Magellan Midstream Partners, L.P. (NYSE:MMP) to Issue $0.25 None Dividend

Magellan Midstream Partners, L.P. (NYSE:MMP) announced a None dividend on Monday, September 11th, Zacks reports. Investors of record on Thursday, September 21st will be given a dividend of 0.247 per share by the pipeline company on Monday, September 25th. The ex-dividend date is Wednesday, September 20th.

Magellan Midstream Partners has increased its dividend by an average of 1.0% per year over the last three years and has increased its dividend every year for the last 20 years. Magellan Midstream Partners has a payout ratio of 79.2% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Analysts expect Magellan Midstream Partners to earn $5.28 per share next year, which means the company should continue to be able to cover its $4.19 annual dividend with an expected future payout ratio of 79.4%.

Magellan Midstream Partners Stock Performance

Shares of NYSE:MMP opened at $68.50 on Tuesday. The firm has a fifty day simple moving average of $65.70 and a two-hundred day simple moving average of $60.32. The company has a quick ratio of 0.60, a current ratio of 1.08 and a debt-to-equity ratio of 2.91. The stock has a market capitalization of $13.84 billion, a P/E ratio of 13.65 and a beta of 0.90. Magellan Midstream Partners has a 52 week low of $45.52 and a 52 week high of $69.40.

Magellan Midstream Partners (NYSE:MMP) last issued its quarterly earnings data on Thursday, August 3rd. The pipeline company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.13. The company had revenue of $877.20 million for the quarter, compared to analysts’ expectations of $797.91 million. Magellan Midstream Partners had a return on equity of 58.77% and a net margin of 29.55%. On average, analysts expect that Magellan Midstream Partners will post 5.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on MMP shares. Barclays lifted their price objective on shares of Magellan Midstream Partners from $60.00 to $68.00 in a research note on Tuesday, July 18th. Argus downgraded shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a report on Wednesday, August 16th. TD Securities raised their price objective on shares of Magellan Midstream Partners from $67.50 to $69.00 and gave the stock a “tender” rating in a research note on Friday, August 4th. Finally, StockNews.com assumed coverage on Magellan Midstream Partners in a research note on Friday. They set a “hold” rating for the company. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $60.70.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MMP. Certified Advisory Corp raised its stake in Magellan Midstream Partners by 5.9% in the fourth quarter. Certified Advisory Corp now owns 4,759 shares of the pipeline company’s stock worth $239,000 after buying an additional 264 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Magellan Midstream Partners by 3.3% during the 1st quarter. Geode Capital Management LLC now owns 8,290 shares of the pipeline company’s stock worth $450,000 after purchasing an additional 264 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Magellan Midstream Partners by 1.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,180 shares of the pipeline company’s stock valued at $963,000 after purchasing an additional 297 shares in the last quarter. BlackRock Inc. grew its stake in Magellan Midstream Partners by 0.7% in the third quarter. BlackRock Inc. now owns 41,159 shares of the pipeline company’s stock valued at $1,955,000 after purchasing an additional 300 shares during the last quarter. Finally, Centaurus Financial Inc. raised its holdings in Magellan Midstream Partners by 13.2% in the first quarter. Centaurus Financial Inc. now owns 3,030 shares of the pipeline company’s stock worth $164,000 after purchasing an additional 354 shares in the last quarter. 54.84% of the stock is currently owned by institutional investors.

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 refined products pipeline that transports gasoline, diesel and aviation fuel, kerosene, and heating oil to refiners, wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports.