Magellan Midstream Partners L.P. (MMP) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS
Magellan Midstream Partners L.P. (NYSE:MMP) released its quarterly earnings results on Thursday. The pipeline company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.02, Bloomberg Earnings reports. The firm had revenue of $551.80 million for the quarter, compared to analysts’ expectations of $610.12 million. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. The company’s revenue was down 3.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.91 EPS.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 14th. Stockholders of record on Thursday, November 2nd will be given a dividend of $0.905 per share. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.89. The ex-dividend date is Wednesday, November 1st. This represents a $3.62 dividend on an annualized basis and a dividend yield of 5.41%. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is presently 98.37%.
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Several research firms have recently commented on MMP. BidaskClub lowered Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Stifel Nicolaus restated a “hold” rating and issued a $81.00 price objective on shares of Magellan Midstream Partners L.P. in a research note on Wednesday, July 19th. Zacks Investment Research lowered Magellan Midstream Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Mizuho lowered Magellan Midstream Partners L.P. from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $74.00 to $72.00 in a research note on Monday, July 10th. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $80.00 price objective on shares of Magellan Midstream Partners L.P. in a research note on Monday, July 24th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $79.04.
In other news, insider Jeff R. Selvidge sold 5,000 shares of the business’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $70.64, for a total transaction of $353,200.00. Following the completion of the sale, the insider now owns 19,653 shares of the company’s stock, valued at $1,388,287.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.24% of the stock is owned by insiders.
About Magellan Midstream Partners L.P.
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