Westpac Banking Corp acquired a new position in shares of Magellan Midstream Partners L.P. (NYSE:MMP) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 86,100 shares of the company’s stock, valued at approximately $6,544,000.

Other institutional investors have also bought and sold shares of the company. Independent Portfolio Consultants Inc. boosted its stake in shares of Magellan Midstream Partners L.P. by 13.3% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,406 shares of the company’s stock valued at $107,000 after buying an additional 165 shares in the last quarter. Carroll Financial Associates Inc. boosted its stake in shares of Magellan Midstream Partners L.P. by 2.6% in the second quarter. Carroll Financial Associates Inc. now owns 1,994 shares of the company’s stock valued at $151,000 after buying an additional 50 shares in the last quarter. Parkside Financial Bank & Trust boosted its stake in shares of Magellan Midstream Partners L.P. by 26.0% in the second quarter. Parkside Financial Bank & Trust now owns 2,096 shares of the company’s stock valued at $159,000 after buying an additional 432 shares in the last quarter. Americafirst Capital Management LLC purchased a new stake in shares of Magellan Midstream Partners L.P. during the second quarter valued at $161,000. Finally, Thompson Davis & CO. Inc. purchased a new stake in shares of Magellan Midstream Partners L.P. during the second quarter valued at $163,000. Institutional investors own 62.35% of the company’s stock.

Shares of Magellan Midstream Partners L.P. (NYSE:MMP) traded down 0.182% on Tuesday, hitting $68.405. The stock had a trading volume of 15,386 shares. The company has a market cap of $15.58 billion, a price-to-earnings ratio of 18.339 and a beta of 0.65. Magellan Midstream Partners L.P. has a 12-month low of $54.51 and a 12-month high of $77.45. The stock has a 50 day moving average price of $70.14 and a 200-day moving average price of $70.87.

Magellan Midstream Partners L.P. (NYSE:MMP) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.75 by $0.07. Magellan Midstream Partners L.P. had a return on equity of 38.58% and a net margin of 38.97%. The business earned $518.90 million during the quarter, compared to analyst estimates of $519.12 million. During the same period last year, the business posted $0.78 earnings per share. The company’s quarterly revenue was up 5.0% on a year-over-year basis. On average, equities analysts expect that Magellan Midstream Partners L.P. will post $3.53 earnings per share for the current year.

Several equities research analysts have weighed in on MMP shares. Seaport Global Securities started coverage on Magellan Midstream Partners L.P. in a report on Tuesday, June 14th. They issued a “buy” rating and a $82.00 target price for the company. Zacks Investment Research cut Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, July 12th. Ladenburg Thalmann started coverage on Magellan Midstream Partners L.P. in a report on Wednesday, July 13th. They issued a “buy” rating for the company. Credit Suisse Group AG set a $74.00 target price on Magellan Midstream Partners L.P. and gave the stock a “sell” rating in a report on Wednesday, August 3rd. Finally, Morgan Stanley set a $73.00 target price on Magellan Midstream Partners L.P. and gave the stock a “hold” rating in a report on Wednesday, August 3rd. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $77.89.

About Magellan Midstream Partners L.P.

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