Financial Advisory Service Inc. boosted its stake in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 0.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,734 shares of the pipeline company’s stock after buying an additional 7 shares during the period. Financial Advisory Service Inc.’s holdings in Magellan Midstream Partners L.P. were worth $337,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Tortoise Capital Advisors L.L.C. raised its stake in Magellan Midstream Partners L.P. by 0.5% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 13,521,564 shares of the pipeline company’s stock valued at $963,682,000 after buying an additional 62,371 shares during the last quarter. Davis R M Inc. raised its stake in Magellan Midstream Partners L.P. by 10.0% in the second quarter. Davis R M Inc. now owns 9,266 shares of the pipeline company’s stock valued at $660,000 after buying an additional 843 shares during the last quarter. Cullen Frost Bankers Inc. raised its stake in Magellan Midstream Partners L.P. by 29.2% in the second quarter. Cullen Frost Bankers Inc. now owns 18,316 shares of the pipeline company’s stock valued at $1,305,000 after buying an additional 4,144 shares during the last quarter. Camelot Portfolios LLC raised 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. Finally, IFP Advisors Inc raised its stake in Magellan Midstream Partners L.P. by 1.7% in the second quarter. IFP Advisors Inc now owns 34,481 shares of the pipeline company’s stock valued at $2,457,000 after buying an additional 568 shares during the last quarter. 62.86% of the stock is owned by institutional investors and hedge funds.

Magellan Midstream Partners L.P. (MMP) opened at 69.21 on Tuesday. The stock has a market capitalization of $15.78 billion, a price-to-earnings ratio of 18.77 and a beta of 0.80. Magellan Midstream Partners L.P. has a 12 month low of $64.25 and a 12 month high of $81.77. 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. (NYSE:MMP) last posted its earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.03. The firm had revenue of $619.40 million during the quarter, compared to analysts’ expectations of $561.70 million. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. The firm’s revenue was up 19.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.82 earnings per share. On average, equities analysts predict that Magellan Midstream Partners L.P. will post $3.91 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, July 31st will be paid a dividend of $0.89 per share. This is a boost from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, July 27th. This represents a $3.56 annualized dividend and a yield of 5.14%. Magellan Midstream Partners L.P.’s payout ratio is presently 96.74%.

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Several analysts have commented on the stock. Stifel Nicolaus reissued a “hold” rating and set a $77.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Thursday, August 3rd. BidaskClub lowered shares of Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Royal Bank Of Canada reissued a “hold” rating and set a $80.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Monday, July 24th. Zacks Investment Research raised shares of Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Barclays PLC lowered shares of Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $88.00 to $77.00 in a research report on Tuesday, July 18th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. Magellan Midstream Partners L.P. has a consensus rating of “Hold” and a consensus target price 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 transaction of $600,000.00. Following the completion of the sale, the insider now owns 27,599 shares in the company, valued at $2,069,925. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.24% of the stock is owned by insiders.

About Magellan Midstream Partners L.P.

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

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