Equities research analysts forecast that Magellan Midstream Partners L.P. (NYSE:MMP) will report sales of $571.36 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Magellan Midstream Partners L.P.’s earnings, with estimates ranging from $516.40 million to $608.72 million. Magellan Midstream Partners L.P. posted sales of $551.78 million during the same quarter last year, which suggests a positive year over year growth rate of 3.5%. The company is scheduled to report its next quarterly earnings report before the market opens on Thursday, November 2nd.

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 fiscal year, analysts anticipate that the company will post sales of $2.52 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 sell-side research firms that that provide coverage for Magellan Midstream Partners L.P..

Magellan Midstream Partners L.P. (NYSE:MMP) last released its earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 EPS for the quarter, topping the Thomson Reuters’ 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 company had revenue of $619.40 million during the quarter, compared to analysts’ expectations of $561.70 million. During the same quarter last year, the business earned $0.82 EPS. The business’s revenue was up 19.4% on a year-over-year basis.

Several equities research analysts recently weighed in on MMP shares. BidaskClub raised shares of Magellan Midstream Partners L.P. from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. Mizuho downgraded shares of Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $74.00 to $72.00 in a report on Monday, July 10th. Zacks Investment Research downgraded shares of Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. UBS AG raised shares of Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 price objective for the company in a report on Tuesday, July 18th. Finally, Barclays PLC downgraded shares of Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $88.00 to $77.00 in a report on Tuesday, July 18th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company’s stock. Magellan Midstream Partners L.P. currently has an average rating of “Hold” and a consensus price target of $79.04.

In other Magellan Midstream Partners L.P. news, insider Jeff R. Selvidge sold 5,000 shares of the company’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $70.64, for a total value of $353,200.00. Following the completion of the sale, the insider now directly owns 19,653 shares of the company’s stock, valued at approximately $1,388,287.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.24% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of MMP. Private Trust Co. NA lifted its stake in Magellan Midstream Partners L.P. by 5.7% during the second quarter. Private Trust Co. NA now owns 18,792 shares of the pipeline company’s stock valued at $1,339,000 after buying an additional 1,009 shares in the last quarter. Brighton Jones LLC purchased a new stake in Magellan Midstream Partners L.P. during the first quarter valued at about $426,000. Patriot Financial Group Insurance Agency LLC lifted its stake in Magellan Midstream Partners L.P. by 5.2% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 7,081 shares of the pipeline company’s stock valued at $492,000 after buying an additional 350 shares in the last quarter. New England Private Wealth Advisors LLC lifted its stake in Magellan Midstream Partners L.P. by 11.4% during the second quarter. New England Private Wealth Advisors LLC now owns 8,358 shares of the pipeline company’s stock valued at $596,000 after buying an additional 858 shares in the last quarter. Finally, Access Financial Services Inc. lifted its stake in Magellan Midstream Partners L.P. by 7.7% during the second quarter. Access Financial Services Inc. now owns 8,170 shares of the pipeline company’s stock valued at $582,000 after buying an additional 585 shares in the last quarter. 60.87% of the stock is owned by institutional investors.

Shares of Magellan Midstream Partners L.P. (NYSE:MMP) opened at 68.11 on Monday. The stock has a 50 day moving average of $70.04 and a 200 day moving average of $71.07. Magellan Midstream Partners L.P. has a 1-year low of $63.92 and a 1-year high of $81.77. The firm has a market cap of $15.53 billion, a PE ratio of 18.47 and a beta of 0.79.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Shareholders of record on Thursday, November 2nd will be issued a $0.905 dividend. This represents a $3.62 dividend on an annualized basis and a yield of 5.31%. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.89. The ex-dividend date of this dividend is Wednesday, November 1st. Magellan Midstream Partners L.P.’s dividend payout ratio is presently 96.74%.

TRADEMARK VIOLATION WARNING: This news story was posted by American Banking News and is the sole property of of American Banking News. If you are viewing this news story on another site, it was copied illegally and republished in violation of US and international trademark & copyright law. The original version of this news story can be viewed at https://www.americanbankingnews.com/2017/10/23/analysts-expect-magellan-midstream-partners-l-p-mmp-will-post-quarterly-sales-of-571-36-million.html.

Magellan Midstream Partners L.P. Company Profile

Get a free copy of the Zacks research report on Magellan Midstream Partners L.P. (MMP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Magellan Midstream Partners L.P. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Midstream Partners L.P. and related companies with MarketBeat.com's FREE daily email newsletter.