Beach Investment Counsel Inc. PA lowered its position in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 0.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 835,167 shares of the company’s stock after selling 660 shares during the period. Magellan Midstream Partners L.P. comprises about 7.5% of Beach Investment Counsel Inc. PA’s portfolio, making the stock its largest position. Beach Investment Counsel Inc. PA owned 0.37% of Magellan Midstream Partners L.P. worth $63,473,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Independent Portfolio Consultants Inc. increased its position in shares of Magellan Midstream Partners L.P. by 13.3% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,406 shares of the company’s stock worth $107,000 after buying an additional 165 shares during the last quarter. Bellwether Investment Group LLC acquired a new stake in Magellan Midstream Partners L.P. during the second quarter worth about $109,000. Carroll Financial Associates Inc. boosted its stake in Magellan Midstream Partners L.P. by 2.6% in the second quarter. Carroll Financial Associates Inc. now owns 1,994 shares of the company’s stock worth $151,000 after buying an additional 50 shares during the period. Parkside Financial Bank & Trust boosted its stake in Magellan Midstream Partners L.P. by 26.0% in the second quarter. Parkside Financial Bank & Trust now owns 2,096 shares of the company’s stock worth $159,000 after buying an additional 432 shares during the period. Finally, Americafirst Capital Management LLC acquired a new stake in Magellan Midstream Partners L.P. during the second quarter worth about $161,000. 61.88% of the stock is currently owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for Magellan Midstream Partners L.P. (NYSE:MMP)

Shares of Magellan Midstream Partners L.P. (NYSE:MMP) opened at 65.17 on Monday. The firm has a 50-day moving average of $69.07 and a 200 day moving average of $71.10. Magellan Midstream Partners L.P. has a one year low of $54.51 and a one year high of $77.45. The company has a market cap of $14.84 billion, a price-to-earnings ratio of 18.67 and a beta of 0.76.

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. The company earned $586.67 million during the quarter, compared to analysts’ expectations of $291.99 million. Magellan Midstream Partners L.P. had a net margin of 36.82% and a return on equity of 38.77%. The business’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period last year, the business earned $0.86 EPS. Equities research analysts anticipate that Magellan Midstream Partners L.P. will post $3.55 EPS for the current year.

The firm also recently declared a dividend, which will be paid on Monday, November 14th. Stockholders of record on Monday, October 31st will be paid a dividend of $0.8375 per share. This is a boost from Magellan Midstream Partners L.P.’s previous dividend of $0.70. The ex-dividend date is Thursday, October 27th. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is currently 95.99%.

MMP has been the subject of a number of analyst reports. Zacks Investment Research upgraded shares of Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research note on Tuesday, July 19th. Credit Suisse Group AG set a $74.00 target price on shares of Magellan Midstream Partners L.P. and gave the company a “sell” rating in a research note on Wednesday, August 3rd. Morgan Stanley set a $73.00 target price on shares of Magellan Midstream Partners L.P. and gave the company a “hold” rating in a research note on Wednesday, August 3rd. Wunderlich reiterated a “hold” rating and issued a $71.00 target price on shares of Magellan Midstream Partners L.P. in a research note on Friday, August 5th. Finally, Argus reiterated a “buy” rating and issued a $85.00 target price on shares of Magellan Midstream Partners L.P. in a research note on Tuesday, August 23rd. Three analysts have rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Magellan Midstream Partners L.P. has a consensus rating of “Hold” and a consensus price target of $76.86.

About Magellan Midstream Partners L.P.

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