US Capital Advisors Brokers Reduce Earnings Estimates for Magellan Midstream Partners (MMP)

Magellan Midstream Partners (NYSE:MMP) – Equities research analysts at US Capital Advisors lowered their Q1 2018 EPS estimates for Magellan Midstream Partners in a report issued on Tuesday, April 17th. US Capital Advisors analyst J. Carreker now forecasts that the pipeline company will post earnings of $0.98 per share for the quarter, down from their previous forecast of $0.99. US Capital Advisors also issued estimates for Magellan Midstream Partners’ Q4 2018 earnings at $1.13 EPS, FY2018 earnings at $4.24 EPS and FY2019 earnings at $4.46 EPS.

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Several other analysts also recently commented on the company. Morgan Stanley reduced their target price on Magellan Midstream Partners from $73.00 to $69.00 and set an “underweight” rating for the company in a research note on Friday, March 16th. UBS raised their target price on Magellan Midstream Partners from $80.00 to $81.00 and gave the company a “buy” rating in a research note on Friday, March 2nd. Credit Suisse Group began coverage on Magellan Midstream Partners in a research note on Thursday, January 4th. They issued an “underperform” rating for the company. Jefferies Group upgraded Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $73.00 price target for the company in a research note on Thursday, April 5th. Finally, Royal Bank of Canada upgraded Magellan Midstream Partners from a “sector perform” rating to an “outperform” rating and set a $79.00 price target for the company in a research note on Monday, April 9th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $75.23.

Shares of MMP opened at $65.90 on Thursday. The company has a debt-to-equity ratio of 2.01, a current ratio of 0.73 and a quick ratio of 0.51. The stock has a market capitalization of $15,088.27, a PE ratio of 17.30, a PEG ratio of 2.74 and a beta of 0.72. Magellan Midstream Partners has a one year low of $54.82 and a one year high of $76.69.

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

Several hedge funds and other institutional investors have recently made changes to their positions in MMP. Bank of New York Mellon Corp boosted its stake in shares of Magellan Midstream Partners by 4.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 97,468 shares of the pipeline company’s stock worth $6,926,000 after buying an additional 3,981 shares during the last quarter. Neuberger Berman Group LLC boosted its stake in shares of Magellan Midstream Partners by 1.7% in the 3rd quarter. Neuberger Berman Group LLC now owns 238,924 shares of the pipeline company’s stock worth $16,978,000 after buying an additional 3,958 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in shares of Magellan Midstream Partners by 3.1% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 502,232 shares of the pipeline company’s stock worth $35,689,000 after buying an additional 14,894 shares during the last quarter. Atlantic Trust Group LLC boosted its stake in shares of Magellan Midstream Partners by 43.4% in the 3rd quarter. Atlantic Trust Group LLC now owns 3,149,302 shares of the pipeline company’s stock worth $223,789,000 after buying an additional 953,808 shares during the last quarter. Finally, Chickasaw Capital Management LLC raised its holdings in shares of Magellan Midstream Partners by 2.6% in the 4th quarter. Chickasaw Capital Management LLC now owns 2,736,674 shares of the pipeline company’s stock worth $194,140,000 after purchasing an additional 70,619 shares during the period. Hedge funds and other institutional investors own 62.33% of the company’s stock.

In other news, CEO Michael N. Mears sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $68.00, for a total value of $680,000.00. Following the transaction, the chief executive officer now owns 196,473 shares in the company, valued at approximately $13,360,164. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael N. Mears sold 22,251 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $68.03, for a total value of $1,513,735.53. Following the completion of the transaction, the chief executive officer now owns 196,473 shares in the company, valued at approximately $13,366,058.19. The disclosure for this sale can be found here. 0.26% of the stock is owned by insiders.

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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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