Magellan Midstream Partners, L.P. (NYSE:MMP) – Equities research analysts at Jefferies Financial Group increased their Q3 2018 earnings per share (EPS) estimates for shares of Magellan Midstream Partners in a report issued on Tuesday, October 16th. Jefferies Financial Group analyst C. Sighinolfi now anticipates that the pipeline company will earn $1.05 per share for the quarter, up from their previous forecast of $1.00. Jefferies Financial Group currently has a “Hold” rating on the stock. Jefferies Financial Group also issued estimates for Magellan Midstream Partners’ FY2018 earnings at $4.19 EPS, FY2019 earnings at $4.10 EPS, FY2020 earnings at $4.41 EPS, FY2021 earnings at $4.50 EPS and FY2022 earnings at $4.69 EPS.
A number of other research firms have also commented on MMP. ValuEngine raised shares of Magellan Midstream Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, July 25th. Stifel Nicolaus upped their price objective on shares of Magellan Midstream Partners from $71.00 to $73.00 and gave the company a “hold” rating in a research note on Friday, August 3rd. Barclays upped their price objective on shares of Magellan Midstream Partners from $72.00 to $74.00 and gave the company an “equal weight” rating in a research note on Monday, August 6th. Zacks Investment Research lowered shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research note on Thursday, July 19th. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $85.00 price objective on shares of Magellan Midstream Partners in a research note on Friday, July 13th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $74.64.
Magellan Midstream Partners (NYSE:MMP) last posted its quarterly earnings data on Thursday, August 2nd. The pipeline company reported $1.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.04. Magellan Midstream Partners had a net margin of 33.54% and a return on equity of 42.90%. The company had revenue of $644.10 million during the quarter, compared to analyst estimates of $662.37 million. During the same quarter last year, the firm posted $0.91 EPS. The business’s revenue for the quarter was up 4.0% on a year-over-year basis.
In other Magellan Midstream Partners news, CEO Michael N. Mears sold 30,000 shares of the company’s stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $68.84, for a total transaction of $2,065,200.00. Following the completion of the sale, the chief executive officer now directly owns 169,295 shares of the company’s stock, valued at $11,654,267.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Jeff R. Selvidge sold 5,500 shares of the company’s stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $68.70, for a total transaction of $377,850.00. Following the sale, the senior vice president now directly owns 20,380 shares of the company’s stock, valued at $1,400,106. The disclosure for this sale can be found here. Insiders have sold 40,500 shares of company stock valued at $2,786,500 over the last ninety days. Insiders own 0.26% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of MMP. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in shares of Magellan Midstream Partners in the second quarter worth approximately $106,000. Legacy Advisors LLC lifted its position in shares of Magellan Midstream Partners by 87.3% in the second quarter. Legacy Advisors LLC now owns 1,547 shares of the pipeline company’s stock worth $107,000 after purchasing an additional 721 shares in the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Magellan Midstream Partners in the second quarter worth approximately $165,000. NEXT Financial Group Inc purchased a new stake in shares of Magellan Midstream Partners in the third quarter worth approximately $196,000. Finally, Summit Financial Group Inc. purchased a new stake in shares of Magellan Midstream Partners in the second quarter worth approximately $207,000. 63.78% of the stock is 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.
Further Reading: Price to Earnings Ratio (PE)
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