Colonial River Wealth Management LLC Has $326,000 Holdings in Magellan Midstream Partners, L.P. (NYSE:MMP)

Posted by Amy Steele on May 26th, 2023

Colonial River Wealth Management LLC raised its stake in shares of Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) by 14.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 6,490 shares of the pipeline company’s stock after purchasing an additional 795 shares during the quarter. Colonial River Wealth Management LLC’s holdings in Magellan Midstream Partners were worth $326,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its stake in Magellan Midstream Partners by 10.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,697,017 shares of the pipeline company’s stock worth $132,343,000 after acquiring an additional 246,037 shares in the last quarter. Bank of New York Mellon Corp raised its position in Magellan Midstream Partners by 4.7% in the 1st quarter. Bank of New York Mellon Corp now owns 51,663 shares of the pipeline company’s stock valued at $2,535,000 after purchasing an additional 2,299 shares during the last quarter. Raymond James Trust N.A. raised its holdings in shares of Magellan Midstream Partners by 6.7% in the first quarter. Raymond James Trust N.A. now owns 12,003 shares of the pipeline company’s stock valued at $589,000 after buying an additional 758 shares during the last quarter. Blair William & Co. IL increased its holdings in shares of Magellan Midstream Partners by 2.3% in the first quarter. Blair William & Co. IL now owns 200,265 shares of the pipeline company’s stock valued at $9,827,000 after purchasing an additional 4,580 shares in the last quarter. Finally, Cetera Investment Advisers increased its stake in shares of Magellan Midstream Partners by 4.4% in the 1st quarter. Cetera Investment Advisers now owns 17,177 shares of the pipeline company’s stock valued at $843,000 after buying an additional 729 shares during the period. 51.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MMP has been the topic of a number of analyst reports. StockNews.com began coverage on Magellan Midstream Partners in a research note on Friday. They issued a “hold” rating on the stock. Mizuho increased their target price on shares of Magellan Midstream Partners from $53.00 to $56.00 in a report on Monday, May 15th. Citigroup cut shares of Magellan Midstream Partners from a “buy” rating to a “neutral” rating and raised their target price for the company from $57.00 to $63.00 in a research note on Wednesday, May 17th. Wells Fargo & Company increased their price target on shares of Magellan Midstream Partners from $56.00 to $58.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 7th. Finally, TD Securities cut shares of Magellan Midstream Partners from a “hold” rating to a “tender” rating and upped their target price for the company from $55.00 to $67.50 in a report on Tuesday, May 16th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $59.68.

Magellan Midstream Partners Stock Down 0.4 %

MMP traded down $0.24 during mid-day trading on Friday, reaching $61.36. 301,233 shares of the stock were exchanged, compared to its average volume of 1,108,760. Magellan Midstream Partners, L.P. has a 1 year low of $44.79 and a 1 year high of $64.42. The company has a 50 day moving average price of $55.93 and a two-hundred day moving average price of $53.48. The company has a debt-to-equity ratio of 2.96, a quick ratio of 0.44 and a current ratio of 0.97. The stock has a market capitalization of $12.40 billion, a PE ratio of 11.18 and a beta of 0.91.

Magellan Midstream Partners (NYSE:MMP – Get Rating) last issued its quarterly earnings results on Thursday, May 4th. The pipeline company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.11. The business had revenue of $869.70 million for the quarter, compared to analyst estimates of $731.28 million. Magellan Midstream Partners had a return on equity of 57.78% and a net margin of 33.72%. Magellan Midstream Partners’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same period last year, the company posted $1.08 earnings per share. As a group, research analysts anticipate that Magellan Midstream Partners, L.P. will post 5.05 EPS for the current year.

Magellan Midstream Partners Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 15th. Stockholders of record on Monday, May 8th were paid a dividend of $1.0475 per share. The ex-dividend date was Friday, May 5th. This represents a $4.19 annualized dividend and a dividend yield of 6.83%. Magellan Midstream Partners’s payout ratio is 76.04%.

Magellan Midstream Partners Profile

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Magellan Midstream Partners LP engages in the transportation, storage, and distribution of petroleum products and crude oil. It operates through the following segments: Refined Products and Crude Oil. The Refined Products segment consists of an approximately 9,800-mile refined petroleum products pipeline system with 54 terminals and two marine storage terminals.