Catawba Capital Management Va buys $2,835,414 stake in Magellan Midstream Partners L.P. (MMP)

Magellan Midstream Partners L.P. (MMP) : Catawba Capital Management Va scooped up 2,155 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 Oct 7, 2016. The investment management firm now holds a total of 40,862 shares of Magellan Midstream Partners L.P. which is valued at $2,835,414.Magellan Midstream Partners L.P. makes up approximately 0.68% of Catawba Capital Management Va’s portfolio.

Other Hedge Funds, Including , Advisory Services Network boosted its stake in MMP in the latest quarter, The investment management firm added 5 additional shares and now holds a total of 7,689 shares of Magellan Midstream Partners L.P. which is valued at $533,540. Magellan Midstream Partners L.P. makes up approx 0.10% of Advisory Services Network’s portfolio.Independent Portfolio Consultants boosted its stake in MMP in the latest quarter, The investment management firm added 830 additional shares and now holds a total of 2,236 shares of Magellan Midstream Partners L.P. which is valued at $155,223. Magellan Midstream Partners L.P. makes up approx 0.05% of Independent Portfolio Consultants’s portfolio.Telemus Capital boosted its stake in MMP in the latest quarter, The investment management firm added 152 additional shares and now holds a total of 7,559 shares of Magellan Midstream Partners L.P. which is valued at $524,746. Magellan Midstream Partners L.P. makes up approx 0.06% of Telemus Capital’s portfolio.Beacon Financial Group reduced its stake in MMP by selling 729 shares or 1.13% in the most recent quarter. The Hedge Fund company now holds 63,575 shares of MMP which is valued at $4,413,377. Magellan Midstream Partners L.P. makes up approx 0.93% of Beacon Financial Group’s portfolio.

Magellan Midstream Partners L.P. opened for trading at $69.3 and hit $69.73 on the upside on Friday, eventually ending the session at $69.39, with a gain of 0.23% or 0.16 points. The heightened volatility saw the trading volume jump to 11,65,861 shares. Company has a market cap of $15,806 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.. Mizuho Initiated Magellan Midstream Partners L.P. on Sep 30, 2016 to “Neutral”, Price Target of the shares are set at $73.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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