Magellan Midstream Partners, L.P. (NYSE:MMP) Expected to Earn FY2021 Earnings of $4.27 Per Share

Magellan Midstream Partners, L.P. (NYSE:MMP) – Jefferies Financial Group dropped their FY2021 earnings per share (EPS) estimates for shares of Magellan Midstream Partners in a research report issued to clients and investors on Thursday, January 16th. Jefferies Financial Group analyst C. Sighinolfi now anticipates that the pipeline company will post earnings of $4.27 per share for the year, down from their previous forecast of $4.28. Jefferies Financial Group also issued estimates for Magellan Midstream Partners’ FY2022 earnings at $4.31 EPS, FY2023 earnings at $4.42 EPS and FY2024 earnings at $4.68 EPS.

Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings data on Thursday, October 31st. The pipeline company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.10. The company had revenue of $656.60 million for the quarter, compared to analysts’ expectations of $673.05 million. Magellan Midstream Partners had a net margin of 36.75% and a return on equity of 38.78%. Magellan Midstream Partners’s revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.10 EPS.

MMP has been the topic of a number of other reports. Barclays raised shares of Magellan Midstream Partners from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $68.00 to $69.00 in a research note on Tuesday. Wolfe Research raised shares of Magellan Midstream Partners from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Morgan Stanley started coverage on shares of Magellan Midstream Partners in a research note on Monday, January 6th. They set an “equal weight” rating and a $58.00 price target on the stock. Stifel Nicolaus set a $70.00 price target on shares of Magellan Midstream Partners and gave the stock a “hold” rating in a research note on Friday, November 1st. Finally, Wells Fargo & Co raised shares of Magellan Midstream Partners from an “equal weight” rating to an “overweight” rating and set a $70.00 price target on the stock in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. Magellan Midstream Partners currently has an average rating of “Hold” and a consensus target price of $67.77.

Shares of NYSE:MMP traded down $0.67 on Friday, reaching $64.33. 176,836 shares of the company were exchanged, compared to its average volume of 1,066,854. The company has a current ratio of 0.83, a quick ratio of 0.53 and a debt-to-equity ratio of 1.81. Magellan Midstream Partners has a 1-year low of $56.75 and a 1-year high of $67.75. The firm has a market cap of $14.85 billion, a price-to-earnings ratio of 15.14, a price-to-earnings-growth ratio of 2.33 and a beta of 0.71. The company has a 50-day moving average of $61.91 and a 200-day moving average of $64.05.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Homrich & Berg lifted its holdings in Magellan Midstream Partners by 0.6% in the 3rd quarter. Homrich & Berg now owns 28,071 shares of the pipeline company’s stock valued at $1,860,000 after purchasing an additional 174 shares in the last quarter. Mitchell Mcleod Pugh & Williams Inc. lifted its holdings in Magellan Midstream Partners by 0.9% in the 4th quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 22,024 shares of the pipeline company’s stock valued at $1,385,000 after purchasing an additional 190 shares in the last quarter. FLC Capital Advisors lifted its holdings in Magellan Midstream Partners by 1.2% in the 3rd quarter. FLC Capital Advisors now owns 18,376 shares of the pipeline company’s stock valued at $1,218,000 after purchasing an additional 222 shares in the last quarter. Carnegie Capital Asset Management LLC lifted its holdings in Magellan Midstream Partners by 0.8% in the 3rd quarter. Carnegie Capital Asset Management LLC now owns 30,623 shares of the pipeline company’s stock valued at $2,029,000 after purchasing an additional 237 shares in the last quarter. Finally, Laffer Investments lifted its holdings in Magellan Midstream Partners by 4.7% in the 2nd quarter. Laffer Investments now owns 5,381 shares of the pipeline company’s stock valued at $344,000 after purchasing an additional 242 shares in the last quarter. 64.14% of the stock is currently owned by hedge funds and other institutional investors.

Magellan Midstream Partners Company Profile

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.

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Earnings History and Estimates for Magellan Midstream Partners (NYSE:MMP)

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