Analysts expect Magellan Midstream Partners, L.P. (NYSE:MMP) to post sales of $637.75 million for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Magellan Midstream Partners’ earnings, with estimates ranging from $599.40 million to $679.50 million. Magellan Midstream Partners posted sales of $644.09 million in the same quarter last year, which suggests a negative year over year growth rate of 1%. The business is expected to issue its next earnings results before the market opens on Thursday, August 1st.
On average, analysts expect that Magellan Midstream Partners will report full-year sales of $2.76 billion for the current year, with estimates ranging from $2.53 billion to $2.90 billion. For the next fiscal year, analysts forecast that the company will report sales of $2.91 billion, with estimates ranging from $2.67 billion to $3.07 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that that provide coverage for Magellan Midstream Partners.
Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings results on Wednesday, May 1st. The pipeline company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.06. Magellan Midstream Partners had a return on equity of 38.97% and a net margin of 47.92%. The company had revenue of $628.90 million for the quarter, compared to analyst estimates of $692.56 million. During the same period last year, the company earned $1.05 earnings per share. The company’s quarterly revenue was down 7.3% compared to the same quarter last year.
Shares of MMP traded up $0.20 during midday trading on Thursday, reaching $65.82. 48,038 shares of the stock were exchanged, compared to its average volume of 899,096. Magellan Midstream Partners has a 12-month low of $54.25 and a 12-month high of $72.90. The business has a 50 day simple moving average of $63.02. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.39 and a current ratio of 0.70. The firm has a market cap of $15.04 billion, a P/E ratio of 15.53, a price-to-earnings-growth ratio of 2.55 and a beta of 0.75.
In related news, insider Jeff R. Selvidge sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $63.64, for a total value of $254,560.00. Following the transaction, the insider now directly owns 23,397 shares of the company’s stock, valued at approximately $1,488,985.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.26% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Semmax Financial Advisors Inc. increased its position in Magellan Midstream Partners by 115.6% in the 1st quarter. Semmax Financial Advisors Inc. now owns 10,195 shares of the pipeline company’s stock worth $618,000 after buying an additional 5,466 shares during the period. RiverGlades Family Offices LLC bought a new position in Magellan Midstream Partners in the 1st quarter worth approximately $631,000. Harvest Fund Advisors LLC increased its position in Magellan Midstream Partners by 3.7% in the 4th quarter. Harvest Fund Advisors LLC now owns 7,561,427 shares of the pipeline company’s stock worth $431,455,000 after buying an additional 267,644 shares during the period. Centric Wealth Management bought a new position in Magellan Midstream Partners in the 4th quarter worth approximately $292,000. Finally, Tortoise Index Solutions LLC increased its position in Magellan Midstream Partners by 110.5% in the 4th quarter. Tortoise Index Solutions LLC now owns 83,210 shares of the pipeline company’s stock worth $4,748,000 after buying an additional 43,677 shares during the period. 68.86% of the stock is currently owned by institutional investors.
About Magellan Midstream Partners
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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