Magellan Midstream Partners (MMP) Updates Q4 2018 Earnings Guidance

Magellan Midstream Partners (NYSE:MMP) issued an update on its fourth quarter 2018 earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.24-1.24 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.14. Magellan Midstream Partners also updated its FY 2018 guidance to $5.70-5.70 EPS.

Shares of MMP traded up $0.01 during mid-day trading on Friday, reaching $61.34. 1,178,517 shares of the company’s stock were exchanged, compared to its average volume of 842,734. The stock has a market cap of $14.08 billion, a price-to-earnings ratio of 16.10, a price-to-earnings-growth ratio of 2.45 and a beta of 0.82. The company has a debt-to-equity ratio of 2.04, a current ratio of 0.54 and a quick ratio of 0.31. Magellan Midstream Partners has a 52-week low of $54.82 and a 52-week high of $75.82.

Magellan Midstream Partners (NYSE:MMP) last released its earnings results on Thursday, November 1st. The pipeline company reported $1.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.07. The firm had revenue of $638.00 million during the quarter, compared to analysts’ expectations of $621.97 million. Magellan Midstream Partners had a net margin of 33.54% and a return on equity of 42.90%. Magellan Midstream Partners’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.97 EPS. On average, equities analysts expect that Magellan Midstream Partners will post 5.7 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 14th. Stockholders of record on Wednesday, November 7th will be issued a dividend of $0.9775 per share. This represents a $3.91 dividend on an annualized basis and a dividend yield of 6.37%. This is an increase from Magellan Midstream Partners’s previous quarterly dividend of $0.96. The ex-dividend date is Tuesday, November 6th. Magellan Midstream Partners’s dividend payout ratio (DPR) is presently 100.52%.

A number of brokerages recently issued reports on MMP. Zacks Investment Research cut shares of Magellan Midstream Partners from a buy rating to a hold rating in a research report on Thursday, July 19th. Barclays increased their target price on shares of Magellan Midstream Partners from $72.00 to $74.00 and gave the stock an equal weight rating in a research report on Monday, August 6th. Credit Suisse Group initiated coverage on shares of Magellan Midstream Partners in a research report on Thursday, October 11th. They set a neutral rating and a $77.00 target price for the company. ValuEngine upgraded shares of Magellan Midstream Partners from a sell rating to a hold rating in a research report on Wednesday, July 25th. Finally, Jefferies Financial Group cut shares of Magellan Midstream Partners from a buy rating to a hold rating in a research report on Wednesday, July 18th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $74.20.

In other news, insider Douglas J. May sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $68.69, for a total transaction of $343,450.00. Following the transaction, the insider now directly owns 33,000 shares of the company’s stock, valued at $2,266,770. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael N. Mears sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $68.84, for a total value of $2,065,200.00. Following the transaction, the chief executive officer now directly owns 169,295 shares in the company, valued at $11,654,267.80. The disclosure for this sale can be found here. Insiders sold a total of 40,500 shares of company stock worth $2,786,500 over the last ninety days. Insiders own 0.26% of the company’s stock.

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, 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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