Mariner Investment Group adds Magellan Midstream Partners L.P. (MMP) to its portfolio

Magellan Midstream Partners L.P. (MMP) : Mariner Investment Group added new position in Magellan Midstream Partners L.P. during the most recent quarter end. The investment management firm now holds 99,140 shares of Magellan Midstream Partners L.P. which is valued at $6,935,834 , the company said in a statement filed on Aug 3, 2016 with the SEC.Magellan Midstream Partners L.P. makes up approximately 2.26% of Mariner Investment Group’s portfolio.

Other Hedge Funds, Including , Brighton Jones reduced its stake in MMP by selling 110 shares or 1.96% in the most recent quarter. The Hedge Fund company now holds 5,508 shares of MMP which is valued at $385,340. Magellan Midstream Partners L.P. makes up approx 0.07% of Brighton Jones’s portfolio.Provise Management Group boosted its stake in MMP in the latest quarter, The investment management firm added 2,763 additional shares and now holds a total of 29,837 shares of Magellan Midstream Partners L.P. which is valued at $2,087,397. Magellan Midstream Partners L.P. makes up approx 0.38% of Provise Management Group’s portfolio.Solaris Asset Management reduced its stake in MMP by selling 2,950 shares or 26.68% in the most recent quarter. The Hedge Fund company now holds 8,108 shares of MMP which is valued at $580,371. Magellan Midstream Partners L.P. makes up approx 0.41% of Solaris Asset Management’s portfolio.Edge Wealth Management reduced its stake in MMP by selling 536 shares or 8.76% in the most recent quarter. The Hedge Fund company now holds 5,585 shares of MMP which is valued at $414,072. Magellan Midstream Partners L.P. makes up approx 0.17% of Edge Wealth Management’s portfolio.

Magellan Midstream Partners L.P. opened for trading at $70.66 and hit $71.1972 on the upside on Monday, eventually ending the session at $70.4, with a gain of 0.39% or 0.27 points. The heightened volatility saw the trading volume jump to 6,11,018 shares. Company has a market cap of $16,036 M.

On the company’s financial health, Magellan Midstream Partners L.P. reported $0.82 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $0.78. The company had revenue of $518.90 million for the quarter, compared to analysts expectations of $516.56 million. The company’s revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.78 EPS.

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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