Wall Street brokerages expect that Magellan Midstream Partners, L.P. (NYSE:MMP) will post earnings of $0.93 per share for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Magellan Midstream Partners’ earnings. The lowest EPS estimate is $0.84 and the highest is $1.16. Magellan Midstream Partners reported earnings per share of $0.65 in the same quarter last year, which would suggest a positive year-over-year growth rate of 43.1%. The company is scheduled to issue its next quarterly earnings results on Thursday, July 29th.
According to Zacks, analysts expect that Magellan Midstream Partners will report full-year earnings of $3.87 per share for the current fiscal year, with EPS estimates ranging from $3.75 to $4.02. For the next financial year, analysts anticipate that the company will report earnings of $4.15 per share, with EPS estimates ranging from $4.10 to $4.23. Zacks’ EPS calculations are an average based on a survey of research firms that cover Magellan Midstream Partners.
Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, April 29th. The pipeline company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.22. The business had revenue of $661.00 million for the quarter, compared to analyst estimates of $661.52 million. Magellan Midstream Partners had a return on equity of 34.70% and a net margin of 32.55%. Magellan Midstream Partners’s revenue was down 15.6% compared to the same quarter last year. During the same period last year, the firm posted $1.28 earnings per share.
NYSE:MMP traded up $1.48 during trading hours on Thursday, hitting $53.53. The company’s stock had a trading volume of 1,165,177 shares, compared to its average volume of 1,485,331. The stock has a fifty day simple moving average of $47.66. The stock has a market capitalization of $11.95 billion, a P/E ratio of 15.58 and a beta of 1.11. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.85 and a quick ratio of 0.47. Magellan Midstream Partners has a twelve month low of $32.61 and a twelve month high of $53.54.
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 14th. Investors of record on Friday, May 7th were paid a $1.028 dividend. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $1.03. This represents a $4.11 dividend on an annualized basis and a dividend yield of 7.68%. The ex-dividend date of this dividend was Thursday, May 6th. Magellan Midstream Partners’s payout ratio is currently 107.03%.
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 value of $476,200.00. Following the transaction, the senior vice president now directly owns 82,953 shares of the company’s stock, valued at $3,950,221.86. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.33% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the business. Clearview Wealth Advisors LLC bought a new stake in Magellan Midstream Partners in the first quarter worth approximately $26,000. Global Retirement Partners LLC increased its holdings in Magellan Midstream Partners by 878.5% in the first quarter. Global Retirement Partners LLC now owns 636 shares of the pipeline company’s stock worth $28,000 after purchasing an additional 571 shares in the last quarter. Lumature Wealth Partners LLC bought a new stake in Magellan Midstream Partners in the first quarter worth approximately $29,000. AGF Investments LLC bought a new stake in Magellan Midstream Partners in the first quarter worth approximately $33,000. Finally, ADE LLC bought a new stake in shares of Magellan Midstream Partners during the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 59.62% of the company’s stock.
About Magellan Midstream Partners
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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