Jefferies Financial Group Research Analysts Boost Earnings Estimates for Magellan Midstream Partners, L.P. (MMP)

Magellan Midstream Partners, L.P. (NYSE:MMP) – Equities research analysts at Jefferies Financial Group boosted their Q1 2019 earnings per share estimates for shares of Magellan Midstream Partners in a research note issued on Monday, April 15th. Jefferies Financial Group analyst C. Sighinolfi now anticipates that the pipeline company will earn $1.03 per share for the quarter, up from their previous forecast of $0.88. Jefferies Financial Group currently has a “Hold” rating on the stock. Jefferies Financial Group also issued estimates for Magellan Midstream Partners’ Q2 2019 earnings at $0.99 EPS, Q3 2019 earnings at $1.03 EPS, FY2019 earnings at $4.15 EPS, FY2021 earnings at $4.52 EPS, FY2022 earnings at $4.58 EPS and FY2023 earnings at $4.61 EPS.

Other equities research analysts have also recently issued research reports about the company. LADENBURG THALM/SH SH set a $75.00 price objective on Magellan Midstream Partners and gave the stock a “buy” rating in a research note on Tuesday, March 26th. Citigroup set a $70.00 price objective on Magellan Midstream Partners and gave the stock a “buy” rating in a research note on Saturday, February 2nd. Zacks Investment Research upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Tuesday. SunTrust Banks started coverage on Magellan Midstream Partners in a research note on Friday, January 18th. They set a “hold” rating and a $65.00 price objective on the stock. Finally, ValuEngine upgraded Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Monday, January 7th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $69.43.

Shares of Magellan Midstream Partners stock opened at $62.56 on Wednesday. Magellan Midstream Partners has a 12-month low of $54.25 and a 12-month high of $72.90. The company has a market cap of $14.29 billion, a PE ratio of 14.72, a P/E/G ratio of 2.58 and a beta of 0.85. The company has a current ratio of 0.96, a quick ratio of 0.68 and a debt-to-equity ratio of 1.59.

Magellan Midstream Partners (NYSE:MMP) last released its earnings results on Thursday, January 31st. The pipeline company reported $1.03 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.16 by ($0.13). Magellan Midstream Partners had a net margin of 47.19% and a return on equity of 40.90%. The firm had revenue of $865.68 million during the quarter, compared to the consensus estimate of $710.21 million.

Hedge funds have recently bought and sold shares of the stock. Howe & Rusling Inc. increased its holdings in shares of Magellan Midstream Partners by 155.1% during the 4th quarter. Howe & Rusling Inc. now owns 472 shares of the pipeline company’s stock worth $27,000 after acquiring an additional 287 shares during the last quarter. AdvisorNet Financial Inc grew its holdings in Magellan Midstream Partners by 132.8% in the 4th quarter. AdvisorNet Financial Inc now owns 533 shares of the pipeline company’s stock valued at $30,000 after buying an additional 304 shares in the last quarter. Arlington Partners LLC acquired a new position in Magellan Midstream Partners in the 4th quarter valued at $40,000. Massey Quick Simon & CO. LLC grew its holdings 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 valued at $40,000 after buying an additional 500 shares in the last quarter. Finally, Bremer Trust National Association acquired a new position in Magellan Midstream Partners in the 4th quarter valued at $42,000. 66.71% of the stock is currently owned by institutional investors and hedge funds.

In related news, CEO Michael N. Mears sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $59.35, for a total transaction of $1,780,500.00. Following the transaction, the chief executive officer now directly owns 183,185 shares of the company’s stock, valued at approximately $10,872,029.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeff R. Selvidge sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 27th. The stock was sold at an average price of $60.34, for a total value of $150,850.00. Following the transaction, the insider now directly owns 25,897 shares in the company, valued at $1,562,624.98. The disclosure for this sale can be found here. Insiders have sold a total of 43,696 shares of company stock worth $2,597,682 over the last three months. 0.26% of the stock is owned by insiders.

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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