Traders Purchase Large Volume of Magellan Midstream Partners Call Options (NYSE:MMP)

Magellan Midstream Partners, L.P. (NYSE:MMP) was the recipient of unusually large options trading on Wednesday. Traders purchased 4,204 call options on the stock. This is an increase of approximately 1,301% compared to the average volume of 300 call options.

NYSE MMP traded down $0.84 during mid-day trading on Friday, hitting $62.64. The stock had a trading volume of 751,396 shares, compared to its average volume of 923,492. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.70 and a quick ratio of 0.39. The company has a market capitalization of $14.40 billion, a P/E ratio of 14.74, a PEG ratio of 2.57 and a beta of 0.75. Magellan Midstream Partners has a 52-week low of $54.25 and a 52-week high of $72.90.

Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings results on Wednesday, May 1st. The pipeline company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.06. The company had revenue of $628.90 million during the quarter, compared to the consensus estimate of $692.56 million. Magellan Midstream Partners had a return on equity of 38.97% and a net margin of 47.92%. Magellan Midstream Partners’s revenue was down 7.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.05 earnings per share. On average, research analysts expect that Magellan Midstream Partners will post 4.09 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 8th were given a $1.005 dividend. The ex-dividend date was Tuesday, May 7th. This represents a $4.02 dividend on an annualized basis and a dividend yield of 6.42%. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $1.00. Magellan Midstream Partners’s payout ratio is currently 94.59%.

In related news, insider Jeff R. Selvidge sold 4,000 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $63.64, for a total transaction of $254,560.00. Following the transaction, the insider now owns 23,397 shares of the company’s stock, valued at approximately $1,488,985.08. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.26% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the stock. Howe & Rusling Inc. lifted its stake in shares of Magellan Midstream Partners by 155.1% during the fourth quarter. Howe & Rusling Inc. now owns 472 shares of the pipeline company’s stock worth $27,000 after purchasing an additional 287 shares in the last quarter. Golden State Wealth Management LLC bought a new stake in Magellan Midstream Partners in the first quarter valued at about $27,000. AdvisorNet Financial Inc increased its holdings in Magellan Midstream Partners by 132.8% in the fourth quarter. AdvisorNet Financial Inc now owns 533 shares of the pipeline company’s stock valued at $30,000 after buying an additional 304 shares during the last quarter. CWM LLC increased its holdings in Magellan Midstream Partners by 103.7% in the first quarter. CWM LLC now owns 556 shares of the pipeline company’s stock valued at $34,000 after buying an additional 283 shares during the last quarter. Finally, Massey Quick Simon & CO. LLC increased its holdings in Magellan Midstream Partners by 308.6% in the first quarter. Massey Quick Simon & CO. LLC now owns 662 shares of the pipeline company’s stock valued at $40,000 after buying an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 68.88% of the company’s stock.

A number of research firms have recently commented on MMP. Johnson Rice began coverage on Magellan Midstream Partners in a report on Thursday, May 30th. They issued an “accumulate” rating and a $71.00 price objective on the stock. ValuEngine upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a report on Thursday, May 23rd. Zacks Investment Research upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, April 16th. LADENBURG THALM/SH SH set a $75.00 price target on Magellan Midstream Partners and gave the stock a “buy” rating in a research note on Tuesday, March 26th. Finally, Bank of America downgraded Magellan Midstream Partners from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $69.00 to $62.00 in a research note on Wednesday, February 27th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $69.50.

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About Magellan Midstream Partners

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.

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