Brokerages expect that Magellan Midstream Partners L.P. (NYSE:MMP) will post sales of $571.36 million for the current quarter, according to Zacks. Three analysts have issued estimates for Magellan Midstream Partners L.P.’s earnings. The highest sales estimate is $608.72 million and the lowest is $516.40 million. Magellan Midstream Partners L.P. reported sales of $551.78 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 3.5%. The company is expected to announce its next earnings results on Wednesday, November 1st.

On average, analysts expect that Magellan Midstream Partners L.P. will report full-year sales of $571.36 million for the current financial year, with estimates ranging from $2.38 billion to $2.62 billion. For the next year, analysts forecast that the business will report sales of $2.51 billion per share, with estimates ranging from $2.22 billion to $2.71 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Magellan Midstream Partners L.P..

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.03. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. The firm had revenue of $619.40 million for the quarter, compared to the consensus estimate of $561.70 million. During the same period in the prior year, the business posted $0.82 earnings per share. The company’s revenue for the quarter was up 19.4% on a year-over-year basis.

Several equities research analysts recently issued reports on MMP shares. UBS AG raised shares of Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 price target on the stock in a research note on Tuesday, July 18th. BidaskClub raised shares of Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. Zacks Investment Research downgraded shares of Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Mizuho downgraded shares of Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $74.00 to $72.00 in a research note on Monday, July 10th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $70.00 price target (down previously from $73.00) on shares of Magellan Midstream Partners L.P. in a research note on Sunday, September 3rd. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $79.19.

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Hedge funds have recently made changes to their positions in the business. Founders Capital Management acquired a new position in Magellan Midstream Partners L.P. during the 1st quarter worth $109,000. Catalyst Capital Advisors LLC grew its holdings in Magellan Midstream Partners L.P. by 23.7% during the 1st quarter. Catalyst Capital Advisors LLC now owns 1,568 shares of the pipeline company’s stock worth $121,000 after acquiring an additional 300 shares in the last quarter. NEXT Financial Group Inc grew its holdings in Magellan Midstream Partners L.P. by 7.5% during the 2nd quarter. NEXT Financial Group Inc now owns 1,807 shares of the pipeline company’s stock worth $129,000 after acquiring an additional 126 shares in the last quarter. Independent Portfolio Consultants Inc. grew its holdings in Magellan Midstream Partners L.P. by 4.6% during the 2nd quarter. Independent Portfolio Consultants Inc. now owns 1,968 shares of the pipeline company’s stock worth $140,000 after acquiring an additional 87 shares in the last quarter. Finally, AlphaMark Advisors LLC grew its holdings in Magellan Midstream Partners L.P. by 444.9% during the 1st quarter. AlphaMark Advisors LLC now owns 1,929 shares of the pipeline company’s stock worth $148,000 after acquiring an additional 1,575 shares in the last quarter. 60.80% of the stock is owned by institutional investors.

Shares of Magellan Midstream Partners L.P. (MMP) traded down 0.41% during midday trading on Friday, hitting $71.13. The stock had a trading volume of 675,187 shares. The firm has a market cap of $16.22 billion, a price-to-earnings ratio of 19.29 and a beta of 0.80. Magellan Midstream Partners L.P. has a 52-week low of $63.92 and a 52-week high of $81.77. The firm’s 50 day moving average price is $67.85 and its 200 day moving average price is $72.30.

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Earnings History and Estimates for Magellan Midstream Partners L.P. (NYSE:MMP)

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