US Capital Advisors Comments on Magellan Midstream Partners, L.P.’s Q2 2023 Earnings (NYSE:MMP)

Magellan Midstream Partners, L.P. (NYSE:MMPGet Rating) – Analysts at US Capital Advisors issued their Q2 2023 earnings estimates for Magellan Midstream Partners in a research note issued on Monday, April 25th. US Capital Advisors analyst J. Carreker forecasts that the pipeline company will post earnings of $1.07 per share for the quarter. US Capital Advisors also issued estimates for Magellan Midstream Partners’ FY2024 earnings at $4.59 EPS.

MMP has been the topic of a number of other reports. Barclays downgraded shares of Magellan Midstream Partners from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $53.00 to $51.00 in a research report on Thursday, January 20th. StockNews.com started coverage on shares of Magellan Midstream Partners in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Morgan Stanley increased their price objective on shares of Magellan Midstream Partners from $50.00 to $54.00 and gave the company an “underweight” rating in a research report on Tuesday. Mizuho increased their price objective on shares of Magellan Midstream Partners from $50.00 to $52.00 and gave the company a “neutral” rating in a research report on Wednesday, March 30th. Finally, Bank of America dropped their target price on shares of Magellan Midstream Partners from $50.00 to $49.00 and set an “underperform” rating on the stock in a research report on Tuesday, January 18th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $51.60.

Magellan Midstream Partners stock opened at $50.26 on Wednesday. The firm has a market cap of $10.67 billion, a PE ratio of 11.24, a price-to-earnings-growth ratio of 4.73 and a beta of 1.04. Magellan Midstream Partners has a 52-week low of $43.58 and a 52-week high of $53.85. The company has a quick ratio of 0.83, a current ratio of 1.24 and a debt-to-equity ratio of 2.68. The company’s 50 day moving average is $49.11 and its two-hundred day moving average is $48.19.

Magellan Midstream Partners (NYSE:MMPGet Rating) last released its earnings results on Wednesday, February 2nd. The pipeline company reported $1.24 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.12 by $0.12. The company had revenue of $809.30 million for 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%.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 13th. Shareholders of record on Monday, May 2nd will be given a dividend of $1.0375 per share. This represents a $4.15 annualized dividend and a yield of 8.26%. The ex-dividend date of this dividend is Friday, April 29th. Magellan Midstream Partners’s payout ratio is currently 92.84%.

Institutional investors have recently modified their holdings of the business. Farmers & Merchants Investments Inc. purchased a new position in Magellan Midstream Partners during the 1st quarter worth $26,000. Rinkey Investments purchased a new position in Magellan Midstream Partners during the 4th quarter worth $27,000. AGF Investments LLC purchased a new position in Magellan Midstream Partners during the 3rd quarter worth $33,000. Benjamin F. Edwards & Company Inc. grew its position in Magellan Midstream Partners by 157.5% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 793 shares of the pipeline company’s stock worth $36,000 after purchasing an additional 485 shares during the last quarter. Finally, MCF Advisors LLC grew its position in Magellan Midstream Partners by 890.8% during the 3rd quarter. MCF Advisors LLC now owns 971 shares of the pipeline company’s stock worth $44,000 after purchasing an additional 873 shares during the last quarter. 55.28% of the stock is currently owned by institutional investors.

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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Earnings History and Estimates for Magellan Midstream Partners (NYSE:MMP)

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