Equities analysts expect Magellan Midstream Partners L.P. (NYSE:MMP) to announce sales of $568.90 million for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Magellan Midstream Partners L.P.’s earnings, with the lowest sales estimate coming in at $509.00 million and the highest estimate coming in at $608.72 million. Magellan Midstream Partners L.P. reported sales of $551.78 million in the same quarter last year, which indicates a positive year-over-year growth rate of 3.1%. The business is expected to report its next earnings report on Wednesday, November 1st.

According to Zacks, analysts expect that Magellan Midstream Partners L.P. will report full-year sales of $568.90 million for the current fiscal year, with estimates ranging from $2.21 billion to $2.62 billion. For the next fiscal year, analysts expect that the company will post sales of $2.49 billion per share, with estimates ranging from $2.16 billion to $2.71 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover Magellan Midstream Partners L.P..

Magellan Midstream Partners L.P. (NYSE:MMP) last released its earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.03. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. The firm had revenue of $619.40 million for the quarter, compared to analyst estimates of $561.70 million. During the same quarter in the prior year, the firm posted $0.82 earnings per share. The company’s quarterly revenue was up 19.4% on a year-over-year basis.

A number of research firms have commented on MMP. Stifel Nicolaus reiterated a “hold” rating and issued a $77.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Thursday, August 3rd. Royal Bank Of Canada reiterated a “hold” rating and issued a $80.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Monday, July 24th. Barclays PLC lowered Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $88.00 to $77.00 in a research report on Tuesday, July 18th. BidaskClub lowered Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Finally, Zacks Investment Research upgraded Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company. Magellan Midstream Partners L.P. presently has a consensus rating of “Hold” and a consensus price target of $79.10.

Magellan Midstream Partners L.P. (NYSE MMP) opened at 68.26 on Thursday. Magellan Midstream Partners L.P. has a 1-year low of $64.25 and a 1-year high of $81.77. The firm has a market cap of $15.56 billion, a price-to-earnings ratio of 18.51 and a beta of 0.80. The firm has a 50-day moving average price of $69.99 and a 200 day moving average price of $74.48.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Monday, July 31st will be paid a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a dividend yield of 5.22%. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, July 27th. Magellan Midstream Partners L.P.’s payout ratio is currently 96.74%.

In other news, insider Douglas J. May sold 8,000 shares of the business’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $75.00, for a total value of $600,000.00. Following the transaction, the insider now directly owns 27,599 shares of the company’s stock, valued at approximately $2,069,925. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.24% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Tortoise Capital Advisors L.L.C. increased its position in shares of Magellan Midstream Partners L.P. by 0.5% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 13,521,564 shares of the pipeline company’s stock worth $963,682,000 after buying an additional 62,371 shares in the last quarter. OppenheimerFunds Inc. increased its position in shares of Magellan Midstream Partners L.P. by 21.9% in the first quarter. OppenheimerFunds Inc. now owns 13,042,073 shares of the pipeline company’s stock worth $1,003,066,000 after buying an additional 2,345,950 shares in the last quarter. UBS Group AG increased its position in Magellan Midstream Partners L.P. by 8.3% in the first quarter. UBS Group AG now owns 5,907,324 shares of the pipeline company’s stock worth $454,332,000 after buying an additional 453,671 shares during the period. JPMorgan Chase & Co. increased its position in Magellan Midstream Partners L.P. by 1.5% in the second quarter. JPMorgan Chase & Co. now owns 3,821,134 shares of the pipeline company’s stock worth $272,333,000 after buying an additional 57,597 shares during the period. Finally, Chickasaw Capital Management LLC increased its position in Magellan Midstream Partners L.P. by 2.9% in the first quarter. Chickasaw Capital Management LLC now owns 2,680,282 shares of the pipeline company’s stock worth $206,140,000 after buying an additional 76,703 shares during the period. 62.86% of the stock is currently owned by institutional investors.

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