Analysts Expect Magellan Midstream Partners, L.P. (MMP) to Post $1.11 Earnings Per Share

Wall Street analysts expect Magellan Midstream Partners, L.P. (NYSE:MMP) to announce earnings per share (EPS) of $1.11 for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Magellan Midstream Partners’ earnings. The highest EPS estimate is $1.21 and the lowest is $0.90. Magellan Midstream Partners reported earnings per share of $1.04 during the same quarter last year, which indicates a positive year-over-year growth rate of 6.7%. The business is scheduled to issue its next quarterly earnings results before the market opens on Thursday, February 1st.

On average, analysts expect that Magellan Midstream Partners will report full-year earnings of $3.87 per share for the current fiscal year, with EPS estimates ranging from $3.65 to $3.97. For the next fiscal year, analysts anticipate that the company will post earnings of $4.10 per share, with EPS estimates ranging from $3.71 to $4.36. Zacks’ earnings per share averages are an average based on a survey of research analysts that that provide coverage for Magellan Midstream Partners.

Magellan Midstream Partners (NYSE:MMP) last announced its earnings results on Thursday, November 2nd. The pipeline company reported $0.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.02. The company had revenue of $551.80 million during the quarter, compared to analysts’ expectations of $610.12 million. Magellan Midstream Partners had a net margin of 34.50% and a return on equity of 40.99%. Magellan Midstream Partners’s quarterly revenue was down 3.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.91 earnings per share.

A number of equities research analysts have recently issued reports on the stock. Bank of America assumed coverage on shares of Magellan Midstream Partners in a research report on Tuesday, January 9th. They issued a “buy” rating for the company. Royal Bank of Canada reissued a “hold” rating and issued a $81.00 target price on shares of Magellan Midstream Partners in a research report on Tuesday. Citigroup raised shares of Magellan Midstream Partners from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a research report on Thursday, September 21st. Credit Suisse Group assumed coverage on shares of Magellan Midstream Partners in a research report on Thursday, January 4th. They issued an “underperform” rating for the company. Finally, BMO Capital Markets assumed coverage on shares of Magellan Midstream Partners in a research report on Monday, December 11th. They issued a “buy” rating and a $80.00 target price for the company. Four research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $78.51.

Shares of Magellan Midstream Partners (MMP) traded up $0.92 during trading on Friday, hitting $73.75. 578,840 shares of the stock were exchanged, compared to its average volume of 876,746. The company has a market capitalization of $16,820.00, a PE ratio of 19.93, a PEG ratio of 2.36 and a beta of 0.77. Magellan Midstream Partners has a 52 week low of $63.55 and a 52 week high of $81.77. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.29 and a current ratio of 0.50.

Hedge funds have recently bought and sold shares of the stock. Pathstone Family Office LLC acquired a new position in Magellan Midstream Partners in the second quarter valued at about $148,000. Glenview State Bank Trust DEPT. acquired a new position in Magellan Midstream Partners in the third quarter valued at about $223,000. Personal Capital Advisors Corp acquired a new position in Magellan Midstream Partners in the fourth quarter valued at about $228,000. Doliver Capital Advisors LP acquired a new position in Magellan Midstream Partners in the second quarter valued at about $234,000. Finally, M&R Capital Management Inc. raised its stake in Magellan Midstream Partners by 16.7% in the second quarter. M&R Capital Management Inc. now owns 3,500 shares of the pipeline company’s stock valued at $235,000 after purchasing an additional 500 shares in the last quarter. 62.05% of the stock is owned by institutional investors and hedge funds.

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About Magellan Midstream Partners

Magellan Midstream Partners, L.P. is principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil. The Company operates through three segments: refined products, crude oil and marine storage. As of December 31, 2016, its asset portfolio, including the assets of its joint ventures, consisted of its refined products segment, consisting 9,700-mile refined products pipeline system with 53 terminals, as well as 26 independent terminals not connected to its pipeline system and its 1,100-mile ammonia pipeline system; its crude oil segment, consisted of approximately 2,200 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 26 million barrels, of which 16 million are used for contract storage, and its marine storage segment, consisted of five marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels.

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