up approx 0.09% of Wfg Advisors Lp’s portfolio.National Planning Corp reduced its stake in MMP by selling 1,025 shares or 5.95% in the most recent quarter. The Hedge Fund company now holds 16,200 shares of MMP which is valued at $1,140,480. Magellan Midstream Partners L.P. makes up approx 0.09% of National Planning Corp’s portfolio. Ipswich Investment Management sold out all of its stake in MMP during the most recent quarter. The investment firm sold 552 shares of MMP which is valued $38,618.Gilman Hill Asset Management reduced its stake in MMP by selling 1,160 shares or 2.58% in the most recent quarter. The Hedge Fund company now holds 43,885 shares of MMP which is valued at $3,228,619. Magellan Midstream Partners L.P. makes up approx 1.28% of Gilman Hill Asset Management’s portfolio.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.
Magellan Midstream Partners L.P. closed down -0.24 points or -0.34% at $69.63 with 6,16,383 shares getting traded on Tuesday. Post opening the session at $69.5, the shares hit an intraday low of $69.5 and an intraday high of $69.9 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.
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 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.