Magellan Midstream Partners to Post FY2020 Earnings of $5.11 Per Share, US Capital Advisors Forecasts (MMP)

Magellan Midstream Partners (NYSE:MMP) – Investment analysts at US Capital Advisors boosted their FY2020 earnings estimates for Magellan Midstream Partners in a research note issued on Monday, May 14th. US Capital Advisors analyst J. Carreker now forecasts that the pipeline company will post earnings per share of $5.11 for the year, up from their prior estimate of $4.95.

Magellan Midstream Partners (NYSE:MMP) last released its quarterly earnings data on Thursday, May 3rd. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.04. Magellan Midstream Partners had a return on equity of 41.57% and a net margin of 33.71%. The company had revenue of $679.00 million during the quarter, compared to the consensus estimate of $669.70 million. During the same quarter in the prior year, the firm posted $0.96 earnings per share. The firm’s revenue was up 5.8% compared to the same quarter last year.

Several other analysts have also recently commented on the company. ValuEngine cut Magellan Midstream Partners from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Deutsche Bank assumed coverage on Magellan Midstream Partners in a report on Thursday, April 19th. They issued a “hold” rating and a $70.00 target price on the stock. Barclays reduced their target price on Magellan Midstream Partners from $76.00 to $69.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 17th. Mizuho reiterated a “sell” rating and issued a $66.00 target price on shares of Magellan Midstream Partners in a report on Wednesday, April 11th. Finally, Royal Bank of Canada upgraded Magellan Midstream Partners from a “sector perform” rating to an “outperform” rating and set a $79.00 target price on the stock in a report on Monday, April 9th. Five investment analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. Magellan Midstream Partners presently has a consensus rating of “Hold” and an average price target of $73.67.

Shares of MMP stock opened at $69.60 on Wednesday. Magellan Midstream Partners has a one year low of $69.04 and a one year high of $69.74. The company has a market capitalization of $15.74 billion, a P/E ratio of 18.27, a P/E/G ratio of 2.83 and a beta of 0.71. The company has a current ratio of 0.63, a quick ratio of 0.38 and a debt-to-equity ratio of 2.00.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 15th. Shareholders of record on Sunday, August 5th were issued a dividend of $0.9375 per share. This represents a $3.75 dividend on an annualized basis and a dividend yield of 5.39%. This is a boost from Magellan Midstream Partners’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Monday, May 7th. Magellan Midstream Partners’s dividend payout ratio is presently 98.43%.

Several institutional investors have recently bought and sold shares of the business. Brookfield Asset Management Inc. bought a new position in shares of Magellan Midstream Partners in the 4th quarter worth $111,367,000. UBS Group AG lifted its holdings in shares of Magellan Midstream Partners by 21.2% in the 1st quarter. UBS Group AG now owns 4,998,567 shares of the pipeline company’s stock worth $291,667,000 after purchasing an additional 875,208 shares in the last quarter. Tortoise Capital Advisors L.L.C. lifted its holdings in shares of Magellan Midstream Partners by 4.2% in the 1st quarter. Tortoise Capital Advisors L.L.C. now owns 14,648,222 shares of the pipeline company’s stock worth $854,724,000 after purchasing an additional 593,762 shares in the last quarter. Northwestern Mutual Investment Management Company LLC bought a new position in shares of Magellan Midstream Partners in the 1st quarter worth $33,304,000. Finally, Payden & Rygel lifted its holdings in shares of Magellan Midstream Partners by 2,049.7% in the 4th quarter. Payden & Rygel now owns 393,400 shares of the pipeline company’s stock worth $27,908,000 after purchasing an additional 375,100 shares in the last quarter. Hedge funds and other institutional investors own 62.12% of the company’s stock.

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.

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

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