Mirador Capital Partners LP raised its position in Magellan Midstream Partners L.P. (NYSE:MMP) by 6.7% during the first quarter, Holdings Channel reports. The institutional investor owned 3,528 shares of the pipeline company’s stock after buying an additional 223 shares during the period. Mirador Capital Partners LP’s holdings in Magellan Midstream Partners L.P. were worth $271,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of MMP. OppenheimerFunds Inc. raised its position in shares of Magellan Midstream Partners L.P. by 21.9% in the first quarter. OppenheimerFunds Inc. now owns 13,042,073 shares of the pipeline company’s stock worth $1,003,066,000 after buying an additional 2,345,950 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Magellan Midstream Partners L.P. by 8.0% in the first quarter. JPMorgan Chase & Co. now owns 3,763,537 shares of the pipeline company’s stock worth $289,454,000 after buying an additional 277,575 shares in the last quarter. Energy Income Partners LLC acquired a new position in shares of Magellan Midstream Partners L.P. during the fourth quarter worth $273,606,000. Chickasaw Capital Management LLC raised its position in shares of Magellan Midstream Partners L.P. by 2.9% in the first quarter. Chickasaw Capital Management LLC now owns 2,680,282 shares of the pipeline company’s stock worth $206,140,000 after buying an additional 76,703 shares in the last quarter. Finally, Center Coast Capital Advisors LP raised its position in shares of Magellan Midstream Partners L.P. by 4.2% in the first quarter. Center Coast Capital Advisors LP now owns 2,115,744 shares of the pipeline company’s stock worth $162,722,000 after buying an additional 85,815 shares in the last quarter. 62.57% of the stock is currently owned by institutional investors.

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

Shares of Magellan Midstream Partners L.P. (NYSE:MMP) traded up 0.88% during mid-day trading on Friday, reaching $69.83. The company had a trading volume of 1,227,441 shares. The company’s 50-day moving average is $72.97 and its 200 day moving average is $75.41. The stock has a market capitalization of $15.92 billion, a P/E ratio of 19.45 and a beta of 0.79. Magellan Midstream Partners L.P. has a 52-week low of $64.25 and a 52-week high of $81.77.

Magellan Midstream Partners L.P. (NYSE:MMP) last released its quarterly earnings data on Wednesday, May 3rd. The pipeline company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.08. Magellan Midstream Partners L.P. had a net margin of 35.16% and a return on equity of 41.17%. The business had revenue of $519.80 million during the quarter, compared to analyst estimates of $554.22 million. During the same quarter in the previous year, the business earned $0.87 EPS. Magellan Midstream Partners L.P.’s quarterly revenue was down 19.0% compared to the same quarter last year. Analysts anticipate that Magellan Midstream Partners L.P. will post $3.89 EPS for the current fiscal year.

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A number of research analysts have weighed in on MMP shares. Royal Bank Of Canada reissued a “hold” rating and set a $80.00 price target on shares of Magellan Midstream Partners L.P. in a research note on Thursday, April 13th. Credit Suisse Group raised Magellan Midstream Partners L.P. from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $80.00 to $84.00 in a research report on Thursday, May 4th. UBS AG reaffirmed a “neutral” rating and issued a $82.00 target price (up from $81.00) on shares of Magellan Midstream Partners L.P. in a research report on Thursday, March 23rd. Macquarie started coverage on Magellan Midstream Partners L.P. in a research report on Friday, April 21st. They issued a “neutral” rating and a $80.00 target price on the stock. Finally, Citigroup Inc. lowered Magellan Midstream Partners L.P. from a “buy” rating to a “neutral” rating in a research report on Monday, March 6th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $79.40.

In related news, insider Douglas J. May sold 8,000 shares of Magellan Midstream Partners L.P. stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $75.00, for a total value of $600,000.00. Following the completion of the sale, the insider now owns 27,599 shares of the company’s stock, valued at approximately $2,069,925. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.24% of the stock is currently owned by insiders.

Magellan Midstream Partners L.P. Company Profile

Want to see what other hedge funds are holding MMP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magellan Midstream Partners L.P. (NYSE:MMP).

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