Wall Street analysts predict that Magellan Midstream Partners, L.P. (NYSE:MMP) will post $0.86 earnings per share (EPS) for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Magellan Midstream Partners’ earnings. The lowest EPS estimate is $0.82 and the highest is $0.93. Magellan Midstream Partners posted earnings per share of $0.65 in the same quarter last year, which would indicate a positive year-over-year growth rate of 32.3%. The business is scheduled to issue its next earnings results on Thursday, July 29th.
On average, analysts expect that Magellan Midstream Partners will report full-year earnings of $3.68 per share for the current year, with EPS estimates ranging from $3.57 to $4.02. For the next financial year, analysts expect that the business will post earnings of $3.95 per share, with EPS estimates ranging from $3.86 to $4.15. Zacks Investment Research’s EPS averages are a mean average based on a survey of research analysts that that provide coverage for Magellan Midstream Partners.
Magellan Midstream Partners (NYSE:MMP) last issued its earnings results on Thursday, April 29th. The pipeline company reported $1.09 EPS for the quarter, beating the Zacks’ consensus estimate of $0.87 by $0.22. The business had revenue of $661.00 million during the quarter, compared to analysts’ expectations of $661.52 million. Magellan Midstream Partners had a net margin of 35.61% and a return on equity of 37.91%. The company’s quarterly revenue was down 15.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.28 earnings per share.
In related news, SVP Lisa J. Korner sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, April 30th. The stock was sold at an average price of $47.62, for a total transaction of $476,200.00. Following the completion of the transaction, the senior vice president now directly owns 82,953 shares in the company, valued at approximately $3,950,221.86. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.29% of the company’s stock.
Large investors have recently modified their holdings of the business. BlackRock Inc. raised its position in shares of Magellan Midstream Partners by 6.0% during the 3rd quarter. BlackRock Inc. now owns 35,960 shares of the pipeline company’s stock valued at $1,230,000 after purchasing an additional 2,044 shares during the period. Schonfeld Strategic Advisors LLC raised its holdings in Magellan Midstream Partners by 28.6% during the third quarter. Schonfeld Strategic Advisors LLC now owns 225,000 shares of the pipeline company’s stock valued at $7,695,000 after acquiring an additional 50,000 shares during the period. Chiron Capital Management LLC purchased a new position in shares of Magellan Midstream Partners in the third quarter valued at about $48,000. Van ECK Associates Corp boosted its stake in shares of Magellan Midstream Partners by 16.4% in the third quarter. Van ECK Associates Corp now owns 24,527 shares of the pipeline company’s stock worth $839,000 after acquiring an additional 3,457 shares during the period. Finally, Red Door Wealth Management LLC grew its position in shares of Magellan Midstream Partners by 6.2% during the fourth quarter. Red Door Wealth Management LLC now owns 12,960 shares of the pipeline company’s stock worth $550,000 after purchasing an additional 759 shares in the last quarter. 61.96% of the stock is currently owned by institutional investors and hedge funds.
Magellan Midstream Partners stock traded up $0.39 during mid-day trading on Tuesday, reaching $48.02. 1,508,530 shares of the company were exchanged, compared to its average volume of 1,571,080. The firm has a market cap of $10.72 billion, a PE ratio of 11.79 and a beta of 1.08. Magellan Midstream Partners has a twelve month low of $32.61 and a twelve month high of $49.91. The firm’s 50-day simple moving average is $45.00 and its two-hundred day simple moving average is $42.84. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.40 and a current ratio of 0.64.
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 14th. Stockholders of record on Friday, May 7th will be paid a dividend of $1.028 per share. This represents a $4.11 annualized dividend and a dividend yield of 8.56%. The ex-dividend date of this dividend is Thursday, May 6th. This is a boost from Magellan Midstream Partners’s previous quarterly dividend of $1.03. Magellan Midstream Partners’s dividend payout ratio (DPR) is currently 86.34%.
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 and Crude Oil segments. It operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to refiners, wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports.
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