HAP Trading LLC Lowers Stake in Magellan Midstream Partners, L.P. (NYSE:MMP)

HAP Trading LLC decreased its position in Magellan Midstream Partners, L.P. (NYSE:MMP) by 41.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,655 shares of the pipeline company’s stock after selling 10,307 shares during the period. HAP Trading LLC’s holdings in Magellan Midstream Partners were worth $1,040,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MMP. Epoch Investment Partners Inc. bought a new position in Magellan Midstream Partners during the 3rd quarter valued at about $113,875,000. Atlantic Trust Group LLC lifted its stake in Magellan Midstream Partners by 43.4% during the 3rd quarter. Atlantic Trust Group LLC now owns 3,149,302 shares of the pipeline company’s stock valued at $223,789,000 after acquiring an additional 953,808 shares during the period. Alps Advisors Inc. lifted its stake in Magellan Midstream Partners by 5.2% during the 3rd quarter. Alps Advisors Inc. now owns 15,065,633 shares of the pipeline company’s stock valued at $1,070,564,000 after acquiring an additional 745,755 shares during the period. Tortoise Capital Advisors L.L.C. lifted its stake in Magellan Midstream Partners by 5.3% during the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 14,238,881 shares of the pipeline company’s stock valued at $1,011,815,000 after acquiring an additional 717,317 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in Magellan Midstream Partners by 13.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,316,528 shares of the pipeline company’s stock valued at $304,574,000 after acquiring an additional 495,394 shares during the period. Institutional investors own 62.38% of the company’s stock.

Magellan Midstream Partners, L.P. (MMP) traded down $0.63 during trading on Wednesday, reaching $63.71. 482,354 shares of the company traded hands, compared to its average volume of 898,018. The stock has a market cap of $14,540.00, a price-to-earnings ratio of 16.72, a price-to-earnings-growth ratio of 2.60 and a beta of 0.71. Magellan Midstream Partners, L.P. has a one year low of $62.31 and a one year high of $78.48. The company has a quick ratio of 0.51, a current ratio of 0.73 and a debt-to-equity ratio of 2.01.

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

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

In other Magellan Midstream Partners news, CEO Michael N. Mears sold 22,251 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 196,473 shares of the company’s stock, valued at approximately $13,366,058.19. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael N. Mears sold 10,000 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were 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 of the company’s stock, valued at $13,360,164. The disclosure for this sale can be found here. Company insiders own 0.26% of the company’s stock.

Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. restated a “neutral” rating and set a $75.00 target price (down previously from $78.00) on shares of Magellan Midstream Partners in a research note on Tuesday. UBS Group increased their price objective on shares of Magellan Midstream Partners from $80.00 to $81.00 and gave the stock a “buy” rating in a research note on Friday, March 2nd. Mitsubishi UFJ Financial Group reiterated a “neutral” rating on shares of Magellan Midstream Partners in a research note on Friday, February 2nd. Bank of America lowered 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 research note on Friday, February 2nd. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $69.00 price objective on shares of Magellan Midstream Partners in a research note on Friday, February 2nd. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $77.08.

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About Magellan Midstream Partners

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.

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

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