Magellan Midstream Partners (NYSE:MMP) updated its fourth quarter 2018 earnings guidance on Thursday. The company provided EPS guidance of $1.24-1.24 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.14. Magellan Midstream Partners also updated its FY 2018 guidance to $5.70-5.70 EPS.
MMP has been the subject of several recent analyst reports. Zacks Investment Research downgraded shares of Magellan Midstream Partners from a buy rating to a hold rating in a research note on Thursday, July 19th. Barclays raised their target price on shares of Magellan Midstream Partners from $72.00 to $74.00 and gave the company an equal weight rating in a research note on Monday, August 6th. Credit Suisse Group initiated coverage on shares of Magellan Midstream Partners in a research note on Thursday, October 11th. They issued a neutral rating and a $77.00 target price for the company. ValuEngine upgraded shares of Magellan Midstream Partners from a sell rating to a hold rating in a research note on Wednesday, July 25th. Finally, Jefferies Financial Group downgraded shares of Magellan Midstream Partners from a buy rating to a hold rating in a research note on Wednesday, July 18th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $74.20.
MMP stock traded up $0.01 during mid-day trading on Friday, hitting $61.34. 1,178,517 shares of the company were exchanged, compared to its average volume of 842,734. The company has a quick ratio of 0.31, a current ratio of 0.54 and a debt-to-equity ratio of 2.04. The company has a market capitalization of $14.08 billion, a PE ratio of 16.10, a price-to-earnings-growth ratio of 2.45 and a beta of 0.82. Magellan Midstream Partners has a 1-year low of $54.82 and a 1-year high of $75.82.
Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings data on Thursday, November 1st. The pipeline company reported $1.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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 net margin of 33.54% and a return on equity of 42.90%. The business’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period last year, the business posted $0.97 earnings per share. As a group, research analysts expect that Magellan Midstream Partners will post 5.7 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Wednesday, November 7th will be given a dividend of $0.9775 per share. 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. This represents a $3.91 annualized dividend and a yield of 6.37%. Magellan Midstream Partners’s dividend payout ratio (DPR) is 100.52%.
In other Magellan Midstream Partners news, SVP Jeff R. Selvidge sold 5,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $68.70, for a total transaction of $377,850.00. Following the completion of the sale, the senior vice president now directly owns 20,380 shares in the company, valued at $1,400,106. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Douglas J. May sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $68.69, for a total transaction of $343,450.00. Following the sale, the insider now owns 33,000 shares of the company’s stock, valued at $2,266,770. The disclosure for this sale can be found here. Insiders have sold 40,500 shares of company stock valued at $2,786,500 over the last 90 days. Company 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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