Brokers Issue Forecasts for Magellan Midstream Partners, L.P.’s FY2018 Earnings (MMP)

Magellan Midstream Partners, L.P. (NYSE:MMP) – Stock analysts at US Capital Advisors cut their FY2018 EPS estimates for Magellan Midstream Partners in a report released on Tuesday, July 17th. US Capital Advisors analyst J. Carreker now anticipates that the pipeline company will earn $4.28 per share for the year, down from their previous estimate of $4.29. US Capital Advisors also issued estimates for Magellan Midstream Partners’ FY2020 earnings at $5.03 EPS.

Magellan Midstream Partners (NYSE:MMP) last issued its earnings results on Thursday, May 3rd. The pipeline company reported $1.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.04. The firm had revenue of $679.00 million during the quarter, compared to analyst estimates of $669.70 million. Magellan Midstream Partners had a net margin of 33.71% and a return on equity of 41.57%. Magellan Midstream Partners’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.96 earnings per share.

A number of other research firms also recently issued reports on MMP. Mizuho reaffirmed a “sell” rating and set a $66.00 price target on shares of Magellan Midstream Partners in a research note on Wednesday, April 11th. Zacks Investment Research raised shares of Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a research note on Monday. ValuEngine downgraded shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. Bank of America decreased their price target on shares of Magellan Midstream Partners from $77.00 to $71.00 and set a “buy” rating on the stock in a research note on Tuesday, March 27th. Finally, Deutsche Bank started coverage on shares of Magellan Midstream Partners in a research note on Thursday, April 19th. They set a “hold” rating and a $70.00 price target on the stock. Five investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $74.46.

Magellan Midstream Partners opened at $68.03 on Thursday, MarketBeat Ratings reports. The firm has a market cap of $15.40 billion, a P/E ratio of 17.86, a price-to-earnings-growth ratio of 2.70 and a beta of 0.76. The company has a current ratio of 0.63, a quick ratio of 0.38 and a debt-to-equity ratio of 2.00. Magellan Midstream Partners has a 52-week low of $54.82 and a 52-week high of $75.82.

Several institutional investors and hedge funds have recently made changes to their positions in MMP. Bank of New York Mellon Corp raised its stake in shares of Magellan Midstream Partners by 19.8% in the fourth quarter. Bank of New York Mellon Corp now owns 116,756 shares of the pipeline company’s stock valued at $8,282,000 after acquiring an additional 19,288 shares during the period. Guggenheim Capital LLC raised its stake in shares of Magellan Midstream Partners by 67.2% in the fourth quarter. Guggenheim Capital LLC now owns 100,066 shares of the pipeline company’s stock valued at $7,099,000 after acquiring an additional 40,204 shares during the period. LPL Financial LLC raised its stake in shares of Magellan Midstream Partners by 20.4% in the fourth quarter. LPL Financial LLC now owns 68,992 shares of the pipeline company’s stock valued at $4,894,000 after acquiring an additional 11,666 shares during the period. Glenmede Trust Co. NA raised its stake in shares of Magellan Midstream Partners by 12.9% in the fourth quarter. Glenmede Trust Co. NA now owns 105,532 shares of the pipeline company’s stock valued at $7,486,000 after acquiring an additional 12,036 shares during the period. Finally, BB&T Securities LLC raised its stake in shares of Magellan Midstream Partners by 2.3% in the fourth quarter. BB&T Securities LLC now owns 108,943 shares of the pipeline company’s stock valued at $7,728,000 after acquiring an additional 2,458 shares during the period. 62.79% of the stock is currently owned by institutional investors and hedge funds.

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.

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Earnings History and Estimates for Magellan Midstream Partners (NYSE:MMP)

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