Samson Capital Management LLC increased its position in Magellan Midstream Partners, L.P. (NYSE:MMP) by 64.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 204,368 shares of the pipeline company’s stock after acquiring an additional 80,093 shares during the quarter. Magellan Midstream Partners comprises approximately 15.5% of Samson Capital Management LLC’s investment portfolio, making the stock its 2nd largest holding. Samson Capital Management LLC’s holdings in Magellan Midstream Partners were worth $14,118,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the stock. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in Magellan Midstream Partners during the 2nd quarter valued at $106,000. Legacy Advisors LLC boosted its position in Magellan Midstream Partners by 87.3% during the 2nd quarter. Legacy Advisors LLC now owns 1,547 shares of the pipeline company’s stock valued at $107,000 after acquiring an additional 721 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new stake in Magellan Midstream Partners during the 2nd quarter valued at $165,000. Well Done LLC bought a new stake in Magellan Midstream Partners during the 1st quarter valued at $135,000. Finally, Lee Financial Co boosted its position in Magellan Midstream Partners by 335.1% during the 1st quarter. Lee Financial Co now owns 2,802 shares of the pipeline company’s stock valued at $164,000 after acquiring an additional 2,158 shares in the last quarter. 63.96% of the stock is currently owned by institutional investors.
Several analysts have issued reports on the company. ValuEngine raised Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research report on Wednesday, July 25th. Stifel Nicolaus increased their price objective on Magellan Midstream Partners from $71.00 to $73.00 and gave the company a “hold” rating in a report on Friday, August 3rd. Barclays increased their price objective on Magellan Midstream Partners from $72.00 to $74.00 and gave the company an “equal weight” rating in a report on Monday, August 6th. Zacks Investment Research lowered Magellan Midstream Partners from a “buy” rating to a “hold” rating in a report on Thursday, July 19th. Finally, BMO Capital Markets reiterated a “buy” rating and set a $85.00 price objective on shares of Magellan Midstream Partners in a report on Friday, July 13th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $74.92.
Magellan Midstream Partners (NYSE:MMP) last issued its earnings results on Thursday, August 2nd. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.04. The company had revenue of $644.10 million during the quarter, compared to analyst estimates of $662.37 million. Magellan Midstream Partners had a return on equity of 42.90% and a net margin of 33.54%. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the business posted $0.91 EPS. analysts forecast that Magellan Midstream Partners, L.P. will post 4.18 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 14th. Investors of record on Tuesday, August 7th were paid a $0.957 dividend. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.92. The ex-dividend date was Monday, August 6th. This represents a $3.83 dividend on an annualized basis and a yield of 5.63%. Magellan Midstream Partners’s dividend payout ratio (DPR) is 100.52%.
Magellan Midstream Partners Profile
Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.
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