Magellan Midstream Partners (NYSE:MMP) Announces Earnings Results

Magellan Midstream Partners (NYSE:MMP) issued its earnings results on Thursday. The pipeline company reported $0.59 EPS for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.15), MarketWatch Earnings reports. Magellan Midstream Partners had a net margin of 37.15% and a return on equity of 38.23%. The company had revenue of $460.40 million during the quarter, compared to analyst estimates of $576.07 million. During the same quarter in the previous year, the firm earned $1.11 earnings per share. The business’s revenue was down 34.4% on a year-over-year basis. Magellan Midstream Partners updated its FY 2020
Pre-Market guidance to 3.50-3.70 EPS.

NYSE:MMP traded down $0.85 during midday trading on Friday, hitting $40.49. 1,500,800 shares of the stock were exchanged, compared to its average volume of 1,102,951. Magellan Midstream Partners has a one year low of $22.02 and a one year high of $67.75. The company has a market capitalization of $9.11 billion, a price-to-earnings ratio of 9.44 and a beta of 1.05. The business has a 50-day moving average price of $42.73 and a two-hundred day moving average price of $46.72. The company has a current ratio of 0.37, a quick ratio of 0.31 and a debt-to-equity ratio of 1.69.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, August 7th will be issued a dividend of $1.028 per share. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $4.11 annualized dividend and a yield of 10.16%. Magellan Midstream Partners’s payout ratio is 86.34%.

A number of brokerages have commented on MMP. Raymond James lifted their target price on Magellan Midstream Partners from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Tuesday, July 21st. Royal Bank of Canada restated a “buy” rating and issued a $50.00 target price on shares of Magellan Midstream Partners in a research note on Sunday, May 10th. Morgan Stanley lifted their target price on Magellan Midstream Partners from $43.00 to $57.00 and gave the company an “overweight” rating in a research note on Monday, June 1st. Barclays reiterated a “buy” rating and set a $48.00 price objective on shares of Magellan Midstream Partners in a research report on Friday, July 17th. Finally, Wells Fargo & Co boosted their price objective on Magellan Midstream Partners from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 22nd. Two analysts have rated the stock with a sell rating, two have given a hold rating and sixteen have assigned a buy rating to the company. Magellan Midstream Partners presently has a consensus rating of “Buy” and a consensus target price of $51.84.

In other news, Director Chansoo Joung bought 13,370 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The shares were purchased at an average price of $42.11 per share, with a total value of $563,010.70. Following the completion of the acquisition, the director now directly owns 20,280 shares in the company, valued at $853,990.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is owned by insiders.

About Magellan Midstream Partners

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as crude oil. It operates through the following segments: Refined Products, Crude Oil and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system.

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Earnings History for Magellan Midstream Partners (NYSE:MMP)

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