Wall Street analysts expect Magellan Midstream Partners, L.P. (NYSE:MMP) to report earnings per share of $1.06 for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Magellan Midstream Partners’ earnings, with the highest EPS estimate coming in at $1.21 and the lowest estimate coming in at $0.97. Magellan Midstream Partners reported earnings of $1.05 per share in the same quarter last year, which indicates a positive year-over-year growth rate of 1%. The business is expected to announce its next earnings results on Thursday, August 1st.
On average, analysts expect that Magellan Midstream Partners will report full-year earnings of $4.09 per share for the current year, with EPS estimates ranging from $3.99 to $4.23. For the next financial year, analysts expect that the business will report earnings of $4.50 per share, with EPS estimates ranging from $4.20 to $5.09. Zacks’ EPS calculations are an average based on a survey of sell-side research firms that follow Magellan Midstream Partners.
Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings data on Wednesday, May 1st. The pipeline company reported $1.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.06. The firm had revenue of $628.90 million for the quarter, compared to analysts’ expectations of $692.56 million. Magellan Midstream Partners had a return on equity of 38.97% and a net margin of 47.92%. The company’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period last year, the firm earned $1.05 earnings per share.
Several equities research analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research report on Wednesday, April 10th. ValuEngine upgraded shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Thursday, May 23rd. 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. Bank of America cut shares of Magellan Midstream Partners from a “buy” rating to a “neutral” rating and decreased their target price for the company from $69.00 to $62.00 in a research report on Wednesday, February 27th. Finally, Johnson Rice assumed coverage on shares of Magellan Midstream Partners in a research report on Thursday, May 30th. They set an “accumulate” rating and a $71.00 target price for the company. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $69.50.
In other news, insider Jeff R. Selvidge sold 4,000 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $63.64, for a total transaction of $254,560.00. Following the transaction, the insider now directly owns 23,397 shares in the company, valued at approximately $1,488,985.08. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.26% of the company’s stock.
A number of large investors have recently modified their holdings of MMP. Manchester Capital Management LLC increased its stake in shares of Magellan Midstream Partners by 56.3% in the fourth quarter. Manchester Capital Management LLC now owns 938 shares of the pipeline company’s stock worth $65,000 after acquiring an additional 338 shares during the period. Securian Asset Management Inc lifted its stake in shares of Magellan Midstream Partners by 8.9% in the fourth quarter. Securian Asset Management Inc now owns 30,058 shares of the pipeline company’s stock worth $1,715,000 after buying an additional 2,447 shares in the last quarter. Duff & Phelps Investment Management Co. raised its stake in Magellan Midstream Partners by 32.5% during the fourth quarter. Duff & Phelps Investment Management Co. now owns 480,940 shares of the pipeline company’s stock worth $27,442,000 after purchasing an additional 118,100 shares during the period. Howe & Rusling Inc. raised its stake in 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 during the period. Finally, South Street Advisors LLC purchased a new position in Magellan Midstream Partners during the fourth quarter worth about $741,000. 68.88% of the stock is owned by institutional investors.
MMP traded down $0.58 on Friday, hitting $62.90. The company had a trading volume of 6,146 shares, compared to its average volume of 733,641. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.70 and a quick ratio of 0.39. Magellan Midstream Partners has a 52-week low of $54.25 and a 52-week high of $72.90. The firm has a market capitalization of $14.40 billion, a PE ratio of 14.83, a price-to-earnings-growth ratio of 2.57 and a beta of 0.75.
The company also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 8th were issued a $1.005 dividend. This represents a $4.02 dividend on an annualized basis and a yield of 6.39%. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Tuesday, May 7th. Magellan Midstream Partners’s dividend payout ratio is 94.59%.
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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