Castleark Management LLC cut its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 4.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 112,692 shares of the pipeline company’s stock after selling 5,400 shares during the quarter. Castleark Management LLC’s holdings in Magellan Midstream Partners L.P. were worth $8,032,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. NEXT Financial Group Inc grew its holdings in Magellan Midstream Partners L.P. by 7.5% during the 2nd quarter. NEXT Financial Group Inc now owns 1,807 shares of the pipeline company’s stock worth $129,000 after acquiring an additional 126 shares during the last quarter. Independent Portfolio Consultants Inc. grew its holdings in Magellan Midstream Partners L.P. by 4.6% during the 2nd quarter. Independent Portfolio Consultants Inc. now owns 1,968 shares of the pipeline company’s stock worth $140,000 after acquiring an additional 87 shares during the last quarter. SRS Capital Advisors Inc. grew its holdings in Magellan Midstream Partners L.P. by 16.0% during the 1st quarter. SRS Capital Advisors Inc. now owns 2,009 shares of the pipeline company’s stock worth $154,000 after acquiring an additional 277 shares during the last quarter. Pathstone Family Office LLC bought a new stake in Magellan Midstream Partners L.P. during the 2nd quarter worth approximately $148,000. Finally, Acrospire Investment Management LLC grew its holdings in Magellan Midstream Partners L.P. by 340.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 2,200 shares of the pipeline company’s stock worth $157,000 after acquiring an additional 1,700 shares during the last quarter. 60.87% of the stock is currently owned by institutional investors.

Magellan Midstream Partners L.P. (NYSE MMP) traded down 1.144% on Friday, reaching $69.585. 197,527 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $69.63 and its 200 day moving average price is $71.39. The company has a market cap of $15.87 billion, a PE ratio of 18.868 and a beta of 0.79. Magellan Midstream Partners L.P. has a 12 month low of $63.92 and a 12 month high of $81.77.

Magellan Midstream Partners L.P. (NYSE:MMP) last posted its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.03. The firm had revenue of $619.40 million during the quarter, compared to analyst estimates of $561.70 million. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. Magellan Midstream Partners L.P.’s quarterly revenue was up 19.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.82 EPS. On average, equities analysts expect that Magellan Midstream Partners L.P. will post $3.90 EPS for the current fiscal year.

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MMP has been the topic of a number of research reports. Jefferies Group LLC reissued a “hold” rating and set a $70.00 target price (down from $73.00) on shares of Magellan Midstream Partners L.P. in a report on Sunday, September 3rd. Barclays PLC lowered shares of Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $88.00 to $77.00 in a report on Tuesday, July 18th. BidaskClub raised shares of Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. Royal Bank Of Canada reissued a “hold” rating and set a $80.00 target price on shares of Magellan Midstream Partners L.P. in a report on Tuesday, June 20th. Finally, UBS AG raised shares of Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 target price on the stock in a report on Tuesday, July 18th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. Magellan Midstream Partners L.P. presently has a consensus rating of “Hold” and a consensus price target of $79.04.

In other Magellan Midstream Partners L.P. news, insider Jeff R. Selvidge sold 5,000 shares of the business’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $70.64, for a total value of $353,200.00. Following the completion of the transaction, the insider now owns 19,653 shares of the company’s stock, valued at approximately $1,388,287.92. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.24% of the stock is currently owned by insiders.

About Magellan Midstream Partners L.P.

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

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