Magellan Midstream Partners, L.P. (NYSE:MMP) Expected to Post Quarterly Sales of $759.91 Million

Equities research analysts predict that Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) will announce $759.91 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Magellan Midstream Partners’ earnings, with the lowest sales estimate coming in at $703.10 million and the highest estimate coming in at $862.00 million. Magellan Midstream Partners posted sales of $661.07 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 15%. The firm is expected to issue its next earnings results before the market opens on Monday, January 1st.

According to Zacks, analysts expect that Magellan Midstream Partners will report full year sales of $2.88 billion for the current financial year, with estimates ranging from $2.69 billion to $3.06 billion. For the next year, analysts anticipate that the firm will post sales of $2.91 billion, with estimates ranging from $2.66 billion to $3.09 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Magellan Midstream Partners.

Magellan Midstream Partners (NYSE:MMP – Get Rating) last posted its earnings results on Wednesday, February 2nd. The pipeline company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.12. The firm had revenue of $809.30 million during the quarter, compared to analyst estimates of $732.93 million. Magellan Midstream Partners had a net margin of 35.54% and a return on equity of 49.54%.

A number of analysts have recently weighed in on the stock. StockNews.com assumed coverage on shares of Magellan Midstream Partners in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Bank of America reduced their price target on shares of Magellan Midstream Partners from $50.00 to $49.00 and set an “underperform” rating for the company in a research note on Tuesday, January 18th. Mizuho increased their target price on shares of Magellan Midstream Partners from $50.00 to $52.00 and gave the company a “neutral” rating in a research note on Wednesday, March 30th. Barclays lowered shares of Magellan Midstream Partners from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $53.00 to $51.00 in a report on Thursday, January 20th. Finally, Morgan Stanley lowered shares of Magellan Midstream Partners from an “equal weight” rating to an “underweight” rating and set a $50.00 price target on the stock. in a report on Friday, January 7th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $51.20.

Shares of NYSE:MMP opened at $50.81 on Monday. The company has a 50 day moving average of $48.64 and a 200-day moving average of $47.95. The firm has a market cap of $10.79 billion, a P/E ratio of 11.37, a P/E/G ratio of 4.59 and a beta of 1.04. Magellan Midstream Partners has a twelve month low of $43.58 and a twelve month high of $53.85. The company has a current ratio of 1.24, a quick ratio of 0.83 and a debt-to-equity ratio of 2.68.

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 14th. Shareholders of record on Monday, February 7th were paid a $1.0375 dividend. The ex-dividend date of this dividend was Friday, February 4th. This represents a $4.15 annualized dividend and a yield of 8.17%. Magellan Midstream Partners’s dividend payout ratio is presently 92.84%.

Hedge funds have recently bought and sold shares of the business. Bogart Wealth LLC grew its position in Magellan Midstream Partners by 127.7% in the fourth quarter. Bogart Wealth LLC now owns 4,573 shares of the pipeline company’s stock worth $212,000 after acquiring an additional 2,565 shares in the last quarter. Keel Point LLC grew its position in Magellan Midstream Partners by 3.5% in the fourth quarter. Keel Point LLC now owns 16,555 shares of the pipeline company’s stock worth $769,000 after acquiring an additional 555 shares in the last quarter. Van ECK Associates Corp grew its position in Magellan Midstream Partners by 2.9% in the fourth quarter. Van ECK Associates Corp now owns 19,714 shares of the pipeline company’s stock worth $916,000 after acquiring an additional 551 shares in the last quarter. Barclays PLC grew its position in Magellan Midstream Partners by 9.1% in the third quarter. Barclays PLC now owns 373,469 shares of the pipeline company’s stock worth $17,024,000 after acquiring an additional 31,213 shares in the last quarter. Finally, Ausdal Financial Partners Inc. boosted its holdings in shares of Magellan Midstream Partners by 5.2% during the 3rd quarter. Ausdal Financial Partners Inc. now owns 8,451 shares of the pipeline company’s stock worth $385,000 after buying an additional 419 shares during the period. 55.28% of the stock is owned by institutional investors.

Magellan Midstream Partners Company Profile (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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