Analysts forecast that Magellan Midstream Partners, L.P. (NYSE:MMP) will report $1.14 earnings per share (EPS) for the current quarter, Zacks reports. Four analysts have issued estimates for Magellan Midstream Partners’ earnings, with the lowest EPS estimate coming in at $1.03 and the highest estimate coming in at $1.24. Magellan Midstream Partners posted earnings of $1.04 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 9.6%. The business is scheduled to issue its next quarterly earnings report on Thursday, February 7th.
On average, analysts expect that Magellan Midstream Partners will report full year earnings of $5.11 per share for the current year, with EPS estimates ranging from $3.98 to $5.70. For the next fiscal year, analysts forecast that the firm will post earnings of $4.26 per share, with EPS estimates ranging from $3.94 to $4.56. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of analysts that cover Magellan Midstream Partners.
Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings data on Thursday, November 1st. The pipeline company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.07. The company had revenue of $638.00 million during the quarter, compared to analysts’ expectations of $621.97 million. Magellan Midstream Partners had a return on equity of 43.31% and a net margin of 47.75%. Magellan Midstream Partners’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.97 earnings per share.
Several research firms have recently weighed in on MMP. Mizuho began coverage on Magellan Midstream Partners in a research report on Wednesday, November 28th. They set a “neutral” rating and a $67.00 price objective for the company. Zacks Investment Research cut Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research report on Friday, November 16th. Wells Fargo & Co reduced their price objective on Magellan Midstream Partners from $74.00 to $72.00 and set a “market perform” rating for the company in a research report on Tuesday, November 6th. Bank of America upped their price objective on Magellan Midstream Partners from $71.00 to $77.00 and gave the stock a “buy” rating in a research report on Monday, November 5th. Finally, Barclays reduced their price objective on Magellan Midstream Partners from $74.00 to $70.00 and set an “equal weight” rating for the company in a research report on Friday, November 2nd. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $74.06.
MMP stock opened at $59.18 on Friday. The company has a quick ratio of 0.44, a current ratio of 0.60 and a debt-to-equity ratio of 1.46. The stock has a market cap of $13.73 billion, a PE ratio of 15.53, a PEG ratio of 2.33 and a beta of 0.81. Magellan Midstream Partners has a fifty-two week low of $54.82 and a fifty-two week high of $75.82.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 14th. Investors of record on Wednesday, November 7th were given a dividend of $0.9775 per share. The ex-dividend date was Tuesday, November 6th. This is a boost from Magellan Midstream Partners’s previous quarterly dividend of $0.96. This represents a $3.91 annualized dividend and a yield of 6.61%. Magellan Midstream Partners’s dividend payout ratio is 102.62%.
In other Magellan Midstream Partners news, insider Douglas J. May sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $68.69, for a total value of $343,450.00. Following the sale, the insider now owns 33,000 shares in the company, valued at $2,266,770. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Jeff R. Selvidge sold 5,500 shares of the company’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $68.70, for a total value of $377,850.00. Following the completion of the sale, the senior vice president now owns 20,380 shares in the company, valued at approximately $1,400,106. The disclosure for this sale can be found here. Insiders have sold 40,500 shares of company stock valued at $2,786,500 over the last three months. Insiders own 0.26% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in Magellan Midstream Partners in the second quarter valued at approximately $106,000. Northern Oak Wealth Management Inc. increased its stake in shares of Magellan Midstream Partners by 142.9% during the third quarter. Northern Oak Wealth Management Inc. now owns 1,700 shares of the pipeline company’s stock worth $115,000 after purchasing an additional 1,000 shares during the period. Girard Partners LTD. bought a new position in shares of Magellan Midstream Partners during the third quarter worth approximately $152,000. NEXT Financial Group Inc bought a new position in shares of Magellan Midstream Partners during the third quarter worth approximately $196,000. Finally, Warren Averett Asset Management LLC bought a new position in shares of Magellan Midstream Partners during the third quarter worth approximately $202,000. Hedge funds and other institutional investors own 65.61% of the company’s stock.
About Magellan Midstream Partners
Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.
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