Magellan Midstream Partners, L.P. Expected to Post Q1 2020 Earnings of $1.01 Per Share (NYSE:MMP)

Magellan Midstream Partners, L.P. (NYSE:MMP) – US Capital Advisors decreased their Q1 2020 earnings per share estimates for Magellan Midstream Partners in a report released on Tuesday, March 24th. US Capital Advisors analyst J. Carreker now forecasts that the pipeline company will post earnings of $1.01 per share for the quarter, down from their prior forecast of $1.03.

Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, January 30th. The pipeline company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.07. Magellan Midstream Partners had a return on equity of 40.94% and a net margin of 37.42%. The firm had revenue of $740.68 million during the quarter, compared to the consensus estimate of $840.57 million. During the same period last year, the business posted $1.25 EPS. Magellan Midstream Partners’s quarterly revenue was down 14.4% on a year-over-year basis.

MMP has been the subject of several other reports. Evercore ISI reaffirmed a “buy” rating and issued a $67.00 price objective on shares of Magellan Midstream Partners in a research note on Tuesday, February 18th. Raymond James dropped their price objective on Magellan Midstream Partners from $69.00 to $55.00 and set an “outperform” rating for the company in a research note on Thursday, March 12th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Magellan Midstream Partners in a research note on Tuesday, February 4th. SunTrust Banks raised Magellan Midstream Partners from a “hold” rating to a “buy” rating and dropped their price objective for the company from $65.00 to $50.00 in a research note on Monday. Finally, ValuEngine downgraded Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research note on Thursday, February 6th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $63.93.

NYSE MMP opened at $34.52 on Thursday. Magellan Midstream Partners has a 1-year low of $22.02 and a 1-year high of $67.75. The company has a market capitalization of $7.79 billion, a P/E ratio of 7.74 and a beta of 0.70. The business has a 50 day moving average price of $49.56 and a 200 day moving average price of $59.75. The company has a debt-to-equity ratio of 1.79, a current ratio of 0.69 and a quick ratio of 0.41.

In related news, SVP Jeff R. Selvidge sold 2,500 shares of the company’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $60.74, for a total value of $151,850.00. Following the completion of the transaction, the senior vice president now directly owns 21,780 shares in the company, valued at $1,322,917.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James R. Montague sold 1,910 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $60.77, for a total value of $116,070.70. Following the transaction, the director now owns 21,952 shares in the company, valued at $1,334,023.04. The disclosure for this sale can be found here. Corporate insiders own 0.29% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alps Advisors Inc. lifted its position in Magellan Midstream Partners by 2.7% during the fourth quarter. Alps Advisors Inc. now owns 12,598,596 shares of the pipeline company’s stock worth $792,074,000 after buying an additional 330,074 shares during the period. Janus Henderson Group PLC lifted its position in Magellan Midstream Partners by 10.2% during the fourth quarter. Janus Henderson Group PLC now owns 6,836,784 shares of the pipeline company’s stock worth $429,829,000 after buying an additional 632,070 shares during the period. Brookfield Public Securities Group LLC lifted its position in Magellan Midstream Partners by 9.8% during the fourth quarter. Brookfield Public Securities Group LLC now owns 3,298,935 shares of the pipeline company’s stock worth $207,404,000 after buying an additional 293,985 shares during the period. Bank of Montreal Can lifted its position in Magellan Midstream Partners by 62.2% during the fourth quarter. Bank of Montreal Can now owns 1,738,717 shares of the pipeline company’s stock worth $109,312,000 after buying an additional 666,804 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its position in Magellan Midstream Partners by 27.6% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,227,921 shares of the pipeline company’s stock worth $77,200,000 after buying an additional 265,441 shares during the period. Hedge funds and other institutional investors own 64.69% of the company’s stock.

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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