UMB Bank reduces stake in Magellan Midstream Partners while StockNews.com initiates coverage

In a surprising move, UMB Bank has decided to decrease its stake in Magellan Midstream Partners by 17.9% during the second quarter. The bank sold a total of 2,222 shares, leaving it with a remaining 10,222 shares worth approximately $637,000 in the company. This decision has raised eyebrows among investors and analysts, as Magellan Midstream Partners has been performing well in recent months.

However, UMB Bank is not the only institution taking a step back from Magellan Midstream Partners. Other hedge funds and institutional investors have also made changes to their positions in the company. It remains to be seen how these changes will impact the market and the future of Magellan Midstream Partners.

Magellan Midstream Partners’ stock opened at $69.00 on Monday, with a 50-day moving average of $66.84. Despite UMB Bank’s recent decision, the company still maintains a market capitalization of $13.94 billion and a PE ratio of 13.75. These figures suggest that Magellan Midstream Partners continues to be a strong player in the market.

Furthermore, Magellan Midstream Partners recently reported earnings of $1.23 per share for the second quarter, surpassing the consensus estimate of $1.10. This impressive performance has only added to the company’s appeal for potential investors. Additionally, the company’s revenue for the quarter stood at $877.20 million, exceeding the analyst estimates of $797.91 million.

It is worth noting that Magellan Midstream Partners recently paid a None dividend of $0.247 per share to its shareholders of record on September 21st. This dividend payout demonstrates the company’s commitment to rewarding its investors.

While some analysts have issued ratings and price targets for Magellan Midstream Partners, with an average rating of “Hold” and an average target price of $60.70, StockNews.com analysts have recently started coverage on the company with a “hold” rating. Several other equities analysts have also weighed in on the company, each providing varying ratings.

Magellan Midstream Partners engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. With its extensive infrastructure network and strong financial performance, the company has positioned itself as a key player in the energy industry.

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