Magellan Midstream Partners L.P. (NYSE:MMP) – Equities researchers at DA Davidson boosted their FY2016 earnings per share (EPS) estimates for shares of Magellan Midstream Partners L.P. in a report released on Monday. DA Davidson analyst P. Fratt now anticipates that the firm will post earnings of $3.55 per share for the year, up from their previous forecast of $3.45. DA Davidson also issued estimates for Magellan Midstream Partners L.P.’s Q4 2016 earnings at $0.97 EPS.

MMP has been the subject of several other reports. Zacks Investment Research lowered Magellan Midstream Partners L.P. from a “buy” rating to a “hold” rating in a research report on Thursday, October 6th. Argus restated a “buy” rating and set a $85.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Tuesday, August 23rd. Wunderlich restated a “hold” rating and set a $71.00 price target on shares of Magellan Midstream Partners L.P. in a research report on Friday, August 5th. Morgan Stanley set a $73.00 price target on Magellan Midstream Partners L.P. and gave the stock a “hold” rating in a research report on Wednesday, August 3rd. Finally, Mizuho began coverage on Magellan Midstream Partners L.P. in a research report on Thursday, September 29th. They set a “neutral” rating and a $73.00 price target for the company. Three research analysts have rated the stock with a sell rating, six have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Magellan Midstream Partners L.P. has an average rating of “Hold” and an average target price of $76.86.

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

Shares of Magellan Midstream Partners L.P. (NYSE:MMP) opened at 67.26 on Wednesday. Magellan Midstream Partners L.P. has a 1-year low of $54.51 and a 1-year high of $77.45. The stock has a market cap of $15.32 billion, a P/E ratio of 18.03 and a beta of 0.76. The firm’s 50-day moving average price is $69.27 and its 200 day moving average price is $71.16.

Magellan Midstream Partners L.P. (NYSE:MMP) last announced its earnings results on Wednesday, November 2nd. The company reported $0.91 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.03. Magellan Midstream Partners L.P. had a return on equity of 38.77% and a net margin of 36.82%. The company had revenue of $586.67 million for the quarter, compared to analyst estimates of $291.99 million. During the same period in the prior year, the company posted $0.86 EPS. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year.

The company also recently announced a dividend, which will be paid on Monday, November 14th. Stockholders of record on Monday, October 31st will be given a dividend of $0.8375 per share. The ex-dividend date is Thursday, October 27th. This is a boost from Magellan Midstream Partners L.P.’s previous dividend of $0.70. Magellan Midstream Partners L.P.’s payout ratio is 95.99%.

Hedge funds have recently bought and sold shares of the company. Alps Advisors Inc. boosted its stake in Magellan Midstream Partners L.P. by 18.8% in the second quarter. Alps Advisors Inc. now owns 11,805,830 shares of the company’s stock worth $897,243,000 after buying an additional 1,865,220 shares during the period. Advisory Research Inc. boosted its stake in Magellan Midstream Partners L.P. by 80.8% in the second quarter. Advisory Research Inc. now owns 2,286,289 shares of the company’s stock worth $173,758,000 after buying an additional 1,022,060 shares during the period. Bank of Montreal Can purchased a new stake in Magellan Midstream Partners L.P. during the second quarter worth approximately $68,341,000. Chickasaw Capital Management LLC boosted its stake in Magellan Midstream Partners L.P. by 16.2% in the second quarter. Chickasaw Capital Management LLC now owns 3,371,119 shares of the company’s stock worth $256,205,000 after buying an additional 469,807 shares during the period. Finally, Harvest Fund Advisors LLC boosted its stake in Magellan Midstream Partners L.P. by 5.9% in the first quarter. Harvest Fund Advisors LLC now owns 6,697,131 shares of the company’s stock worth $460,763,000 after buying an additional 375,058 shares during the period. Institutional investors and hedge funds own 61.84% of the company’s stock.

About Magellan Midstream Partners L.P.

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