Short Interest in Magellan Midstream Partners, L.P. (NYSE:MMP) Grows By 8.6%

Magellan Midstream Partners, L.P. (NYSE:MMP) was the recipient of a significant increase in short interest in June. As of June 15th, there was short interest totalling 6,950,700 shares, an increase of 8.6% from the May 15th total of 6,398,000 shares. Based on an average daily volume of 770,000 shares, the short-interest ratio is presently 9.0 days. Currently, 3.1% of the shares of the stock are sold short.

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

A number of institutional investors have recently modified their holdings of the business. FDx Advisors Inc. raised its holdings in Magellan Midstream Partners by 14.0% in the second quarter. FDx Advisors Inc. now owns 54,941 shares of the pipeline company’s stock worth $3,516,000 after purchasing an additional 6,742 shares during the period. Commonwealth Equity Services LLC grew its position in Magellan Midstream Partners by 1.2% in the second quarter. Commonwealth Equity Services LLC now owns 176,531 shares of the pipeline company’s stock valued at $11,298,000 after purchasing an additional 2,055 shares in the last quarter. Moors & Cabot Inc. grew its position in Magellan Midstream Partners by 7.5% in the second quarter. Moors & Cabot Inc. now owns 85,105 shares of the pipeline company’s stock valued at $5,447,000 after purchasing an additional 5,974 shares in the last quarter. Nwam LLC bought a new position in Magellan Midstream Partners in the second quarter valued at $205,000. Finally, Bank of The West grew its position in Magellan Midstream Partners by 24.5% in the second quarter. Bank of The West now owns 10,164 shares of the pipeline company’s stock valued at $650,000 after purchasing an additional 2,000 shares in the last quarter. 68.86% of the stock is currently owned by hedge funds and other institutional investors.

Several research analysts have issued reports on MMP shares. Zacks Investment Research lowered shares of Great Portland Estates from a “hold” rating to a “sell” rating in a research report on Tuesday, April 16th. Johnson Rice started coverage on shares of Enterprise Products Partners in a research report on Thursday, May 30th. They issued a “buy” rating and a $35.00 price target on the stock. LADENBURG THALM/SH SH set a $75.00 price target on shares of Magellan Midstream Partners and gave the stock a “buy” rating in a research report on Tuesday, March 26th. Finally, ValuEngine lowered shares of Verso from a “hold” rating to a “sell” rating in a research report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $68.31.

NYSE MMP traded up $0.12 on Friday, hitting $65.42. 616,603 shares of the stock were exchanged, compared to its average volume of 706,879. Magellan Midstream Partners has a 52-week low of $54.25 and a 52-week high of $72.90. 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 cap of $14.94 billion, a P/E ratio of 15.39, a price-to-earnings-growth ratio of 2.58 and a beta of 0.74. The business’s 50-day moving average price is $63.71.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings data 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. Magellan Midstream Partners had a net margin of 47.92% and a return on equity of 38.97%. The firm had revenue of $628.90 million for the quarter, compared to analysts’ expectations of $692.56 million. During the same period in the previous year, the company posted $1.05 EPS. The company’s quarterly revenue was down 7.3% compared to the same quarter last year. Equities analysts forecast that Magellan Midstream Partners will post 4.23 EPS for the current fiscal year.

Magellan Midstream Partners Company Profile

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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