Magellan Midstream Partners, L.P. (NYSE:MMP) Expected to Announce Quarterly Sales of $719.62 Million

Wall Street analysts expect Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) to report sales of $719.62 million for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Magellan Midstream Partners’ earnings. The highest sales estimate is $756.90 million and the lowest is $682.33 million. Magellan Midstream Partners reported sales of $653.64 million in the same quarter last year, which indicates a positive year over year growth rate of 10.1%. The company is expected to issue its next earnings results on Monday, January 1st.

On average, analysts expect that Magellan Midstream Partners will report full year sales of $3.01 billion for the current year, with estimates ranging from $2.72 billion to $3.31 billion. For the next fiscal year, analysts expect that the firm will post sales of $3.07 billion, with estimates ranging from $2.72 billion to $3.42 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Magellan Midstream Partners.

Magellan Midstream Partners (NYSE:MMP – Get Rating) last posted its quarterly earnings data on Thursday, May 5th. The pipeline company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.05 by ($0.27). The company had revenue of $631.10 million during the quarter, compared to the consensus estimate of $704.74 million. Magellan Midstream Partners had a net margin of 33.36% and a return on equity of 50.45%. The company’s revenue was down 6.5% on a year-over-year basis. During the same quarter last year, the business earned $1.09 earnings per share.

Several research analysts have recently issued reports on MMP shares. Mizuho increased their price objective on shares of Magellan Midstream Partners from $50.00 to $52.00 and gave the company a “neutral” rating in a report on Wednesday, March 30th. TD Securities raised their target price on shares of Magellan Midstream Partners from $51.00 to $52.00 and gave the stock a “hold” rating in a report on Friday, May 6th. Bank of America reduced their target price on shares of Magellan Midstream Partners from $50.00 to $49.00 and set an “underperform” rating for the company in a report on Tuesday, January 18th. Morgan Stanley raised their target price on shares of Magellan Midstream Partners from $50.00 to $54.00 and gave the stock an “underweight” rating in a report on Tuesday, April 26th. Finally, Barclays cut shares of Magellan Midstream Partners from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $53.00 to $51.00 in a report on Thursday, January 20th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, Magellan Midstream Partners presently has a consensus rating of “Hold” and a consensus target price of $51.56.

Several large investors have recently modified their holdings of the stock. Alps Advisors Inc. lifted its position in shares of Magellan Midstream Partners by 6.3% in the 4th quarter. Alps Advisors Inc. now owns 11,064,905 shares of the pipeline company’s stock valued at $513,854,000 after acquiring an additional 657,431 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Magellan Midstream Partners by 0.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 5,845,141 shares of the pipeline company’s stock worth $271,447,000 after buying an additional 38,818 shares in the last quarter. Morgan Stanley lifted its position in Magellan Midstream Partners by 5.1% in the 3rd quarter. Morgan Stanley now owns 5,790,647 shares of the pipeline company’s stock worth $263,939,000 after buying an additional 282,147 shares in the last quarter. Bank of America Corp DE lifted its position in Magellan Midstream Partners by 59.3% in the 4th quarter. Bank of America Corp DE now owns 3,132,338 shares of the pipeline company’s stock worth $145,467,000 after buying an additional 1,165,745 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Magellan Midstream Partners by 10.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,697,017 shares of the pipeline company’s stock worth $132,343,000 after buying an additional 246,037 shares in the last quarter. Institutional investors and hedge funds own 53.28% of the company’s stock.

Shares of Magellan Midstream Partners stock traded up $0.71 on Monday, hitting $48.58. The company had a trading volume of 1,709,865 shares, compared to its average volume of 1,287,440. The business has a 50-day simple moving average of $49.40 and a 200-day simple moving average of $48.15. The company has a debt-to-equity ratio of 2.68, a current ratio of 1.24 and a quick ratio of 0.83. The company has a market cap of $10.28 billion, a PE ratio of 11.40, a PEG ratio of 4.34 and a beta of 0.96. Magellan Midstream Partners has a 52 week low of $43.58 and a 52 week high of $53.85.

The company also recently declared a quarterly dividend, which was paid on Friday, May 13th. Investors of record on Monday, May 2nd were given a $1.0375 dividend. The ex-dividend date of this dividend was Friday, April 29th. This represents a $4.15 annualized dividend and a dividend yield of 8.54%. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 97.42%.

About Magellan Midstream Partners (Get Rating)

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. It operates through Refined Products and Crude Oil segments. The company operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to 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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