Wells Fargo & Company MN Has $57.79 Million Stake in Magellan Midstream Partners L.P. (MMP)

Wells Fargo & Company MN lessened its position in Magellan Midstream Partners L.P. (NYSE:MMP) by 8.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 810,896 shares of the pipeline company’s stock after selling 70,640 shares during the period. Wells Fargo & Company MN owned about 0.36% of Magellan Midstream Partners L.P. worth $57,792,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Private Trust Co. NA grew its position in shares of Magellan Midstream Partners L.P. by 5.7% in the 2nd quarter. Private Trust Co. NA now owns 18,792 shares of the pipeline company’s stock valued at $1,339,000 after acquiring an additional 1,009 shares during the period. Brighton Jones LLC bought a new position in shares of Magellan Midstream Partners L.P. in the 1st quarter valued at about $426,000. Heritage Wealth Advisors bought a new position in shares of Magellan Midstream Partners L.P. in the 1st quarter valued at about $1,963,000. Wilbanks Smith & Thomas Asset Management LLC bought a new position in shares of Magellan Midstream Partners L.P. in the 1st quarter valued at about $654,000. Finally, Access Financial Services Inc. grew its position in shares of Magellan Midstream Partners L.P. by 7.7% in the 2nd quarter. Access Financial Services Inc. now owns 8,170 shares of the pipeline company’s stock valued at $582,000 after acquiring an additional 585 shares during the period. 60.80% of the stock is owned by institutional investors.

Magellan Midstream Partners L.P. (NYSE MMP) opened at 71.13 on Friday. Magellan Midstream Partners L.P. has a 12-month low of $63.92 and a 12-month high of $81.77. The firm has a 50-day moving average of $67.85 and a 200 day moving average of $72.30. The company has a market capitalization of $16.22 billion, a price-to-earnings ratio of 19.29 and a beta of 0.80.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.03. Magellan Midstream Partners L.P. had a net margin of 34.63% and a return on equity of 41.81%. The firm had revenue of $619.40 million for the quarter, compared to the consensus estimate of $561.70 million. During the same period in the prior year, the firm posted $0.82 earnings per share. The company’s revenue for the quarter was up 19.4% on a year-over-year basis. Analysts expect that Magellan Midstream Partners L.P. will post $3.90 EPS for the current fiscal year.

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MMP has been the subject of a number of analyst reports. Jefferies Group LLC reissued a “hold” rating and issued a $70.00 price objective (down previously from $73.00) on shares of Magellan Midstream Partners L.P. in a research report on Sunday, September 3rd. Barclays PLC cut shares of Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $88.00 to $77.00 in a research note on Tuesday, July 18th. BidaskClub upgraded shares of Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. Royal Bank Of Canada restated a “hold” rating and set a $80.00 target price on shares of Magellan Midstream Partners L.P. in a research note on Tuesday, June 20th. Finally, UBS AG upgraded shares of Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a research note on Tuesday, July 18th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $79.19.

Magellan Midstream Partners L.P. Profile

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

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