Magellan Midstream Partners (NYSE:MMP) Updates FY 2020 Pre-Market Earnings Guidance

Magellan Midstream Partners (NYSE:MMP) issued an update on its FY 2020
Pre-Market earnings guidance on Thursday morning. The company provided earnings per share guidance of 3.50-3.70 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.77.

MMP stock opened at $40.49 on Friday. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.31 and a current ratio of 0.37. Magellan Midstream Partners has a 52 week low of $22.02 and a 52 week high of $67.75. The firm’s fifty day moving average is $42.73 and its 200 day moving average is $46.72. The firm has a market cap of $9.11 billion, a P/E ratio of 9.14 and a beta of 1.05.

Magellan Midstream Partners (NYSE:MMP) last released its earnings results on Thursday, July 30th. The pipeline company reported $0.59 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.15). Magellan Midstream Partners had a net margin of 37.15% and a return on equity of 38.23%. The business had revenue of $460.40 million for the quarter, compared to the consensus estimate of $576.07 million. During the same period in the prior year, the business posted $1.11 EPS. Magellan Midstream Partners’s revenue for the quarter was down 34.4% on a year-over-year basis. As a group, analysts forecast that Magellan Midstream Partners will post 3.6 EPS for the current year.

The firm 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. This represents a $4.11 annualized dividend and a dividend yield of 10.16%. The ex-dividend date is Thursday, August 6th. Magellan Midstream Partners’s dividend payout ratio is currently 86.34%.

Several equities research analysts have weighed in on MMP shares. Jefferies Financial Group raised shares of Magellan Midstream Partners from a hold rating to a buy rating and dropped their price target for the company from $66.00 to $56.00 in a research report on Tuesday, April 14th. Stifel Nicolaus dropped their price target on shares of Magellan Midstream Partners from $58.00 to $56.00 and set a buy rating for the company in a research report on Monday, May 4th. Credit Suisse Group increased their price target on shares of Magellan Midstream Partners from $42.00 to $48.00 and gave the company an outperform rating in a research report on Thursday, May 7th. Barclays reissued a buy rating and set a $48.00 price target on shares of Magellan Midstream Partners in a research report on Friday, July 17th. Finally, TD Securities started coverage on shares of Magellan Midstream Partners in a research report on Tuesday, June 30th. They set a buy rating and a $55.00 price target for the company. Two analysts have rated the stock with a sell rating, two have given a hold rating and sixteen have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $51.84.

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

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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