Magellan Midstream Partners L.P. (MMP) : Inspirion Wealth Advisors reduced its stake in Magellan Midstream Partners L.P. by 0.65% during the most recent quarter end. The investment management company now holds a total of 32,538 shares of Magellan Midstream Partners L.P. which is valued at $2,120,501 after selling 214 shares in Magellan Midstream Partners L.P. , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Magellan Midstream Partners L.P. makes up approximately 1.40% of Inspirion Wealth Advisors’s portfolio.
Other Hedge Funds, Including , Beach Investment Counsel Incpa reduced its stake in MMP by selling 5,742 shares or 0.69% in the most recent quarter. The Hedge Fund company now holds 829,425 shares of MMP which is valued at $55,554,887. Magellan Midstream Partners L.P. makes up approx 6.82% of Beach Investment Counsel Incpa’s portfolio.V Wealth Managementllc boosted its stake in MMP in the latest quarter, The investment management firm added 2 additional shares and now holds a total of 6,873 shares of Magellan Midstream Partners L.P. which is valued at $462,072. Magellan Midstream Partners L.P. makes up approx 0.38% of V Wealth Managementllc’s portfolio.Leavell Investment Management reduced its stake in MMP by selling 8,017 shares or 7.72% in the most recent quarter. The Hedge Fund company now holds 95,863 shares of MMP which is valued at $6,798,604. Magellan Midstream Partners L.P. makes up approx 1.01% of Leavell Investment Management’s portfolio.
Magellan Midstream Partners L.P. opened for trading at $67.6 and hit $67.76 on the upside on Monday, eventually ending the session at $67.46, with a gain of 0.07% or 0.05 points. The heightened volatility saw the trading volume jump to 5,06,208 shares. Company has a market cap of $15,366 M.
On the company’s financial health, Magellan Midstream Partners L.P. reported $0.91 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Nov 2, 2016. Analyst had a consensus of $0.90. The company had revenue of $586.67 million for the quarter, compared to analysts expectations of $563.51 million. The company’s revenue was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.86 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 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.