Energy Income Partners buys $224,821,116 stake in Magellan Midstream Partners L.P. (MMP)

Magellan Midstream Partners L.P. (MMP) : Energy Income Partners scooped up 284,474 additional shares in Magellan Midstream Partners L.P. during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Nov 14, 2016. The investment management firm now holds a total of 3,356,541 shares of Magellan Midstream Partners L.P. which is valued at $224,821,116.Magellan Midstream Partners L.P. makes up approximately 4.86% of Energy Income Partners’s portfolio.

Other Hedge Funds, Including , Ironwood Investment Counsel boosted its stake in MMP in the latest quarter, The investment management firm added 450 additional shares and now holds a total of 40,250 shares of Magellan Midstream Partners L.P. which is valued at $2,648,048. Magellan Midstream Partners L.P. makes up approx 1.26% of Ironwood Investment Counsel’s portfolio.Sigma Planning Corp boosted its stake in MMP in the latest quarter, The investment management firm added 524 additional shares and now holds a total of 15,623 shares of Magellan Midstream Partners L.P. which is valued at $1,027,837. Magellan Midstream Partners L.P. makes up approx 0.13% of Sigma Planning Corp’s portfolio.Plante Moran Financial Advisors boosted its stake in MMP in the latest quarter, The investment management firm added 2,190 additional shares and now holds a total of 2,367 shares of Magellan Midstream Partners L.P. which is valued at $157,240. Magellan Midstream Partners L.P. makes up approx 0.11% of Plante Moran Financial Advisors’s portfolio.Deschutes Portfolio Strategy boosted its stake in MMP in the latest quarter, The investment management firm added 7 additional shares and now holds a total of 3,584 shares of Magellan Midstream Partners L.P. which is valued at $254,177. Magellan Midstream Partners L.P. makes up approx 0.14% of Deschutes Portfolio Strategy’s portfolio.

Magellan Midstream Partners L.P. opened for trading at $67.6 and hit $67.76 on the upside on Monday, eventually ending the session at $67.46, with a gain of 0.07% or 0.05 points. The heightened volatility saw the trading volume jump to 5,06,208 shares. Company has a market cap of $15,366 M.

On the company’s financial health, Magellan Midstream Partners L.P. reported $0.91 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Nov 2, 2016. Analyst had a consensus of $0.90. The company had revenue of $586.67 million for the quarter, compared to analysts expectations of $563.51 million. The company’s revenue was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.86 EPS.

Many Wall Street Analysts have commented on Magellan Midstream Partners L.P.. Mizuho Initiated Magellan Midstream Partners L.P. on Sep 30, 2016 to “Neutral”, Price Target of the shares are set at $73.Magellan Midstream Partners L.P. was Downgraded by Morgan Stanley to ” Underweight” on Aug 18, 2016.

Magellan Midstream Partners L.P. (Magellan) is engaged in the transportation storage and distribution of refined petroleum products and crude oil. The Company’s business segments include Refined Products Crude Oil and Marine Storage. The Company’s refined products segment consists of Magellan’s 9500-mile refined products pipeline system with 53 terminals as well as 27 independent terminals not connected to the Company’s pipeline system and its 1100-mile ammonia pipeline system. Magellan’s crude oil segment consists of approximately 1600 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 21 million barrels of which 12 million is used for leased storage. Its marine storage segment consists of five marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels.

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