Magellan Midstream Partners, L.P. (MMP) CEO Sells $680,000.00 in Stock

Magellan Midstream Partners, L.P. (NYSE:MMP) CEO Michael N. Mears sold 10,000 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $68.00, for a total transaction of $680,000.00. Following the sale, the chief executive officer now directly owns 196,473 shares in the company, valued at approximately $13,360,164. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Shares of Magellan Midstream Partners, L.P. (MMP) traded down $0.13 on Wednesday, reaching $67.65. 601,162 shares of the company’s stock were exchanged, compared to its average volume of 910,167. The company has a current ratio of 0.50, a quick ratio of 0.29 and a debt-to-equity ratio of 1.90. The firm has a market capitalization of $15,430.00, a PE ratio of 17.76, a P/E/G ratio of 2.74 and a beta of 0.61. Magellan Midstream Partners, L.P. has a one year low of $63.55 and a one year high of $81.77.

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

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

A number of research firms recently commented on MMP. Mitsubishi UFJ Financial Group reissued a “neutral” rating on shares of Magellan Midstream Partners in a report on Friday, February 2nd. Bank of America decreased their price objective on shares of Magellan Midstream Partners from $78.00 to $77.00 and set a “buy” rating on the stock in a report on Friday, February 2nd. Stifel Nicolaus reissued a “hold” rating and set a $69.00 price objective on shares of Magellan Midstream Partners in a report on Friday, February 2nd. Royal Bank of Canada reissued a “hold” rating and set a $79.00 price objective on shares of Magellan Midstream Partners in a report on Friday, February 2nd. Finally, Barclays decreased their price objective on shares of Magellan Midstream Partners from $78.00 to $76.00 and set an “equal weight” rating on the stock in a 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 assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $77.36.

Institutional investors and hedge funds have recently made changes to their positions in the business. Prime Capital Investment Advisors LLC acquired a new position in Magellan Midstream Partners during the fourth quarter worth about $107,000. Welch Group LLC acquired a new position in Magellan Midstream Partners during the fourth quarter worth about $135,000. CoreCommodity Management LLC acquired a new position in Magellan Midstream Partners during the fourth quarter worth about $158,000. Polaris Greystone Financial Group LLC acquired a new position in Magellan Midstream Partners during the fourth quarter worth about $205,000. Finally, Glenview State Bank Trust DEPT. acquired a new position in Magellan Midstream Partners during the third quarter worth about $223,000. Institutional investors own 61.80% of the company’s stock.

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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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