Magellan Midstream Partners (NYSE:MMP) – Equities research analysts at US Capital Advisors decreased their Q3 2018 earnings per share estimates for shares of Magellan Midstream Partners in a note issued to investors on Monday, May 14th. US Capital Advisors analyst J. Carreker now expects that the pipeline company will post earnings of $1.06 per share for the quarter, down from their previous estimate of $1.07. US Capital Advisors also issued estimates for Magellan Midstream Partners’ Q4 2018 earnings at $1.12 EPS, FY2018 earnings at $4.29 EPS and FY2019 earnings at $4.41 EPS.
Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings results on Thursday, May 3rd. The pipeline company reported $1.05 EPS for the quarter, beating the consensus estimate of $1.01 by $0.04. Magellan Midstream Partners had a return on equity of 41.57% and a net margin of 33.71%. The firm had revenue of $679.00 million during the quarter, compared to analysts’ expectations of $669.70 million. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.96 earnings per share.
Several other research firms have also recently issued reports on MMP. Mizuho reissued a “sell” rating and set a $66.00 target price on shares of Magellan Midstream Partners in a research note on Wednesday, April 11th. UBS raised their target price on Magellan Midstream Partners from $80.00 to $81.00 and gave the stock a “buy” rating in a research note on Friday, March 2nd. Royal Bank of Canada reissued a “hold” rating and set a $79.00 target price on shares of Magellan Midstream Partners in a research note on Friday, February 2nd. JPMorgan Chase reissued a “neutral” rating and set a $75.00 target price (down previously from $78.00) on shares of Magellan Midstream Partners in a research note on Tuesday, March 13th. Finally, Bank of America cut their target price on Magellan Midstream Partners from $77.00 to $71.00 and set a “buy” rating for the company in a research note on Tuesday, March 27th. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. Magellan Midstream Partners has an average rating of “Hold” and a consensus price target of $73.67.
MMP stock opened at $69.46 on Thursday. The company has a quick ratio of 0.38, a current ratio of 0.63 and a debt-to-equity ratio of 2.00. The firm has a market cap of $15.84 billion, a price-to-earnings ratio of 18.23, a price-to-earnings-growth ratio of 2.80 and a beta of 0.71. Magellan Midstream Partners has a 52-week low of $54.82 and a 52-week high of $75.82.
Several institutional investors and hedge funds have recently added to or reduced their stakes in MMP. Bank of Montreal Can boosted its position in shares of Magellan Midstream Partners by 5.0% during the fourth quarter. Bank of Montreal Can now owns 2,258,844 shares of the pipeline company’s stock worth $160,241,000 after buying an additional 106,636 shares during the period. Wasatch Advisors Inc. boosted its position in shares of Magellan Midstream Partners by 12.7% during the fourth quarter. Wasatch Advisors Inc. now owns 24,771 shares of the pipeline company’s stock worth $1,757,000 after buying an additional 2,800 shares during the period. Koshinski Asset Management Inc. boosted its position in shares of Magellan Midstream Partners by 30.3% during the fourth quarter. Koshinski Asset Management Inc. now owns 9,854 shares of the pipeline company’s stock worth $699,000 after buying an additional 2,291 shares during the period. Edge Wealth Management LLC boosted its position in shares of Magellan Midstream Partners by 37.7% during the fourth quarter. Edge Wealth Management LLC now owns 36,735 shares of the pipeline company’s stock worth $2,606,000 after buying an additional 10,060 shares during the period. Finally, Westpac Banking Corp purchased a new position in shares of Magellan Midstream Partners during the fourth quarter worth $5,082,000. Institutional investors and hedge funds own 62.12% of the company’s stock.
The company also recently declared a quarterly dividend, which was paid on Tuesday, May 15th. Stockholders of record on Sunday, August 5th were given a dividend of $0.9375 per share. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $0.92. This represents a $3.75 annualized dividend and a dividend yield of 5.40%. The ex-dividend date was Monday, May 7th. Magellan Midstream Partners’s dividend payout ratio (DPR) is currently 98.43%.
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, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.
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