Novare Capital Management Lowers stake in Magellan Midstream Partners L.P. (MMP)

Magellan Midstream Partners L.P. (MMP) : Novare Capital Management reduced its stake in Magellan Midstream Partners L.P. by 0.8% during the most recent quarter end. The investment management company now holds a total of 98,705 shares of Magellan Midstream Partners L.P. which is valued at $6,979,431 after selling 800 shares in Magellan Midstream Partners L.P. , the firm said in a disclosure report filed with the SEC on Aug 9, 2016.Magellan Midstream Partners L.P. makes up approximately 1.83% of Novare Capital Management’s portfolio.

Other Hedge Funds, Including , Private Advisor Group reduced its stake in MMP by selling 68,737 shares or 93.88% in the most recent quarter. The Hedge Fund company now holds 4,482 shares of MMP which is valued at $315,533. Magellan Midstream Partners L.P. makes up approx 0.01% of Private Advisor Group’s portfolio.Peak Asset Management boosted its stake in MMP in the latest quarter, The investment management firm added 85 additional shares and now holds a total of 5,780 shares of Magellan Midstream Partners L.P. which is valued at $404,369. Magellan Midstream Partners L.P. makes up approx 0.08% of Peak Asset Management’s portfolio.Hanson Doremus Investment Management reduced its stake in MMP by selling 440 shares or 70.97% in the most recent quarter. The Hedge Fund company now holds 180 shares of MMP which is valued at $13,115. Magellan Midstream Partners L.P. makes up approx 0.01% of Hanson Doremus Investment Management’s portfolio.Bbva Compass Bancshares Inc boosted its stake in MMP in the latest quarter, The investment management firm added 3,590 additional shares and now holds a total of 9,171 shares of Magellan Midstream Partners L.P. which is valued at $668,199. Magellan Midstream Partners L.P. makes up approx 0.05% of Bbva Compass Bancshares Inc’s portfolio.

Magellan Midstream Partners L.P. opened for trading at $70.54 and hit $71.1 on the upside on Wednesday, eventually ending the session at $70.94, with a gain of 0.94% or 0.66 points. The heightened volatility saw the trading volume jump to 5,52,113 shares. Company has a market cap of $16,159 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.

Many Wall Street Analysts have commented on Magellan Midstream Partners L.P.. 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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