Analysts expect Magellan Midstream Partners, L.P. (NYSE:MMP) to announce sales of $653.38 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Magellan Midstream Partners’ earnings, with the highest sales estimate coming in at $770.65 million and the lowest estimate coming in at $536.10 million. Magellan Midstream Partners posted sales of $782.81 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 16.5%. The company is expected to announce its next earnings results on Friday, May 7th.
According to Zacks, analysts expect that Magellan Midstream Partners will report full year sales of $2.43 billion for the current fiscal year, with estimates ranging from $2.22 billion to $2.63 billion. For the next fiscal year, analysts expect that the company will post sales of $2.63 billion, with estimates ranging from $2.47 billion to $2.89 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Magellan Midstream Partners.
Magellan Midstream Partners (NYSE:MMP) last posted its earnings results on Tuesday, February 2nd. The pipeline company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.10. The company had revenue of $586.30 million for the quarter, compared to the consensus estimate of $643.24 million. Magellan Midstream Partners had a return on equity of 37.91% and a net margin of 35.61%. Magellan Midstream Partners’s revenue was down 20.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.37 earnings per share.
Shares of MMP traded down $0.08 on Thursday, reaching $42.50. The company’s stock had a trading volume of 95,835 shares, compared to its average volume of 1,682,025. The stock’s 50 day simple moving average is $43.57 and its two-hundred day simple moving average is $40.40. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.64 and a quick ratio of 0.40. The stock has a market capitalization of $9.51 billion, a P/E ratio of 10.54 and a beta of 1.08. Magellan Midstream Partners has a 12-month low of $22.02 and a 12-month high of $60.17.
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 12th. Shareholders of record on Friday, February 5th were paid a $1.0275 dividend. This represents a $4.11 annualized dividend and a yield of 9.67%. The ex-dividend date of this dividend was Thursday, February 4th. Magellan Midstream Partners’s payout ratio is currently 86.34%.
Several institutional investors and hedge funds have recently added to or reduced their stakes in MMP. Blackstone Group Inc grew its position in Magellan Midstream Partners by 4.6% in the 3rd quarter. Blackstone Group Inc now owns 9,903,347 shares of the pipeline company’s stock valued at $338,695,000 after acquiring an additional 437,860 shares during the last quarter. Energy Income Partners LLC increased its holdings in Magellan Midstream Partners by 27.2% during the 3rd quarter. Energy Income Partners LLC now owns 6,126,909 shares of the pipeline company’s stock worth $209,540,000 after purchasing an additional 1,308,861 shares during the period. Morgan Stanley raised its position in Magellan Midstream Partners by 20.7% during the 3rd quarter. Morgan Stanley now owns 5,929,852 shares of the pipeline company’s stock valued at $202,800,000 after purchasing an additional 1,014,969 shares in the last quarter. Chickasaw Capital Management LLC lifted its holdings in shares of Magellan Midstream Partners by 10.4% in the 4th quarter. Chickasaw Capital Management LLC now owns 4,398,121 shares of the pipeline company’s stock worth $186,656,000 after buying an additional 416,010 shares during the period. Finally, CIBC Private Wealth Group LLC grew its position in shares of Magellan Midstream Partners by 19.6% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,410,202 shares of the pipeline company’s stock worth $116,629,000 after buying an additional 557,968 shares in the last quarter. 61.96% of the stock is currently owned by hedge funds and other institutional investors.
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, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.
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