Magellan Midstream Partners, L.P. (MMP) CEO Michael N. Mears Sells 22,251 Shares

Magellan Midstream Partners, L.P. (NYSE:MMP) CEO Michael N. Mears sold 22,251 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $68.03, for a total transaction of $1,513,735.53. Following the completion of the transaction, the chief executive officer now owns 196,473 shares of the company’s stock, valued at approximately $13,366,058.19. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Magellan Midstream Partners, L.P. (NYSE MMP) traded down $0.13 during trading hours on Wednesday, hitting $67.65. 601,162 shares of the stock traded hands, compared to its average volume of 910,167. Magellan Midstream Partners, L.P. has a one year low of $63.55 and a one year high of $81.77. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.29 and a current ratio of 0.50. The company has a market cap of $15,430.00, a price-to-earnings ratio of 17.76, a price-to-earnings-growth ratio of 2.74 and a beta of 0.61.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings data on Thursday, February 1st. The pipeline company reported $1.04 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.12 by ($0.08). Magellan Midstream Partners had a net margin of 34.67% and a return on equity of 40.85%. The business had revenue of $673.30 million for the quarter, compared to the consensus estimate of $690.18 million. During the same quarter last year, the business posted $0.93 EPS. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. equities analysts forecast that Magellan Midstream Partners, L.P. will post 3.99 earnings per share for the current year.

The firm also recently disclosed a dividend, which will be paid on Wednesday, February 14th. Stockholders of record on Tuesday, February 6th will be given a dividend of $0.92 per share. This is a positive change from Magellan Midstream Partners’s previous dividend of $0.84. The ex-dividend date of this dividend is Monday, February 5th. This represents a dividend yield of 0.0125170068027211%. Magellan Midstream Partners’s dividend payout ratio (DPR) is 96.59%.

Several large investors have recently bought and sold shares of the company. Gofen & Glossberg LLC IL boosted its position in shares of Magellan Midstream Partners by 4.0% during the 2nd quarter. Gofen & Glossberg LLC IL now owns 7,901 shares of the pipeline company’s stock valued at $563,000 after purchasing an additional 305 shares in the last quarter. Verity & Verity LLC lifted its stake in Magellan Midstream Partners by 1.7% during the third quarter. Verity & Verity LLC now owns 44,317 shares of the pipeline company’s stock valued at $3,150,000 after buying an additional 754 shares in the last quarter. Colony Group LLC lifted its stake in Magellan Midstream Partners by 23.2% during the second quarter. Colony Group LLC now owns 4,206 shares of the pipeline company’s stock valued at $300,000 after buying an additional 791 shares in the last quarter. Stephens Inc. AR lifted its stake in Magellan Midstream Partners by 1.2% during the third quarter. Stephens Inc. AR now owns 71,500 shares of the pipeline company’s stock valued at $5,081,000 after buying an additional 844 shares in the last quarter. Finally, Bronfman E.L. Rothschild L.P. lifted its stake in Magellan Midstream Partners by 24.1% during the third quarter. Bronfman E.L. Rothschild L.P. now owns 4,766 shares of the pipeline company’s stock valued at $339,000 after buying an additional 926 shares in the last quarter. Institutional investors own 61.80% of the company’s stock.

A number of equities analysts recently issued reports on the stock. Royal Bank of Canada reiterated a “hold” rating and issued a $81.00 target price on shares of Magellan Midstream Partners in a research report on Tuesday, January 16th. Credit Suisse Group assumed coverage on shares of Magellan Midstream Partners in a research report on Thursday, January 4th. They issued an “underperform” rating for the company. Bank of America assumed coverage on shares of Magellan Midstream Partners in a research report on Tuesday, January 9th. They issued a “buy” rating for the company. Barclays decreased their target price on shares of Magellan Midstream Partners from $78.00 to $76.00 and set an “equal weight” rating for the company in a research report on Friday, February 2nd. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $69.00 target price on shares of Magellan Midstream Partners in a research report on Friday, February 2nd. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. Magellan Midstream Partners has an average rating of “Hold” and an average target price of $77.36.

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Magellan Midstream Partners Company Profile

Magellan Midstream Partners, L.P. is principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil. The Company operates through three segments: refined products, crude oil and marine storage. As of December 31, 2016, its asset portfolio, including the assets of its joint ventures, consisted of its refined products segment, consisting 9,700-mile refined products pipeline system with 53 terminals, as well as 26 independent terminals not connected to its pipeline system and its 1,100-mile ammonia pipeline system; its crude oil segment, consisted of approximately 2,200 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 26 million barrels, of which 16 million are used for contract storage, and its marine storage segment, consisted of five marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels.

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