Analysts expect Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) to report sales of $719.62 million for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Magellan Midstream Partners’ earnings. The highest sales estimate is $756.90 million and the lowest is $682.33 million. Magellan Midstream Partners reported sales of $653.64 million during the same quarter last year, which indicates a positive year-over-year growth rate of 10.1%. The company is scheduled to issue its next quarterly earnings results on Monday, January 1st.
On average, analysts expect that Magellan Midstream Partners will report full year sales of $3.01 billion for the current year, with estimates ranging from $2.72 billion to $3.31 billion. For the next fiscal year, analysts expect that the company will report sales of $3.07 billion, with estimates ranging from $2.72 billion to $3.42 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Magellan Midstream Partners.
Magellan Midstream Partners (NYSE:MMP – Get Rating) last issued its quarterly earnings results on Thursday, May 5th. The pipeline company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.05 by ($0.27). Magellan Midstream Partners had a net margin of 33.36% and a return on equity of 50.45%. The firm had revenue of $631.10 million for the quarter, compared to the consensus estimate of $704.74 million. During the same quarter in the prior year, the firm earned $1.09 earnings per share. The company’s revenue was down 6.5% on a year-over-year basis.
Shares of MMP stock traded up $0.71 during trading hours on Monday, hitting $48.58. The company had a trading volume of 1,709,865 shares, compared to its average volume of 1,287,440. Magellan Midstream Partners has a 12 month low of $43.58 and a 12 month high of $53.85. The firm has a market capitalization of $10.28 billion, a price-to-earnings ratio of 11.40, a PEG ratio of 4.34 and a beta of 0.96. The firm’s fifty day moving average is $49.40 and its 200 day moving average is $48.15. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.83 and a current ratio of 1.24.
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 13th. Stockholders of record on Monday, May 2nd were paid a dividend of $1.0375 per share. This represents a $4.15 dividend on an annualized basis and a dividend yield of 8.54%. The ex-dividend date of this dividend was Friday, April 29th. Magellan Midstream Partners’s dividend payout ratio is currently 97.42%.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Alps Advisors Inc. raised its stake in Magellan Midstream Partners by 6.3% in the 4th quarter. Alps Advisors Inc. now owns 11,064,905 shares of the pipeline company’s stock valued at $513,854,000 after acquiring an additional 657,431 shares during the period. Goldman Sachs Group Inc. raised its stake in Magellan Midstream Partners by 0.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 5,845,141 shares of the pipeline company’s stock valued at $271,447,000 after acquiring an additional 38,818 shares during the period. Morgan Stanley grew its holdings in Magellan Midstream Partners by 5.1% in the 3rd quarter. Morgan Stanley now owns 5,790,647 shares of the pipeline company’s stock valued at $263,939,000 after buying an additional 282,147 shares in the last quarter. Bank of America Corp DE grew its holdings in Magellan Midstream Partners by 59.3% in the 4th quarter. Bank of America Corp DE now owns 3,132,338 shares of the pipeline company’s stock valued at $145,467,000 after buying an additional 1,165,745 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Magellan Midstream Partners by 10.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,697,017 shares of the pipeline company’s stock worth $132,343,000 after purchasing an additional 246,037 shares in the last quarter. Institutional investors and hedge funds own 53.28% of the company’s stock.
About Magellan Midstream Partners (Get Rating)
Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. It operates through Refined Products and Crude Oil segments. The company operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to 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.
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