$625.29 Million in Sales Expected for Magellan Midstream Partners, L.P. (MMP) This Quarter

Equities research analysts predict that Magellan Midstream Partners, L.P. (NYSE:MMP) will report sales of $625.29 million for the current quarter, Zacks reports. Three analysts have made estimates for Magellan Midstream Partners’ earnings, with the lowest sales estimate coming in at $571.00 million and the highest estimate coming in at $689.66 million. Magellan Midstream Partners posted sales of $642.07 million during the same quarter last year, which suggests a negative year-over-year growth rate of 2.6%. The company is expected to announce its next quarterly earnings results on Wednesday, May 2nd.

According to Zacks, analysts expect that Magellan Midstream Partners will report full year sales of $625.29 million for the current year, with estimates ranging from $2.18 billion to $2.64 billion. For the next fiscal year, analysts anticipate that the company will post sales of $2.55 billion per share, with estimates ranging from $2.27 billion to $2.74 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that follow Magellan Midstream Partners.

Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings data on Thursday, February 1st. The pipeline company reported $1.04 EPS for the quarter, missing the Zacks’ consensus estimate of $1.12 by ($0.08). Magellan Midstream Partners had a net margin of 34.67% and a return on equity of 40.85%. The company had revenue of $673.30 million for the quarter, compared to analyst estimates of $690.18 million. During the same quarter in the prior year, the business earned $0.93 EPS. Magellan Midstream Partners’s revenue was up 9.5% compared to the same quarter last year.

Several research firms have issued reports on MMP. Morgan Stanley decreased their price target on shares of Magellan Midstream Partners from $73.00 to $69.00 and set an “underweight” rating on the stock in a research report on Friday. JPMorgan Chase & Co. restated a “neutral” rating and issued a $75.00 price target (down previously from $78.00) on shares of Magellan Midstream Partners in a research report on Tuesday, March 13th. UBS lifted their price target on shares of Magellan Midstream Partners from $80.00 to $81.00 and gave the stock a “buy” rating in a research report on Friday, March 2nd. Mitsubishi UFJ Financial Group restated a “neutral” rating on shares of Magellan Midstream Partners in a research report on Friday, February 2nd. Finally, Bank of America decreased their price target on shares of Magellan Midstream Partners from $78.00 to $77.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $76.46.

In other Magellan Midstream Partners news, CEO Michael N. Mears sold 22,251 shares of Magellan Midstream Partners stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $68.03, for a total transaction of $1,513,735.53. Following the transaction, the chief executive officer now directly owns 196,473 shares in the company, valued at approximately $13,366,058.19. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael N. Mears sold 10,000 shares of Magellan Midstream Partners stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $68.00, for a total transaction of $680,000.00. Following the transaction, the chief executive officer now owns 196,473 shares in the company, valued at $13,360,164. The disclosure for this sale can be found here. Insiders own 0.26% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Prime Capital Investment Advisors LLC purchased a new position in Magellan Midstream Partners during the 4th quarter worth approximately $107,000. Welch Group LLC purchased a new position in Magellan Midstream Partners during the 4th quarter worth approximately $135,000. SWS Partners purchased a new position in Magellan Midstream Partners during the 4th quarter worth approximately $152,000. CoreCommodity Management LLC purchased a new position in Magellan Midstream Partners during the 4th quarter worth approximately $158,000. Finally, Captrust Financial Advisors purchased a new position in Magellan Midstream Partners during the 4th quarter worth approximately $179,000. Hedge funds and other institutional investors own 62.38% of the company’s stock.

Magellan Midstream Partners stock traded up $1.24 during trading on Tuesday, reaching $62.49. 2,849,192 shares of the company’s stock traded hands, compared to its average volume of 905,012. The company has a debt-to-equity ratio of 2.01, a quick ratio of 0.51 and a current ratio of 0.73. The firm has a market capitalization of $14,259.91, a price-to-earnings ratio of 16.40, a price-to-earnings-growth ratio of 2.51 and a beta of 0.71. Magellan Midstream Partners has a 12-month low of $57.29 and a 12-month high of $78.48.

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Magellan Midstream Partners Company Profile

Magellan Midstream Partners, L.P. is principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil. The Company operates through three segments: refined products, crude oil and marine storage. As of December 31, 2016, its asset portfolio, including the assets of its joint ventures, consisted of its refined products segment, consisting 9,700-mile refined products pipeline system with 53 terminals, as well as 26 independent terminals not connected to its pipeline system and its 1,100-mile ammonia pipeline system; its crude oil segment, consisted of approximately 2,200 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 26 million barrels, of which 16 million are used for contract storage, and its marine storage segment, consisted of five marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels.

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