Magellan Midstream Partners, L.P. Expected to Earn Q3 2022 Earnings of $0.97 Per Share (NYSE:MMP)


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Magellan Midstream Partners, L.P. (NYSE:MMP) – Research analysts at US Capital Advisors raised their Q3 2022 earnings estimates for shares of Magellan Midstream Partners in a note issued to investors on Tuesday, April 20th. US Capital Advisors analyst J. Carreker now expects that the pipeline company will post earnings per share of $0.97 for the quarter, up from their prior estimate of $0.96.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings results on Tuesday, February 2nd. The pipeline company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.10. The firm had revenue of $586.30 million during the quarter, compared to analyst estimates of $643.24 million. Magellan Midstream Partners had a return on equity of 37.91% and a net margin of 35.61%. Magellan Midstream Partners’s quarterly revenue was down 20.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.37 EPS.

MMP has been the subject of a number of other reports. TD Securities cut their price target on Magellan Midstream Partners from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, February 3rd. Wolfe Research raised Magellan Midstream Partners from an “underperform” rating to a “peer perform” rating and set a $45.00 price target on the stock in a report on Tuesday. Truist cut Magellan Midstream Partners from a “buy” rating to a “hold” rating and set a $44.00 price target on the stock. in a report on Tuesday, February 16th. Mizuho decreased their price objective on Magellan Midstream Partners from $46.00 to $49.00 in a report on Wednesday, February 3rd. Finally, The Goldman Sachs Group decreased their price objective on Magellan Midstream Partners from $43.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, March 17th. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $48.33.

MMP opened at $45.65 on Wednesday. The stock has a 50-day moving average price of $44.63 and a 200-day moving average price of $42.30. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.64 and a quick ratio of 0.40. The firm has a market cap of $10.19 billion, a PE ratio of 11.30 and a beta of 1.08. Magellan Midstream Partners has a 1 year low of $32.61 and a 1 year high of $49.91.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 12th. Shareholders of record on Friday, February 5th were given a $1.0275 dividend. This represents a $4.11 annualized dividend and a yield of 9.00%. The ex-dividend date was Thursday, February 4th. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 86.34%.

Institutional investors have recently made changes to their positions in the business. Global Retirement Partners LLC grew its position in Magellan Midstream Partners by 878.5% in the 1st quarter. Global Retirement Partners LLC now owns 636 shares of the pipeline company’s stock valued at $28,000 after acquiring an additional 571 shares during the last quarter. Planned Solutions Inc. bought a new position in Magellan Midstream Partners in the 4th quarter valued at $30,000. ADE LLC bought a new position in Magellan Midstream Partners in the 4th quarter valued at $33,000. Phoenix Wealth Advisors bought a new position in Magellan Midstream Partners in the 4th quarter valued at $42,000. Finally, Mcmillion Capital Management Inc. bought a new position in Magellan Midstream Partners in the 4th quarter valued at $49,000. 61.96% of the stock is currently owned by institutional investors.

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 and Crude Oil segments. It operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to refiners, wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports.

See Also: Net Income

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

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