Magellan Midstream Partners, L.P. (NYSE:MMP – Get Rating) – Equities researchers at US Capital Advisors increased their Q2 2023 earnings estimates for Magellan Midstream Partners in a research report issued to clients and investors on Friday, May 19th. US Capital Advisors analyst J. Carreker now expects that the pipeline company will post earnings per share of $1.14 for the quarter, up from their previous estimate of $1.11. US Capital Advisors currently has a “Hold” rating on the stock. The consensus estimate for Magellan Midstream Partners’ current full-year earnings is $5.08 per share. US Capital Advisors also issued estimates for Magellan Midstream Partners’ Q3 2023 earnings at $1.18 EPS, Q4 2023 earnings at $1.37 EPS, FY2023 earnings at $5.00 EPS, Q1 2024 earnings at $1.23 EPS, Q2 2024 earnings at $1.26 EPS, Q3 2024 earnings at $1.24 EPS, Q4 2024 earnings at $1.39 EPS, FY2024 earnings at $5.12 EPS and FY2025 earnings at $5.18 EPS.
Magellan Midstream Partners (NYSE:MMP – Get Rating) last issued its quarterly earnings results on Thursday, May 4th. The pipeline company reported $1.32 EPS for the quarter, topping the consensus estimate of $1.21 by $0.11. Magellan Midstream Partners had a net margin of 33.72% and a return on equity of 57.78%. The business had revenue of $869.70 million for the quarter, compared to analysts’ expectations of $731.28 million. During the same quarter last year, the company posted $1.08 earnings per share. The company’s quarterly revenue was up 28.9% compared to the same quarter last year.
Magellan Midstream Partners Stock Performance
Shares of NYSE MMP opened at $62.64 on Monday. The company has a quick ratio of 0.44, a current ratio of 0.97 and a debt-to-equity ratio of 2.96. The firm’s 50-day moving average price is $55.17 and its two-hundred day moving average price is $53.22. Magellan Midstream Partners has a 52-week low of $44.79 and a 52-week high of $64.42. The stock has a market capitalization of $12.66 billion, a P/E ratio of 11.37, a P/E/G ratio of 2.41 and a beta of 0.91.
Magellan Midstream Partners Cuts Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, May 15th. Investors of record on Monday, May 8th were paid a dividend of $1.0475 per share. The ex-dividend date was Friday, May 5th. This represents a $4.19 dividend on an annualized basis and a dividend yield of 6.69%. Magellan Midstream Partners’s dividend payout ratio is presently 76.04%.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the business. Register Financial Advisors LLC acquired a new position in Magellan Midstream Partners in the first quarter worth approximately $27,000. CoreCap Advisors LLC acquired a new position in Magellan Midstream Partners in the fourth quarter worth approximately $28,000. Accurate Wealth Management LLC acquired a new position in Magellan Midstream Partners in the fourth quarter worth approximately $31,000. Phocas Financial Corp. acquired a new position in Magellan Midstream Partners in the fourth quarter worth approximately $35,000. Finally, EverSource Wealth Advisors LLC grew its position in Magellan Midstream Partners by 53.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 691 shares of the pipeline company’s stock worth $35,000 after buying an additional 241 shares during the last quarter. Institutional investors and hedge funds own 51.06% of the company’s stock.
Magellan Midstream Partners Company Profile
Magellan Midstream Partners LP engages in the transportation, storage, and distribution of petroleum products and crude oil. It operates through the following segments: Refined Products and Crude Oil. The Refined Products segment consists of an approximately 9,800-mile refined petroleum products pipeline system with 54 terminals and two marine storage terminals.
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