Magellan Midstream Partners (NYSE:MMP) posted its quarterly earnings results on Thursday. The pipeline company reported $2.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.03 by $1.57, MarketWatch Earnings reports. The company had revenue of $638.00 million for the quarter, compared to the consensus estimate of $621.97 million. Magellan Midstream Partners had a net margin of 33.54% and a return on equity of 42.90%. Magellan Midstream Partners’s revenue was up 11.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.97 earnings per share.
Shares of MMP stock opened at $61.33 on Friday. Magellan Midstream Partners has a 52 week low of $54.82 and a 52 week high of $75.82. The company has a current ratio of 0.54, a quick ratio of 0.31 and a debt-to-equity ratio of 2.04. The firm has a market capitalization of $13.92 billion, a PE ratio of 16.10, a price-to-earnings-growth ratio of 2.43 and a beta of 0.79.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Stockholders of record on Wednesday, November 7th will be paid a $0.9775 dividend. This represents a $3.91 dividend on an annualized basis and a dividend yield of 6.38%. The ex-dividend date of this dividend is Tuesday, November 6th. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.96. Magellan Midstream Partners’s dividend payout ratio (DPR) is currently 100.52%.
A number of equities analysts have weighed in on the stock. ValuEngine downgraded shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research note on Thursday. Wolfe Research assumed coverage on shares of Magellan Midstream Partners in a research note on Tuesday. They set a “hold” rating on the stock. Credit Suisse Group assumed coverage on shares of Magellan Midstream Partners in a research note on Thursday, October 11th. They set a “neutral” rating and a $77.00 price target on the stock. Goldman Sachs Group downgraded shares of Magellan Midstream Partners from a “buy” rating to a “neutral” rating and set a $76.00 price target on the stock. in a research note on Monday, October 8th. Finally, Barclays increased their price target on shares of Magellan Midstream Partners from $72.00 to $74.00 and gave the stock an “equal weight” rating in a research note on Monday, August 6th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. Magellan Midstream Partners presently has a consensus rating of “Hold” and a consensus target price of $74.64.
In other news, SVP Jeff R. Selvidge sold 5,500 shares of the firm’s stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $68.70, for a total value of $377,850.00. Following the transaction, the senior vice president now owns 20,380 shares of the company’s stock, valued at approximately $1,400,106. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Douglas J. May sold 5,000 shares of the firm’s stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $68.69, for a total transaction of $343,450.00. Following the completion of the transaction, the insider now directly owns 33,000 shares in the company, valued at approximately $2,266,770. The disclosure for this sale can be found here. In the last three months, insiders sold 40,500 shares of company stock worth $2,786,500. Insiders own 0.26% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Legacy Advisors LLC grew its holdings in Magellan Midstream Partners by 87.3% during the 2nd quarter. Legacy Advisors LLC now owns 1,547 shares of the pipeline company’s stock valued at $107,000 after purchasing an additional 721 shares in the last quarter. Pegasus Asset Management Inc. grew its holdings in Magellan Midstream Partners by 2.3% during the 2nd quarter. Pegasus Asset Management Inc. now owns 34,861 shares of the pipeline company’s stock valued at $2,408,000 after purchasing an additional 784 shares in the last quarter. ACG Wealth grew its holdings in Magellan Midstream Partners by 9.7% during the 3rd quarter. ACG Wealth now owns 9,010 shares of the pipeline company’s stock valued at $610,000 after purchasing an additional 799 shares in the last quarter. Newport Wealth Strategies Inc. grew its holdings in Magellan Midstream Partners by 16.9% during the 2nd quarter. Newport Wealth Strategies Inc. now owns 5,539 shares of the pipeline company’s stock valued at $383,000 after purchasing an additional 801 shares in the last quarter. Finally, Bartlett & Co. LLC grew its holdings in Magellan Midstream Partners by 9.9% during the 3rd quarter. Bartlett & Co. LLC now owns 8,985 shares of the pipeline company’s stock valued at $608,000 after purchasing an additional 806 shares in the last quarter. 63.34% of the stock is currently owned by institutional investors and hedge funds.
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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