Magellan Midstream Partners (MMP) Issues Q2 Earnings Guidance

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Magellan Midstream Partners (NYSE:MMP) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided EPS guidance of approx $1.13 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.97. Magellan Midstream Partners also updated its FY 2019 guidance to $4.05-4.05 EPS.

Magellan Midstream Partners stock traded up $0.03 during mid-day trading on Friday, hitting $61.24. The company’s stock had a trading volume of 22,372 shares, compared to its average volume of 974,210. The firm has a market capitalization of $13.88 billion, a price-to-earnings ratio of 14.41, a PEG ratio of 2.54 and a beta of 0.85. Magellan Midstream Partners has a 1 year low of $54.25 and a 1 year high of $72.90. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.68 and a current ratio of 0.96.

Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings data on Wednesday, May 1st. The pipeline company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.06. The company had revenue of $628.90 million during the quarter, compared to analyst estimates of $692.56 million. Magellan Midstream Partners had a return on equity of 40.90% and a net margin of 47.19%. The firm’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.05 earnings per share. Analysts forecast that Magellan Midstream Partners will post 4.06 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 8th will be given a $1.005 dividend. This represents a $4.02 annualized dividend and a yield of 6.56%. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Tuesday, May 7th. Magellan Midstream Partners’s dividend payout ratio is presently 93.88%.

Several research analysts have recently commented on the company. ValuEngine lowered Magellan Midstream Partners from a hold rating to a sell rating in a research report on Wednesday, April 24th. Zacks Investment Research upgraded Magellan Midstream Partners from a sell rating to a hold rating in a research report on Tuesday, April 16th. LADENBURG THALM/SH SH set a $75.00 price target on Magellan Midstream Partners and gave the stock a buy rating in a research report on Tuesday, March 26th. Bank of America lowered Magellan Midstream Partners from a buy rating to a neutral rating and lowered their price target for the stock from $69.00 to $62.00 in a research report on Wednesday, February 27th. Finally, Credit Suisse Group lowered their price target on Magellan Midstream Partners from $76.00 to $68.00 and set a neutral rating for the company in a research report on Monday, February 11th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company’s stock. Magellan Midstream Partners currently has a consensus rating of Hold and an average price target of $69.38.

In other news, insider Lisa J. Korner sold 6,958 shares of the stock in a transaction 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 directly 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 can be accessed through this hyperlink. Also, Director James R. Montague sold 2,119 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $59.83, for a total value of $126,779.77. Following the completion of the sale, the director now owns 21,952 shares in the company, valued at $1,313,388.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,696 shares of company stock valued at $2,597,682. Company insiders own 0.26% of the company’s stock.

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Magellan Midstream Partners Company Profile

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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