Magellan Midstream Partners, L.P. (NYSE:MMP) Expected to Post Earnings of $1.08 Per Share

Share on StockTwits

Equities research analysts expect Magellan Midstream Partners, L.P. (NYSE:MMP) to announce $1.08 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Five analysts have issued estimates for Magellan Midstream Partners’ earnings, with estimates ranging from $1.03 to $1.12. Magellan Midstream Partners reported earnings of $1.10 per share in the same quarter last year, which indicates a negative year-over-year growth rate of 1.8%. The company is expected to report its next quarterly earnings report on Thursday, November 7th.

On average, analysts expect that Magellan Midstream Partners will report full year earnings of $4.37 per share for the current fiscal year, with EPS estimates ranging from $3.99 to $4.53. For the next year, analysts forecast that the company will post earnings of $4.62 per share, with EPS estimates ranging from $4.45 to $4.91. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Magellan Midstream Partners.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.07 by $0.13. The business had revenue of $701.70 million for the quarter, compared to the consensus estimate of $658.67 million. Magellan Midstream Partners had a net margin of 48.33% and a return on equity of 38.48%. The company’s revenue was up 8.9% compared to the same quarter last year. During the same period last year, the firm posted $0.94 earnings per share.

Several research firms have issued reports on MMP. Raymond James increased their price objective on shares of Magellan Midstream Partners from $69.00 to $71.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. ValuEngine downgraded shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research note on Tuesday. Stifel Nicolaus raised their price target on shares of Magellan Midstream Partners from $62.00 to $68.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. Credit Suisse Group raised their price target on shares of Magellan Midstream Partners from $68.00 to $70.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 6th. Finally, Johnson Rice assumed coverage on shares of Magellan Midstream Partners in a research note on Thursday, May 30th. They issued an “accumulate” rating and a $71.00 price target on the stock. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company. Magellan Midstream Partners currently has a consensus rating of “Hold” and an average target price of $69.00.

In other Magellan Midstream Partners news, insider Jeff R. Selvidge sold 7,000 shares of Magellan Midstream Partners stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $66.38, for a total transaction of $464,660.00. Following the transaction, the insider now directly owns 17,897 shares of the company’s stock, valued at $1,188,002.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Chansoo Joung bought 5,000 shares of Magellan Midstream Partners stock in a transaction on Tuesday, August 20th. The shares were purchased at an average cost of $67.28 per share, for a total transaction of $336,400.00. Following the completion of the purchase, the director now directly owns 5,000 shares of the company’s stock, valued at $336,400. The disclosure for this purchase can be found here. 0.26% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of MMP. Invesco Ltd. increased its position in shares of Magellan Midstream Partners by 14,258.5% during the second quarter. Invesco Ltd. now owns 10,162,949 shares of the pipeline company’s stock valued at $650,428,000 after acquiring an additional 10,092,169 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Magellan Midstream Partners by 254.3% during the second quarter. Janus Henderson Group PLC now owns 5,706,834 shares of the pipeline company’s stock valued at $365,237,000 after acquiring an additional 4,096,277 shares during the last quarter. UBS Group AG increased its position in shares of Magellan Midstream Partners by 5.3% during the second quarter. UBS Group AG now owns 5,670,200 shares of the pipeline company’s stock valued at $362,892,000 after acquiring an additional 283,790 shares during the last quarter. Energy Income Partners LLC increased its position in shares of Magellan Midstream Partners by 3.0% during the second quarter. Energy Income Partners LLC now owns 5,634,627 shares of the pipeline company’s stock valued at $360,616,000 after acquiring an additional 163,911 shares during the last quarter. Finally, Kayne Anderson Capital Advisors LP increased its position in shares of Magellan Midstream Partners by 28.7% during the second quarter. Kayne Anderson Capital Advisors LP now owns 4,977,049 shares of the pipeline company’s stock valued at $318,524,000 after acquiring an additional 1,108,800 shares during the last quarter. 69.90% of the stock is currently owned by institutional investors.

MMP opened at $65.78 on Friday. The company has a quick ratio of 0.38, a current ratio of 0.66 and a debt-to-equity ratio of 1.73. The company has a market cap of $15.02 billion, a price-to-earnings ratio of 15.48, a PEG ratio of 2.49 and a beta of 0.72. Magellan Midstream Partners has a 52-week low of $54.25 and a 52-week high of $69.44. The firm’s fifty day simple moving average is $65.89 and its two-hundred day simple moving average is $63.13.

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th were paid a dividend of $1.013 per share. The ex-dividend date was Tuesday, August 6th. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.92. This represents a $4.05 dividend on an annualized basis and a yield of 6.16%. Magellan Midstream Partners’s payout ratio is 95.29%.

About Magellan Midstream Partners

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.

Featured Story: Is a Roth IRA right for you?

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

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

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

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



Latest News

Head-To-Head Review: Liberty Property Trust  & Invesco Mortgage Capital
Head-To-Head Review: Liberty Property Trust & Invesco Mortgage Capital
Head-To-Head Contrast: aTyr Pharma  vs. bluebird bio
Head-To-Head Contrast: aTyr Pharma vs. bluebird bio
Head to Head Analysis: Envestnet  versus Exela Technologies
Head to Head Analysis: Envestnet versus Exela Technologies
Comparing Crawford United  and Fortive
Comparing Crawford United and Fortive
Financial Review: Aduro BioTech  & Amarillo Biosciences
Financial Review: Aduro BioTech & Amarillo Biosciences
Hi-Crush  vs. Canada Jetlines  Head-To-Head Contrast
Hi-Crush vs. Canada Jetlines Head-To-Head Contrast


© 2006-2019 Ticker Report