Brokerages expect Magellan Midstream Partners, L.P. (NYSE:MMP) to announce earnings of $1.06 per share for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Magellan Midstream Partners’ earnings. The lowest EPS estimate is $0.97 and the highest is $1.21. Magellan Midstream Partners posted earnings per share of $1.05 in the same quarter last year, which would indicate a positive year over year growth rate of 1%. The company is scheduled to issue its next quarterly earnings results on Thursday, August 1st.
According to Zacks, analysts expect that Magellan Midstream Partners will report full-year earnings of $4.09 per share for the current year, with EPS estimates ranging from $3.99 to $4.23. For the next fiscal year, analysts anticipate that the business will post earnings of $4.50 per share, with EPS estimates ranging from $4.20 to $5.09. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side analysts that that provide coverage for Magellan Midstream Partners.
Magellan Midstream Partners (NYSE:MMP) last posted its earnings results on Wednesday, May 1st. The pipeline company reported $1.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.00 by $0.06. Magellan Midstream Partners had a return on equity of 38.97% and a net margin of 47.92%. The business had revenue of $628.90 million during the quarter, compared to analysts’ expectations of $692.56 million. During the same period in the previous year, the business earned $1.05 earnings per share. The firm’s revenue was down 7.3% on a year-over-year basis.
MMP has been the subject of several recent analyst reports. Zacks Investment Research upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, April 16th. ValuEngine upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research report on Thursday, March 7th. Bank of America cut Magellan Midstream Partners from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $69.00 to $62.00 in a research report on Wednesday, February 27th. LADENBURG THALM/SH SH set a $75.00 target price on Magellan Midstream Partners and gave the stock a “buy” rating in a research report on Tuesday, March 26th. Finally, Johnson Rice assumed coverage on Magellan Midstream Partners in a report on Thursday, May 30th. They issued an “accumulate” rating and a $71.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $69.50.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Semmax Financial Advisors Inc. lifted its stake in shares of Magellan Midstream Partners by 115.6% in the 1st quarter. Semmax Financial Advisors Inc. now owns 10,195 shares of the pipeline company’s stock valued at $618,000 after acquiring an additional 5,466 shares during the last quarter. Harvest Fund Advisors LLC lifted its stake in shares of Magellan Midstream Partners by 3.7% in the 4th quarter. Harvest Fund Advisors LLC now owns 7,561,427 shares of the pipeline company’s stock valued at $431,455,000 after acquiring an additional 267,644 shares during the last quarter. Centric Wealth Management bought a new stake in shares of Magellan Midstream Partners in the 4th quarter valued at about $292,000. Tortoise Index Solutions LLC lifted its stake in shares of Magellan Midstream Partners by 110.5% in the 4th quarter. Tortoise Index Solutions LLC now owns 83,210 shares of the pipeline company’s stock valued at $4,748,000 after acquiring an additional 43,677 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Magellan Midstream Partners by 19.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 193,000 shares of the pipeline company’s stock valued at $11,702,000 after acquiring an additional 32,000 shares during the last quarter. Hedge funds and other institutional investors own 68.88% of the company’s stock.
Magellan Midstream Partners stock opened at $63.29 on Friday. Magellan Midstream Partners has a 52 week low of $54.25 and a 52 week high of $72.90. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.70 and a quick ratio of 0.39. The stock has a market cap of $14.54 billion, a P/E ratio of 14.89, a price-to-earnings-growth ratio of 2.58 and a beta of 0.75.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 8th were issued a $1.005 dividend. This is a boost from Magellan Midstream Partners’s previous quarterly dividend of $1.00. This represents a $4.02 dividend on an annualized basis and a dividend yield of 6.35%. The ex-dividend date of this dividend was Tuesday, May 7th. Magellan Midstream Partners’s dividend payout ratio is presently 94.59%.
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.
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