Magellan Midstream Partners, L.P. (NYSE:MMP) – Stock analysts at US Capital Advisors upped their Q3 2018 earnings per share (EPS) estimates for Magellan Midstream Partners in a report issued on Wednesday, October 17th, Zacks Investment Research reports. US Capital Advisors analyst J. Carreker now expects that the pipeline company will earn $1.11 per share for the quarter, up from their previous forecast of $1.08. US Capital Advisors also issued estimates for Magellan Midstream Partners’ FY2019 earnings at $4.17 EPS and FY2020 earnings at $4.36 EPS.
Other research analysts have also issued research reports about the company. Zacks Investment Research upgraded Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $76.00 target price on the stock in a research report on Monday, July 16th. BMO Capital Markets reiterated a “buy” rating and set a $85.00 target price on shares of Magellan Midstream Partners in a research report on Friday, July 13th. Citigroup decreased their target price on Magellan Midstream Partners from $82.00 to $78.00 and set a “buy” rating on the stock in a research report on Friday, November 2nd. Bank of America increased their target price on Magellan Midstream Partners from $71.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, November 5th. Finally, Barclays increased their target price on Magellan Midstream Partners from $72.00 to $74.00 and gave the company an “equal weight” rating in a research report on Monday, August 6th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $74.44.
Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, November 1st. The pipeline company reported $1.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.07. Magellan Midstream Partners had a return on equity of 43.31% and a net margin of 47.75%. The business had revenue of $638.00 million for the quarter, compared to analyst estimates of $621.97 million. During the same quarter in the prior year, the firm posted $0.97 EPS. The business’s quarterly revenue was up 11.4% compared to the same quarter last year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Wednesday, November 7th will be issued a $0.9775 dividend. The ex-dividend date is Tuesday, November 6th. This represents a $3.91 dividend on an annualized basis and a yield of 6.25%. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.96. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 102.62%.
In other Magellan Midstream Partners news, CEO Michael N. Mears sold 30,000 shares of the firm’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $68.84, for a total value of $2,065,200.00. Following the transaction, the chief executive officer now owns 169,295 shares in the company, valued at approximately $11,654,267.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jeff R. Selvidge sold 5,500 shares of the firm’s stock in a transaction 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 transaction, 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 sold a total of 40,500 shares of company stock worth $2,786,500 in the last 90 days. 0.26% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in MMP. Tortoise Capital Advisors L.L.C. lifted its holdings in Magellan Midstream Partners by 12.1% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 16,823,215 shares of the pipeline company’s stock valued at $1,139,268,000 after purchasing an additional 1,822,186 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Magellan Midstream Partners in the 2nd quarter valued at $119,556,000. Wells Fargo & Company MN lifted its holdings in Magellan Midstream Partners by 42.4% in the 3rd quarter. Wells Fargo & Company MN now owns 1,348,835 shares of the pipeline company’s stock valued at $91,342,000 after purchasing an additional 401,929 shares in the last quarter. Cortland Advisers LLC purchased a new position in Magellan Midstream Partners in the 2nd quarter valued at $21,095,000. Finally, Charles Schwab Investment Advisory Inc. purchased a new position in Magellan Midstream Partners in the 2nd quarter valued at $19,419,000. Institutional investors own 63.22% 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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