Tortoise Index Solutions LLC Raises Stake in Magellan Midstream Partners, L.P. (MMP)

Tortoise Index Solutions LLC lifted its stake in shares of Magellan Midstream Partners, L.P. (NYSE:MMP) by 110.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 83,210 shares of the pipeline company’s stock after acquiring an additional 43,677 shares during the quarter. Magellan Midstream Partners makes up approximately 1.8% of Tortoise Index Solutions LLC’s holdings, making the stock its 14th biggest holding. Tortoise Index Solutions LLC’s holdings in Magellan Midstream Partners were worth $4,748,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Rothschild Investment Corp IL boosted its stake in shares of Magellan Midstream Partners by 29.9% during the fourth quarter. Rothschild Investment Corp IL now owns 49,100 shares of the pipeline company’s stock valued at $2,802,000 after purchasing an additional 11,300 shares in the last quarter. United Income Inc. bought a new position in shares of Magellan Midstream Partners during the fourth quarter valued at approximately $986,000. Captrust Financial Advisors boosted its stake in shares of Magellan Midstream Partners by 1,535.4% during the third quarter. Captrust Financial Advisors now owns 40,099 shares of the pipeline company’s stock valued at $2,716,000 after purchasing an additional 37,647 shares in the last quarter. Independent Advisor Alliance boosted its stake in shares of Magellan Midstream Partners by 8.2% during the third quarter. Independent Advisor Alliance now owns 29,283 shares of the pipeline company’s stock valued at $1,650,000 after purchasing an additional 2,229 shares in the last quarter. Finally, Dearborn Partners LLC boosted its stake in shares of Magellan Midstream Partners by 2.9% during the fourth quarter. Dearborn Partners LLC now owns 76,773 shares of the pipeline company’s stock valued at $4,381,000 after purchasing an additional 2,177 shares in the last quarter. 65.35% of the stock is currently owned by institutional investors and hedge funds.

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In other news, CEO Michael N. Mears sold 30,000 shares of Magellan Midstream Partners stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $59.35, for a total transaction of $1,780,500.00. Following the completion of the sale, the chief executive officer now directly owns 183,185 shares in the company, valued at $10,872,029.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Lisa J. Korner sold 6,958 shares of Magellan Midstream Partners stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $59.29, for a total transaction of $412,539.82. Following the sale, the insider now owns 74,517 shares of the company’s stock, valued at $4,418,112.93. The disclosure for this sale can be found here. Insiders have sold 43,696 shares of company stock valued at $2,597,682 over the last quarter. Insiders own 0.26% of the company’s stock.

MMP traded down $0.08 during trading on Monday, hitting $59.82. The stock had a trading volume of 13,352 shares, compared to its average volume of 1,112,565. The company has a market cap of $13.68 billion, a price-to-earnings ratio of 14.10, a price-to-earnings-growth ratio of 2.38 and a beta of 0.85. Magellan Midstream Partners, L.P. has a twelve month low of $54.25 and a twelve month high of $72.90. The company has a quick ratio of 0.44, a current ratio of 0.96 and a debt-to-equity ratio of 1.59.

Magellan Midstream Partners (NYSE:MMP) last announced its earnings results on Thursday, January 31st. The pipeline company reported $1.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.16 by ($0.13). The firm had revenue of $865.68 million during the quarter, compared to analyst estimates of $710.21 million. Magellan Midstream Partners had a net margin of 47.19% and a return on equity of 40.90%. On average, sell-side analysts expect that Magellan Midstream Partners, L.P. will post 4.06 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 14th. Stockholders of record on Thursday, February 7th were paid a dividend of $0.9775 per share. The ex-dividend date was Wednesday, February 6th. This represents a $3.91 annualized dividend and a dividend yield of 6.54%. Magellan Midstream Partners’s payout ratio is currently 93.88%.

MMP has been the topic of a number of recent research reports. Jefferies Financial Group upgraded shares of Magellan Midstream Partners from a “hold” rating to a “buy” rating in a research note on Thursday, December 20th. Wolfe Research downgraded shares of Magellan Midstream Partners to an “underperform” rating and set a $56.00 price objective on the stock. in a research note on Friday, February 1st. Evercore ISI initiated coverage on shares of Magellan Midstream Partners in a research note on Tuesday, February 5th. They set an “outperform” rating on the stock. Credit Suisse Group dropped their price objective on shares of Magellan Midstream Partners from $76.00 to $68.00 and set a “neutral” rating on the stock in a research note on Monday, February 11th. Finally, SunTrust Banks initiated coverage on shares of Magellan Midstream Partners in a research note on Friday, January 18th. They set a “hold” rating and a $65.00 price objective on the stock. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $70.18.

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About Magellan Midstream Partners

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.

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