Jefferies Financial Group Comments on Magellan Midstream Partners, L.P.’s FY2020 Earnings (MMP)

Magellan Midstream Partners, L.P. (NYSE:MMP) – Jefferies Financial Group lifted their FY2020 earnings per share (EPS) estimates for shares of Magellan Midstream Partners in a research note issued to investors on Monday, April 15th. Jefferies Financial Group analyst C. Sighinolfi now forecasts that the pipeline company will post earnings per share of $4.45 for the year, up from their previous forecast of $4.38. Jefferies Financial Group currently has a “Hold” rating on the stock.

Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings results on Thursday, January 31st. The pipeline company reported $1.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.16 by ($0.13). Magellan Midstream Partners had a return on equity of 40.90% and a net margin of 47.19%. The business had revenue of $865.68 million for the quarter, compared to analysts’ expectations of $710.21 million.

A number of other equities research analysts have also weighed in on MMP. LADENBURG THALM/SH SH set a $75.00 price target on Magellan Midstream Partners and gave the stock a “buy” rating in a research note on Tuesday, March 26th. Zacks Investment Research lowered Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, April 10th. ValuEngine upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Monday, January 7th. Bank of America lowered Magellan Midstream Partners from a “buy” rating to a “neutral” rating and dropped their target price for the company from $69.00 to $62.00 in a research report on Wednesday, February 27th. Finally, SunTrust Banks initiated coverage on Magellan Midstream Partners in a research report on Friday, January 18th. They issued a “hold” rating and a $65.00 target price on the stock. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the company. Magellan Midstream Partners currently has an average rating of “Hold” and a consensus target price of $69.43.

Shares of MMP stock opened at $62.56 on Tuesday. Magellan Midstream Partners has a fifty-two week low of $54.25 and a fifty-two week high of $72.90. The stock has a market cap of $14.21 billion, a PE ratio of 14.72, a price-to-earnings-growth ratio of 2.60 and a beta of 0.85. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.68 and a current ratio of 0.96.

In related news, insider Lisa J. Korner sold 6,958 shares of the company’s stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $59.29, for a total value of $412,539.82. Following the sale, the insider now owns 74,517 shares in the company, valued at $4,418,112.93. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jeff R. Selvidge sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 27th. The shares were sold at an average price of $60.34, for a total value of $150,850.00. Following the completion of the sale, the insider now owns 25,897 shares in the company, valued at approximately $1,562,624.98. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,696 shares of company stock worth $2,597,682. 0.26% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Massey Quick Simon & CO. LLC boosted its position in Magellan Midstream Partners by 308.6% in the 1st quarter. Massey Quick Simon & CO. LLC now owns 662 shares of the pipeline company’s stock worth $40,000 after purchasing an additional 500 shares in the last quarter. Allred Capital Management LLC boosted its position in Magellan Midstream Partners by 18.8% in the 1st quarter. Allred Capital Management LLC now owns 4,459 shares of the pipeline company’s stock worth $273,000 after purchasing an additional 706 shares in the last quarter. Leavell Investment Management Inc. boosted its position in Magellan Midstream Partners by 0.4% in the 1st quarter. Leavell Investment Management Inc. now owns 89,527 shares of the pipeline company’s stock worth $5,428,000 after purchasing an additional 400 shares in the last quarter. Pennsylvania Trust Co boosted its position in Magellan Midstream Partners by 80.7% in the 1st quarter. Pennsylvania Trust Co now owns 66,012 shares of the pipeline company’s stock worth $6,836,000 after purchasing an additional 29,487 shares in the last quarter. Finally, TIAA FSB boosted its position in Magellan Midstream Partners by 2.1% in the 1st quarter. TIAA FSB now owns 10,237 shares of the pipeline company’s stock worth $621,000 after purchasing an additional 206 shares in the last quarter. Institutional investors and hedge funds own 66.71% 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 diesel fuel, kerosene, heating oil, 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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Earnings History and Estimates for Magellan Midstream Partners (NYSE:MMP)

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