Texan Capital Management buys $6,156,410 stake in Magellan Midstream Partners L.P. (MMP)

Magellan Midstream Partners L.P. (MMP) : Texan Capital Management scooped up 300 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 Aug 3, 2016. The investment management firm now holds a total of 87,999 shares of Magellan Midstream Partners L.P. which is valued at $6,156,410.Magellan Midstream Partners L.P. makes up approximately 2.79% of Texan Capital Management’s portfolio.

Other Hedge Funds, Including , Taylor Wealth Management Partners boosted its stake in MMP in the latest quarter, The investment management firm added 1,815 additional shares and now holds a total of 87,415 shares of Magellan Midstream Partners L.P. which is valued at $6,115,553. Magellan Midstream Partners L.P. makes up approx 2.43% of Taylor Wealth Management Partners’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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