Q2 2023 EPS Estimates for Magellan Midstream Partners, L.P. Increased by Analyst (NYSE:MMP)

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.

A number of other equities analysts have also recently issued reports on MMP. Wells Fargo & Company raised their target price on shares of Magellan Midstream Partners from $56.00 to $58.00 and gave the stock an “equal weight” rating in a report on Tuesday, February 7th. Royal Bank of Canada cut shares of Magellan Midstream Partners from an “outperform” rating to a “sector perform” rating and raised their target price for the stock from $59.00 to $66.00 in a report on Wednesday, May 17th. Raymond James cut Magellan Midstream Partners from an “outperform” rating to a “market perform” rating in a report on Thursday, April 20th. Barclays lifted their price target on Magellan Midstream Partners from $59.00 to $60.00 in a report on Tuesday, April 18th. Finally, Mizuho lifted their price target on Magellan Midstream Partners from $53.00 to $56.00 in a report on Monday, May 15th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $59.46.

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

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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.