Analysts forecast that Magellan Midstream Partners, L.P. (NYSE:MMP) will post sales of $655.80 million for the current quarter, Zacks reports. Four analysts have provided estimates for Magellan Midstream Partners’ earnings, with the lowest sales estimate coming in at $566.90 million and the highest estimate coming in at $712.21 million. Magellan Midstream Partners reported sales of $740.68 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 11.5%. The company is expected to issue its next quarterly earnings results on Thursday, February 4th.
On average, analysts expect that Magellan Midstream Partners will report full-year sales of $2.49 billion for the current year, with estimates ranging from $2.40 billion to $2.58 billion. For the next fiscal year, analysts forecast that the business will post sales of $2.57 billion, with estimates ranging from $2.38 billion to $2.73 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Magellan Midstream Partners.
Magellan Midstream Partners (NYSE:MMP) last released its earnings results on Friday, October 30th. The pipeline company reported $0.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.12. The company had revenue of $598.26 million for the quarter, compared to the consensus estimate of $570.15 million. Magellan Midstream Partners had a net margin of 35.61% and a return on equity of 37.91%. Magellan Midstream Partners’s quarterly revenue was down 8.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.19 EPS.
A number of brokerages have commented on MMP. Citigroup reduced their price target on shares of Magellan Midstream Partners from $66.00 to $46.00 and set a “buy” rating on the stock in a research report on Monday, August 3rd. TD Securities cut their target price on shares of Magellan Midstream Partners from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, November 2nd. Zacks Investment Research upgraded shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating and set a $37.00 target price on the stock in a report on Monday, October 5th. Argus cut shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating in a report on Monday, November 9th. Finally, Morgan Stanley cut their price target on shares of Magellan Midstream Partners from $55.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, September 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $49.58.
In related news, Director Chansoo Joung acquired 20,000 shares of the business’s stock in a transaction that occurred on Thursday, November 5th. The stock was bought at an average cost of $35.32 per share, for a total transaction of $706,400.00. Following the purchase, the director now owns 40,280 shares in the company, valued at approximately $1,422,689.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.29% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Blackstone Group Inc grew its stake in shares of Magellan Midstream Partners by 4.6% during the 3rd quarter. Blackstone Group Inc now owns 9,903,347 shares of the pipeline company’s stock valued at $338,695,000 after acquiring an additional 437,860 shares during the period. Energy Income Partners LLC lifted its holdings in Magellan Midstream Partners by 27.2% in the 3rd quarter. Energy Income Partners LLC now owns 6,126,909 shares of the pipeline company’s stock worth $209,540,000 after purchasing an additional 1,308,861 shares in the last quarter. Morgan Stanley lifted its holdings in Magellan Midstream Partners by 20.7% in the 3rd quarter. Morgan Stanley now owns 5,929,852 shares of the pipeline company’s stock worth $202,800,000 after purchasing an additional 1,014,969 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in Magellan Midstream Partners by 19.6% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,410,202 shares of the pipeline company’s stock worth $116,629,000 after purchasing an additional 557,968 shares in the last quarter. Finally, Kayne Anderson Capital Advisors LP lifted its holdings in Magellan Midstream Partners by 7.6% in the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 2,969,775 shares of the pipeline company’s stock worth $128,197,000 after purchasing an additional 210,910 shares in the last quarter. Institutional investors own 61.73% of the company’s stock.
Shares of NYSE MMP opened at $41.70 on Thursday. Magellan Midstream Partners has a one year low of $22.02 and a one year high of $65.34. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.64 and a quick ratio of 0.39. The firm’s 50 day simple moving average is $36.84 and its two-hundred day simple moving average is $40.19. The stock has a market capitalization of $9.33 billion, a P/E ratio of 10.32 and a beta of 0.97.
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 13th. Investors of record on Friday, November 6th were paid a dividend of $1.028 per share. The ex-dividend date was Thursday, November 5th. This represents a $4.11 dividend on an annualized basis and a dividend yield of 9.86%. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 86.34%.
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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