Equities analysts expect Magellan Midstream Partners, L.P. (NYSE:MMP) to announce $1.08 earnings per share for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Magellan Midstream Partners’ earnings, with the lowest EPS estimate coming in at $1.03 and the highest estimate coming in at $1.12. Magellan Midstream Partners reported earnings of $1.10 per share during the same quarter last year, which would indicate a negative year over year growth rate of 1.8%. The firm is expected to announce its next quarterly earnings results on Thursday, November 7th.
On average, analysts expect that Magellan Midstream Partners will report full year earnings of $4.37 per share for the current financial year, with EPS estimates ranging from $3.99 to $4.53. For the next year, analysts expect that the company will report earnings of $4.62 per share, with EPS estimates ranging from $4.45 to $4.91. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research analysts that that provide coverage for Magellan Midstream Partners.
Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.07 by $0.13. The firm had revenue of $701.70 million during the quarter, compared to analysts’ expectations of $658.67 million. Magellan Midstream Partners had a net margin of 48.33% and a return on equity of 38.48%. The firm’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the company posted $0.94 EPS.
A number of research firms recently commented on MMP. Johnson Rice began coverage on shares of Magellan Midstream Partners in a research report on Thursday, May 30th. They issued an “accumulate” rating and a $71.00 target price on the stock. Raymond James increased their target price on shares of Magellan Midstream Partners from $69.00 to $71.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Stifel Nicolaus increased their target price on shares of Magellan Midstream Partners from $62.00 to $68.00 and gave the company a “hold” rating in a research report on Friday, August 2nd. ValuEngine downgraded shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, Credit Suisse Group raised their price objective on shares of Magellan Midstream Partners from $68.00 to $70.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 6th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company’s stock. Magellan Midstream Partners has an average rating of “Hold” and an average target price of $69.00.
Shares of MMP opened at $65.78 on Friday. Magellan Midstream Partners has a twelve month low of $54.25 and a twelve month high of $69.44. The firm’s fifty day simple moving average is $65.89 and its 200-day simple moving average is $63.13. The firm has a market capitalization of $15.02 billion, a price-to-earnings ratio of 15.48, a PEG ratio of 2.49 and a beta of 0.72. The company has a current ratio of 0.66, a quick ratio of 0.38 and a debt-to-equity ratio of 1.73.
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were issued a $1.013 dividend. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $4.05 annualized dividend and a dividend yield of 6.16%. Magellan Midstream Partners’s payout ratio is presently 95.29%.
In related news, insider Jeff R. Selvidge sold 7,000 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $66.38, for a total value of $464,660.00. Following the completion of the sale, the insider now owns 17,897 shares in the company, valued at $1,188,002.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Chansoo Joung acquired 5,000 shares of Magellan Midstream Partners stock in a transaction that occurred on Tuesday, August 20th. The stock was bought at an average price of $67.28 per share, with a total value of $336,400.00. Following the purchase, the director now directly owns 5,000 shares of the company’s stock, valued at $336,400. The disclosure for this purchase can be found here. 0.26% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in MMP. Invesco Ltd. lifted its stake in shares of Magellan Midstream Partners by 14,258.5% in the second quarter. Invesco Ltd. now owns 10,162,949 shares of the pipeline company’s stock valued at $650,428,000 after purchasing an additional 10,092,169 shares during the period. Janus Henderson Group PLC raised its position in Magellan Midstream Partners by 254.3% during the second quarter. Janus Henderson Group PLC now owns 5,706,834 shares of the pipeline company’s stock worth $365,237,000 after acquiring an additional 4,096,277 shares during the last quarter. Commonwealth Bank of Australia acquired a new position in Magellan Midstream Partners during the first quarter worth about $97,092,000. Kayne Anderson Capital Advisors LP raised its position in Magellan Midstream Partners by 28.7% during the second quarter. Kayne Anderson Capital Advisors LP now owns 4,977,049 shares of the pipeline company’s stock worth $318,524,000 after acquiring an additional 1,108,800 shares during the last quarter. Finally, Bank of Montreal Can raised its position in Magellan Midstream Partners by 47.4% during the second quarter. Bank of Montreal Can now owns 1,300,273 shares of the pipeline company’s stock worth $83,216,000 after acquiring an additional 418,408 shares during the last quarter. Hedge funds and other institutional investors own 69.90% of the company’s stock.
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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