Equities research analysts expect that Magellan Midstream Partners L.P. (NYSE:MMP) will announce sales of $571.36 million for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Magellan Midstream Partners L.P.’s earnings. The lowest sales estimate is $516.40 million and the highest is $608.72 million. Magellan Midstream Partners L.P. reported sales of $551.78 million during the same quarter last year, which indicates a positive year over year growth rate of 3.5%. The company is scheduled to report its next earnings report 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 year, with estimates ranging from $2.38 billion to $2.62 billion. For the next year, analysts forecast that the firm will report sales of $2.51 billion per share, with estimates ranging from $2.22 billion to $2.71 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Magellan Midstream Partners L.P..

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

MMP has been the subject of several recent analyst reports. Jefferies Group LLC restated a “hold” rating and issued a $70.00 target price (down previously from $73.00) on shares of Magellan Midstream Partners L.P. in a research note on Sunday, September 3rd. Barclays PLC lowered shares of Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $88.00 to $77.00 in a research note on Tuesday, July 18th. BidaskClub upgraded shares of Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. Royal Bank Of Canada reissued a “hold” rating and set a $80.00 price target on shares of Magellan Midstream Partners L.P. in a report on Tuesday, June 20th. Finally, 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 for the company in a report on Tuesday, July 18th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the stock. Magellan Midstream Partners L.P. presently has an average rating of “Hold” and a consensus target price of $79.37.

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Magellan Midstream Partners L.P. (NYSE MMP) opened at 71.17 on Wednesday. Magellan Midstream Partners L.P. has a 12 month low of $63.92 and a 12 month high of $81.77. The firm’s 50-day moving average price is $68.52 and its 200-day moving average price is $71.63. The stock has a market cap of $16.23 billion, a P/E ratio of 19.30 and a beta of 0.79.

In other Magellan Midstream Partners L.P. news, insider Jeff R. Selvidge sold 5,000 shares of the business’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $70.64, for a total transaction of $353,200.00. Following the sale, the insider now directly owns 19,653 shares in the company, valued at $1,388,287.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.24% of the company’s stock.

Several hedge funds have recently made changes to their positions in MMP. Regal Investment Advisors LLC raised its stake in shares of Magellan Midstream Partners L.P. by 0.4% during the 2nd quarter. Regal Investment Advisors LLC now owns 5,728 shares of the pipeline company’s stock worth $408,000 after buying an additional 24 shares during the last quarter. Camelot Portfolios LLC grew its stake in Magellan Midstream Partners L.P. by 0.3% in the 2nd quarter. Camelot Portfolios LLC now owns 8,659 shares of the pipeline company’s stock valued at $617,000 after acquiring an additional 28 shares during the last quarter. MCF Advisors LLC grew its stake in Magellan Midstream Partners L.P. by 1.1% in the 2nd quarter. MCF Advisors LLC now owns 3,257 shares of the pipeline company’s stock valued at $232,000 after acquiring an additional 37 shares during the last quarter. Brighton Jones LLC grew its stake in Magellan Midstream Partners L.P. by 0.8% in the 2nd quarter. Brighton Jones LLC now owns 5,581 shares of the pipeline company’s stock valued at $398,000 after acquiring an additional 46 shares during the last quarter. Finally, Girard Partners LTD. grew its stake in Magellan Midstream Partners L.P. by 2.3% in the 2nd quarter. Girard Partners LTD. now owns 3,731 shares of the pipeline company’s stock valued at $266,000 after acquiring an additional 85 shares during the last quarter. Institutional investors and hedge funds own 60.72% of the company’s stock.

About Magellan Midstream Partners L.P.

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

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