Magellan Midstream Partners (NYSE:MMP) Releases FY 2022 Earnings Guidance

Magellan Midstream Partners (NYSE:MMPGet Rating) issued an update on its FY 2022 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $4.35-$4.35 for the period, compared to the consensus estimate of $4.24. The company issued revenue guidance of -.Magellan Midstream Partners also updated its Q2 2022 guidance to $1.12-$1.12 EPS.

MMP traded up $0.77 on Monday, hitting $49.35. 20,240 shares of the company traded hands, compared to its average volume of 1,238,675. The stock has a market capitalization of $10.44 billion, a PE ratio of 11.40, a PEG ratio of 4.21 and a beta of 0.96. The company has a 50 day moving average of $49.40 and a 200-day moving average of $48.14. Magellan Midstream Partners has a 12-month low of $43.58 and a 12-month 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.

Magellan Midstream Partners (NYSE:MMPGet Rating) last issued its earnings results on Thursday, May 5th. The pipeline company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.03. The business had revenue of $631.10 million during the quarter, compared to the consensus estimate of $704.74 million. Magellan Midstream Partners had a return on equity of 50.45% and a net margin of 33.36%. The company’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.09 EPS. On average, research analysts anticipate that Magellan Midstream Partners will post 4.35 EPS for the current year.

The firm also recently announced 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 8.41%. The ex-dividend date was Friday, April 29th. Magellan Midstream Partners’s dividend payout ratio (DPR) is 97.42%.

A number of equities analysts have recently issued reports on the company. Bank of America lowered their price target on Magellan Midstream Partners from $50.00 to $49.00 and set an underperform rating on the stock in a report on Tuesday, January 18th. Morgan Stanley upped their price target on Magellan Midstream Partners from $50.00 to $54.00 and gave the stock an underweight rating in a report on Tuesday, April 26th. TD Securities upped their price target on Magellan Midstream Partners from $51.00 to $52.00 and gave the stock a hold rating in a report on Friday, May 6th. Barclays cut Magellan Midstream Partners from an overweight rating to an equal weight rating and lowered their price target for the stock from $53.00 to $51.00 in a report on Thursday, January 20th. Finally, Mizuho upped their price target on Magellan Midstream Partners from $50.00 to $52.00 and gave the stock a neutral rating in a report on Wednesday, March 30th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $51.56.

A number of large investors have recently made changes to their positions in the business. V Wealth Advisors LLC grew its holdings in Magellan Midstream Partners by 3.0% during the 4th quarter. V Wealth Advisors LLC now owns 10,632 shares of the pipeline company’s stock valued at $494,000 after buying an additional 305 shares during the last quarter. Cetera Investment Advisers boosted its holdings in shares of Magellan Midstream Partners by 4.4% during the first quarter. Cetera Investment Advisers now owns 17,177 shares of the pipeline company’s stock worth $843,000 after purchasing an additional 729 shares during the last quarter. Comerica Bank boosted its holdings in shares of Magellan Midstream Partners by 18.8% during the fourth quarter. Comerica Bank now owns 4,735 shares of the pipeline company’s stock worth $231,000 after purchasing an additional 750 shares during the last quarter. Raymond James Trust N.A. boosted its holdings in shares of Magellan Midstream Partners by 6.7% during the first quarter. Raymond James Trust N.A. now owns 12,003 shares of the pipeline company’s stock worth $589,000 after purchasing an additional 758 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Magellan Midstream Partners by 1.9% during the third quarter. Bank of New York Mellon Corp now owns 49,384 shares of the pipeline company’s stock worth $2,252,000 after purchasing an additional 904 shares during the last quarter. Hedge funds and other institutional investors own 53.28% of the company’s stock.

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

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