Adams Asset Advisors LLC held its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,955 shares of the company’s stock at the end of the third quarter. Magellan Midstream Partners L.P. accounts for about 0.6% of Adams Asset Advisors LLC’s investment portfolio, making the stock its 26th largest position. Adams Asset Advisors LLC’s holdings in Magellan Midstream Partners L.P. were worth $4,524,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Independent Portfolio Consultants Inc. raised its stake 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 in the last quarter. Bellwether Investment Group LLC acquired a new position in shares of Magellan Midstream Partners L.P. during the second quarter worth approximately $109,000. Carroll Financial Associates Inc. raised its position in shares of 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 raised its position in shares of 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 position in shares of Magellan Midstream Partners L.P. during the second quarter worth approximately $161,000. Hedge funds and other institutional investors own 63.75% of the company’s stock.

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

Magellan Midstream Partners L.P. (NYSE:MMP) traded down 1.28% during midday trading on Monday, reaching $68.55. 681,294 shares of the company’s stock traded hands. Magellan Midstream Partners L.P. has a 52-week low of $54.51 and a 52-week high of $77.45. The stock has a market cap of $15.61 billion, a P/E ratio of 19.64 and a beta of 0.76. The company’s 50-day moving average price is $68.54 and its 200-day moving average price is $70.91.

Magellan Midstream Partners L.P. (NYSE:MMP) last released its earnings results on Wednesday, November 2nd. The company reported $0.91 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.03. Magellan Midstream Partners L.P. had a net margin of 36.82% and a return on equity of 38.77%. The company had revenue of $586.67 million for the quarter, compared to analyst estimates of $291.99 million. During the same quarter last year, the firm earned $0.86 EPS. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. On average, equities analysts predict that Magellan Midstream Partners L.P. will post $3.55 EPS for the current fiscal year.

The firm also recently announced a dividend, which was paid on Monday, November 14th. Investors of record on Monday, October 31st were issued a dividend of $0.8375 per share. The ex-dividend date of this dividend was Thursday, October 27th. This is a positive change from Magellan Midstream Partners L.P.’s previous dividend of $0.70. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is currently 95.99%.

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MMP has been the topic of a number of recent research reports. Zacks Investment Research lowered shares of Magellan Midstream Partners L.P. from a “buy” rating to a “hold” rating in a report on Thursday, October 6th. Morgan Stanley lowered shares of Magellan Midstream Partners L.P. from an “equal” rating to an “underweight” rating and cut their price target for the stock from $73.00 to $69.00 in a report on Thursday, August 18th. Argus reiterated a “buy” rating and set a $85.00 price target on shares of Magellan Midstream Partners L.P. in a report on Tuesday, August 23rd. Wunderlich reiterated a “hold” rating and set a $71.00 price target on shares of Magellan Midstream Partners L.P. in a report on Friday, August 5th. Finally, Mizuho initiated coverage on shares of Magellan Midstream Partners L.P. in a report on Thursday, September 29th. They set a “neutral” rating and a $73.00 price target on the stock. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $76.23.

Magellan Midstream Partners L.P. Company Profile

5 Day Chart for NYSE:MMP

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