Cullen Frost Bankers Inc. raised its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 29.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 18,316 shares of the pipeline company’s stock after buying an additional 4,144 shares during the period. Cullen Frost Bankers Inc.’s holdings in Magellan Midstream Partners L.P. were worth $1,305,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. First Manhattan Co. increased its stake in Magellan Midstream Partners L.P. by 0.5% in the first quarter. First Manhattan Co. now owns 61,742 shares of the pipeline company’s stock valued at $4,367,000 after buying an additional 322 shares during the period. Waldron LP acquired a new stake in Magellan Midstream Partners L.P. during the first quarter valued at approximately $611,000. Pinnacle Advisory Group Inc. increased its stake in Magellan Midstream Partners L.P. by 61.5% in the first quarter. Pinnacle Advisory Group Inc. now owns 9,076 shares of the pipeline company’s stock valued at $698,000 after buying an additional 3,455 shares during the period. Taylor Wealth Management Partners increased its stake in Magellan Midstream Partners L.P. by 19.3% in the first quarter. Taylor Wealth Management Partners now owns 8,025 shares of the pipeline company’s stock valued at $617,000 after buying an additional 1,300 shares during the period. Finally, Raub Brock Capital Management LP increased its stake in Magellan Midstream Partners L.P. by 3.1% in the first quarter. Raub Brock Capital Management LP now owns 173,059 shares of the pipeline company’s stock valued at $13,310,000 after buying an additional 5,200 shares during the period. 62.86% of the stock is currently owned by institutional investors and hedge funds.

Magellan Midstream Partners L.P. (MMP) opened at 69.14 on Monday. The company has a 50 day moving average of $70.09 and a 200 day moving average of $74.72. Magellan Midstream Partners L.P. has a 52-week low of $64.25 and a 52-week high of $81.77. The company has a market capitalization of $15.77 billion, a PE ratio of 18.75 and a beta of 0.80.

Magellan Midstream Partners L.P. (NYSE:MMP) last posted its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 EPS for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.03. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. The company had revenue of $619.40 million for the quarter, compared to analysts’ expectations of $561.70 million. During the same period in the previous year, the firm earned $0.82 EPS. The firm’s revenue was up 19.4% compared to the same quarter last year. On average, equities research analysts forecast that Magellan Midstream Partners L.P. will post $3.92 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, July 31st will be issued a $0.89 dividend. The ex-dividend date is Thursday, July 27th. This is a boost from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. This represents a $3.56 dividend on an annualized basis and a yield of 5.15%. Magellan Midstream Partners L.P.’s payout ratio is currently 96.74%.

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Several research firms have commented on MMP. Royal Bank Of Canada reaffirmed a “hold” rating and set a $80.00 price objective on shares of Magellan Midstream Partners L.P. in a report on Thursday, April 13th. Macquarie began coverage on shares of Magellan Midstream Partners L.P. in a report on Friday, April 21st. They set a “neutral” rating and a $80.00 price objective on the stock. Credit Suisse Group raised shares of Magellan Midstream Partners L.P. from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $80.00 to $84.00 in a report on Thursday, May 4th. Stifel Nicolaus reaffirmed a “hold” rating and set a $81.00 price objective on shares of Magellan Midstream Partners L.P. in a report on Wednesday, July 19th. Finally, Barclays PLC downgraded shares of Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $88.00 to $77.00 in a report on Tuesday, July 18th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $79.10.

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

About Magellan Midstream Partners L.P.

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

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