Tortoise Capital Advisors L.L.C. boosted its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 0.5% during the second quarter, according to its most recent filing with the SEC. The firm owned 13,521,564 shares of the pipeline company’s stock after buying an additional 62,371 shares during the period. Magellan Midstream Partners L.P. comprises about 6.2% of Tortoise Capital Advisors L.L.C.’s investment portfolio, making the stock its 2nd largest position. Tortoise Capital Advisors L.L.C. owned about 5.93% of Magellan Midstream Partners L.P. worth $963,682,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in MMP. Camelot Portfolios LLC boosted its stake in Magellan Midstream Partners L.P. by 0.3% in the second quarter. Camelot Portfolios LLC now owns 8,659 shares of the pipeline company’s stock valued at $617,000 after buying an additional 28 shares during the last quarter. Arcus Capital Partners LLC boosted its stake in shares of Magellan Midstream Partners L.P. by 0.4% in the first quarter. Arcus Capital Partners LLC now owns 8,943 shares of the pipeline company’s stock worth $688,000 after buying an additional 33 shares in the last quarter. MCF Advisors LLC boosted its stake in shares of Magellan Midstream Partners L.P. by 1.1% in the second quarter. MCF Advisors LLC now owns 3,257 shares of the pipeline company’s stock worth $232,000 after buying an additional 37 shares in the last quarter. Wedbush Securities Inc. boosted its stake in shares of Magellan Midstream Partners L.P. by 0.4% in the first quarter. Wedbush Securities Inc. now owns 10,262 shares of the pipeline company’s stock worth $789,000 after buying an additional 39 shares in the last quarter. Finally, Sigma Planning Corp boosted its stake in shares of Magellan Midstream Partners L.P. by 0.3% in the first quarter. Sigma Planning Corp now owns 19,121 shares of the pipeline company’s stock worth $1,471,000 after buying an additional 49 shares in the last quarter. Hedge funds and other institutional investors own 62.86% of the company’s stock.

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

Magellan Midstream Partners L.P. (NYSE:MMP) last issued 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. The business had revenue of $619.40 million for the quarter, compared to analyst estimates of $561.70 million. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. Magellan Midstream Partners L.P.’s quarterly revenue was up 19.4% compared to the same quarter last year. During the same period last year, the company posted $0.82 earnings per share. Analysts expect that Magellan Midstream Partners L.P. will post $3.92 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Monday, July 31st will be paid a $0.89 dividend. The ex-dividend date is Thursday, July 27th. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. This represents a $3.56 annualized dividend and a dividend yield of 5.15%. Magellan Midstream Partners L.P.’s payout ratio is presently 96.74%.

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A number of equities research analysts have recently issued reports on MMP shares. Royal Bank Of Canada reiterated a “hold” rating and set a $80.00 price objective on shares of Magellan Midstream Partners L.P. in a research note on Thursday, April 13th. Credit Suisse Group upgraded Magellan Midstream Partners L.P. from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $80.00 to $84.00 in a research note on Thursday, May 4th. UBS AG upgraded Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 price objective on the stock in a research note on Tuesday, July 18th. BidaskClub upgraded Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. Finally, Jefferies Group LLC started coverage on Magellan Midstream Partners L.P. in a research note on Thursday, June 22nd. They set a “hold” rating and a $73.00 price objective on the stock. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company. Magellan Midstream Partners L.P. currently has a consensus rating of “Hold” and an average price target of $79.10.

In other Magellan Midstream Partners L.P. news, insider Douglas J. May sold 8,000 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 27,599 shares in the company, valued at $2,069,925. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.24% of the company’s stock.

About Magellan Midstream Partners L.P.

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

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