Magellan Midstream Partners (NYSE:MMP) updated its fourth quarter earnings guidance on Thursday. The company provided EPS guidance of $1.24 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.12. Magellan Midstream Partners also updated its FY 2018 guidance to $5.70-5.70 EPS.
Several analysts recently issued reports on the company. Barclays reduced their price target on Magellan Midstream Partners from $74.00 to $70.00 and set an equal weight rating for the company in a research note on Friday. Stifel Nicolaus set a $67.00 price target on Magellan Midstream Partners and gave the company a hold rating in a research note on Friday. Citigroup set a $78.00 price target on Magellan Midstream Partners and gave the company a buy rating in a research note on Friday. ValuEngine downgraded Magellan Midstream Partners from a hold rating to a sell rating in a research note on Thursday. Finally, Wolfe Research assumed coverage on Magellan Midstream Partners in a research note on Tuesday. They issued a hold rating for the company. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $74.20.
Shares of NYSE:MMP traded up $0.01 during trading on Friday, reaching $61.34. 1,178,517 shares of the company traded hands, compared to its average volume of 903,906. The company has a market cap of $13.92 billion, a price-to-earnings ratio of 16.10, a PEG ratio of 2.43 and a beta of 0.79. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.31 and a current ratio of 0.54. Magellan Midstream Partners has a 52 week low of $54.82 and a 52 week high of $75.82.
Magellan Midstream Partners (NYSE:MMP) last released its earnings results on Thursday, November 1st. The pipeline company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.07. The firm had revenue of $638.00 million during the quarter, compared to the consensus estimate of $621.97 million. Magellan Midstream Partners had a return on equity of 42.90% and a net margin of 33.54%. The company’s revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.97 EPS. Research analysts predict that Magellan Midstream Partners will post 4.19 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Stockholders of record on Wednesday, November 7th will be given a dividend of $0.9775 per share. This represents a $3.91 dividend on an annualized basis and a dividend yield of 6.37%. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend is Tuesday, November 6th. Magellan Midstream Partners’s dividend payout ratio is presently 100.52%.
In related news, CEO Michael N. Mears sold 30,000 shares of the company’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $68.84, for a total transaction of $2,065,200.00. Following the completion of the sale, the chief executive officer now directly owns 169,295 shares in the company, valued at approximately $11,654,267.80. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Jeff R. Selvidge sold 5,500 shares of the company’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $68.70, for a total value of $377,850.00. Following the sale, the senior vice president now owns 20,380 shares of the company’s stock, valued at $1,400,106. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,500 shares of company stock valued at $2,786,500. Corporate insiders own 0.26% of the company’s stock.
Magellan Midstream Partners Company Profile
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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