Wall Street analysts expect Magellan Midstream Partners, L.P. (NYSE:MMP) to post $649.54 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Magellan Midstream Partners’ earnings. The highest sales estimate is $687.00 million and the lowest is $622.00 million. Magellan Midstream Partners posted sales of $638.02 million during the same quarter last year, which suggests a positive year over year growth rate of 1.8%. The company is expected to announce its next quarterly earnings results on Thursday, November 7th.
According to Zacks, analysts expect that Magellan Midstream Partners will report full year sales of $2.78 billion for the current financial year, with estimates ranging from $2.53 billion to $2.99 billion. For the next financial year, analysts forecast that the firm will report sales of $2.91 billion, with estimates ranging from $2.67 billion to $3.09 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that follow Magellan Midstream Partners.
Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.07 by $0.13. Magellan Midstream Partners had a return on equity of 38.97% and a net margin of 47.92%. The company had revenue of $701.70 million for the quarter, compared to the consensus estimate of $658.67 million. During the same quarter last year, the business posted $0.94 EPS. Magellan Midstream Partners’s revenue for the quarter was up 8.9% on a year-over-year basis.
Shares of NYSE MMP traded down $0.13 during mid-day trading on Friday, hitting $66.64. 905,125 shares of the stock traded hands, compared to its average volume of 710,571. The company has a current ratio of 0.70, a quick ratio of 0.39 and a debt-to-equity ratio of 1.69. Magellan Midstream Partners has a twelve month low of $54.25 and a twelve month high of $72.90. The firm has a market capitalization of $15.11 billion, a P/E ratio of 15.68, a PEG ratio of 2.60 and a beta of 0.74. The firm’s 50 day simple moving average is $64.60.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th will be issued a dividend of $1.013 per share. The ex-dividend date is Tuesday, August 6th. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.92. This represents a $4.05 annualized dividend and a yield of 6.08%. Magellan Midstream Partners’s payout ratio is presently 94.59%.
In other Magellan Midstream Partners news, insider Jeff R. Selvidge sold 4,000 shares of Magellan Midstream Partners stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $63.64, for a total transaction of $254,560.00. Following the transaction, the insider now directly owns 23,397 shares of the company’s stock, valued at approximately $1,488,985.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.26% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in MMP. Janus Henderson Group PLC lifted its stake in shares of Magellan Midstream Partners by 254.3% in the 2nd quarter. Janus Henderson Group PLC now owns 5,706,834 shares of the pipeline company’s stock valued at $365,237,000 after purchasing an additional 4,096,277 shares during the period. Commonwealth Bank of Australia acquired a new position in shares of Magellan Midstream Partners in the 1st quarter valued at about $97,092,000. Kayne Anderson Capital Advisors LP lifted its stake in shares of Magellan Midstream Partners by 28.7% in the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 4,977,049 shares of the pipeline company’s stock valued at $318,524,000 after purchasing an additional 1,108,800 shares during the period. Perella Weinberg Partners Capital Management LP lifted its stake in shares of Magellan Midstream Partners by 69.7% in the 1st quarter. Perella Weinberg Partners Capital Management LP now owns 413,725 shares of the pipeline company’s stock valued at $25,084,000 after purchasing an additional 169,942 shares during the period. Finally, Parametric Portfolio Associates LLC lifted its stake in shares of Magellan Midstream Partners by 41.1% in the 1st quarter. Parametric Portfolio Associates LLC now owns 555,987 shares of the pipeline company’s stock valued at $33,709,000 after purchasing an additional 162,077 shares during the period. 68.68% of the stock is currently owned by hedge funds and other institutional investors.
Magellan Midstream Partners Company Profile
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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