Wall Street brokerages predict that Magellan Midstream Partners, L.P. (NYSE:MMP) will announce sales of $625.29 million for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Magellan Midstream Partners’ earnings. The lowest sales estimate is $571.00 million and the highest is $689.66 million. Magellan Midstream Partners reported sales of $642.07 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 2.6%. The firm is expected to issue its next quarterly earnings results on Wednesday, May 2nd.
On average, analysts expect that Magellan Midstream Partners will report full year sales of $625.29 million for the current financial year, with estimates ranging from $2.18 billion to $2.64 billion. For the next financial year, analysts anticipate that the firm will report sales of $2.55 billion per share, with estimates ranging from $2.27 billion to $2.74 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Magellan Midstream Partners.
Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings results on Thursday, February 1st. The pipeline company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.08). Magellan Midstream Partners had a net margin of 34.67% and a return on equity of 40.85%. The company had revenue of $673.30 million during the quarter, compared to analysts’ expectations of $690.18 million. During the same period last year, the firm earned $0.93 earnings per share. Magellan Midstream Partners’s revenue was up 9.5% on a year-over-year basis.
In related news, CEO Michael N. Mears sold 10,000 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $68.00, for a total transaction of $680,000.00. Following the completion of the transaction, the chief executive officer now directly owns 196,473 shares of the company’s stock, valued at $13,360,164. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael N. Mears sold 22,251 shares of the stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $68.03, for a total transaction of $1,513,735.53. Following the transaction, the chief executive officer now directly owns 196,473 shares of the company’s stock, valued at $13,366,058.19. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of MMP. The Manufacturers Life Insurance Company raised its holdings in Magellan Midstream Partners by 55.8% during the second quarter. The Manufacturers Life Insurance Company now owns 11,050 shares of the pipeline company’s stock worth $787,000 after purchasing an additional 3,959 shares in the last quarter. First Trust Advisors LP grew its position in Magellan Midstream Partners by 9.0% during the third quarter. First Trust Advisors LP now owns 117,625 shares of the pipeline company’s stock worth $8,358,000 after buying an additional 9,702 shares during the period. Sei Investments Co. grew its position in Magellan Midstream Partners by 5.8% during the third quarter. Sei Investments Co. now owns 48,557 shares of the pipeline company’s stock worth $3,450,000 after buying an additional 2,658 shares during the period. Bridgecreek Investment Management LLC grew its position in Magellan Midstream Partners by 1.2% during the third quarter. Bridgecreek Investment Management LLC now owns 103,164 shares of the pipeline company’s stock worth $7,331,000 after buying an additional 1,175 shares during the period. Finally, Advisor Group Inc. grew its position in Magellan Midstream Partners by 8.0% during the third quarter. Advisor Group Inc. now owns 55,331 shares of the pipeline company’s stock worth $3,935,000 after buying an additional 4,112 shares during the period. 62.38% of the stock is owned by hedge funds and other institutional investors.
Shares of Magellan Midstream Partners (NYSE MMP) opened at $64.36 on Tuesday. Magellan Midstream Partners has a 1-year low of $62.31 and a 1-year high of $78.48. The company has a quick ratio of 0.51, a current ratio of 0.73 and a debt-to-equity ratio of 2.01. The company has a market cap of $14,690.00, a PE ratio of 16.89, a PEG ratio of 2.56 and a beta of 0.71.
The company also recently declared a dividend, which was paid on Wednesday, February 14th. Investors of record on Tuesday, February 6th were issued a dividend of $0.92 per share. This is a boost from Magellan Midstream Partners’s previous dividend of $0.84. This represents a yield of 0.0125170068027211%. The ex-dividend date of this dividend was Monday, February 5th. Magellan Midstream Partners’s dividend payout ratio is currently 96.59%.
Magellan Midstream Partners Company Profile
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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