Zacks: Analysts Anticipate Magellan Midstream Partners, L.P. (NYSE:MMP) Will Announce Quarterly Sales of $560.83 Million


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Wall Street analysts forecast that Magellan Midstream Partners, L.P. (NYSE:MMP) will report $560.83 million in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Magellan Midstream Partners’ earnings. The highest sales estimate is $563.36 million and the lowest is $558.30 million. Magellan Midstream Partners posted sales of $460.41 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 21.8%. The firm is expected to issue its next earnings results on Thursday, July 29th.

According to Zacks, analysts expect that Magellan Midstream Partners will report full year sales of $2.72 billion for the current year, with estimates ranging from $2.55 billion to $2.90 billion. For the next financial year, analysts forecast that the business will report sales of $3.09 billion, with estimates ranging from $2.64 billion to $3.75 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Magellan Midstream Partners.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings data on Thursday, April 29th. The pipeline company reported $1.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.87 by $0.22. Magellan Midstream Partners had a net margin of 35.61% and a return on equity of 37.91%. The business had revenue of $661.00 million during the quarter, compared to the consensus estimate of $661.52 million. During the same period in the prior year, the firm earned $1.28 EPS. Magellan Midstream Partners’s quarterly revenue was down 15.6% compared to the same quarter last year.

Several brokerages have issued reports on MMP. TheStreet lowered shares of Magellan Midstream Partners from a “b-” rating to a “c+” rating in a report on Friday, March 12th. Zacks Investment Research raised Magellan Midstream Partners from a “sell” rating to a “hold” rating and set a $46.00 target price for the company in a report on Tuesday, March 2nd. Morgan Stanley increased their price objective on Magellan Midstream Partners from $55.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, March 29th. Scotiabank initiated coverage on shares of Magellan Midstream Partners in a research report on Monday, February 1st. They set a “sector perform” rating for the company. Finally, The Goldman Sachs Group decreased their price target on Magellan Midstream Partners from $43.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 17th. Twelve research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Magellan Midstream Partners currently has an average rating of “Hold” and an average price target of $48.56.

In related news, SVP Lisa J. Korner sold 10,000 shares of Magellan Midstream Partners stock in a transaction that occurred on Friday, April 30th. The stock was sold at an average price of $47.62, for a total transaction of $476,200.00. Following the sale, the senior vice president now owns 82,953 shares of the company’s stock, valued at approximately $3,950,221.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.29% of the company’s stock.

Several large investors have recently made changes to their positions in MMP. Fiduciary Trust Co. grew its stake in Magellan Midstream Partners by 3.3% in the fourth quarter. Fiduciary Trust Co. now owns 6,972 shares of the pipeline company’s stock worth $296,000 after purchasing an additional 225 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Magellan Midstream Partners by 6.7% in the 1st quarter. Parallel Advisors LLC now owns 3,745 shares of the pipeline company’s stock worth $162,000 after purchasing an additional 235 shares during the period. Stableford Capital II LLC boosted its stake in shares of Magellan Midstream Partners by 0.7% during the first quarter. Stableford Capital II LLC now owns 33,675 shares of the pipeline company’s stock valued at $1,460,000 after purchasing an additional 239 shares in the last quarter. Van ECK Associates Corp increased its holdings in Magellan Midstream Partners by 1.0% during the fourth quarter. Van ECK Associates Corp now owns 24,780 shares of the pipeline company’s stock valued at $1,052,000 after buying an additional 253 shares during the period. Finally, Canton Hathaway LLC lifted its holdings in Magellan Midstream Partners by 25.0% during the first quarter. Canton Hathaway LLC now owns 1,500 shares of the pipeline company’s stock worth $65,000 after buying an additional 300 shares during the period. Institutional investors and hedge funds own 61.96% of the company’s stock.

Shares of NYSE:MMP traded up $0.39 on Thursday, hitting $48.02. 1,508,530 shares of the company were exchanged, compared to its average volume of 1,571,080. The company’s 50 day moving average price is $45.00 and its two-hundred day moving average price is $42.84. The firm has a market capitalization of $10.72 billion, a price-to-earnings ratio of 11.79 and a beta of 1.08. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.40 and a current ratio of 0.64. Magellan Midstream Partners has a one year low of $32.61 and a one year high of $49.91.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 14th. Shareholders of record on Friday, May 7th will be given a dividend of $1.028 per share. The ex-dividend date is Thursday, May 6th. This represents a $4.11 annualized dividend and a yield of 8.56%. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $1.03. Magellan Midstream Partners’s dividend payout ratio (DPR) is currently 86.34%.

Magellan Midstream Partners Company Profile

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 and Crude Oil segments. It operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to refiners, 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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Earnings History and Estimates for Magellan Midstream Partners (NYSE:MMP)

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