Magellan Midstream Partners (NYSE:MMP – Get Rating) issued an update on its FY 2022 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $4.35-$4.35 for the period, compared to the consensus estimate of $4.24. The company issued revenue guidance of -.Magellan Midstream Partners also updated its Q2 2022 guidance to $1.12-$1.12 EPS.
A number of research analysts recently issued reports on MMP shares. Morgan Stanley boosted their target price on shares of Magellan Midstream Partners from $50.00 to $54.00 and gave the company an underweight rating in a research report on Tuesday, April 26th. Mizuho upped their price target on shares of Magellan Midstream Partners from $50.00 to $52.00 and gave the stock a neutral rating in a research report on Wednesday, March 30th. Wells Fargo & Company dropped their price objective on shares of Magellan Midstream Partners to $54.00 and set an equal weight rating for the company in a research note on Friday. StockNews.com began coverage on shares of Magellan Midstream Partners in a research note on Thursday, March 31st. They issued a hold rating for the company. Finally, TD Securities upped their price objective on shares of Magellan Midstream Partners from $51.00 to $52.00 and gave the stock a hold rating in a report on Friday, May 6th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Magellan Midstream Partners has a consensus rating of Hold and a consensus price target of $51.78.
Shares of NYSE:MMP traded up $0.44 during midday trading on Monday, hitting $48.95. The stock had a trading volume of 9,039 shares, compared to its average volume of 1,221,310. The company has a market capitalization of $10.36 billion, a PE ratio of 11.39, a P/E/G ratio of 4.41 and a beta of 0.96. The stock has a 50 day moving average price of $49.46 and a two-hundred day moving average price of $48.13. The company has a current ratio of 1.50, a quick ratio of 0.83 and a debt-to-equity ratio of 2.95. Magellan Midstream Partners has a 1 year low of $43.58 and a 1 year high of $53.85.
Magellan Midstream Partners (NYSE:MMP – Get Rating) last issued its earnings results on Thursday, May 5th. The pipeline company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.03. The business had revenue of $631.10 million for the quarter, compared to the consensus estimate of $704.74 million. Magellan Midstream Partners had a net margin of 33.36% and a return on equity of 51.92%. The business’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.09 earnings per share. As a group, equities analysts expect that Magellan Midstream Partners will post 4.17 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 13th. Investors of record on Monday, May 2nd were paid a $1.0375 dividend. This represents a $4.15 annualized dividend and a dividend yield of 8.48%. The ex-dividend date of this dividend was Friday, April 29th. Magellan Midstream Partners’s dividend payout ratio (DPR) is 97.42%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Zullo Investment Group Inc. acquired a new stake in shares of Magellan Midstream Partners in the fourth quarter valued at about $102,000. Comerica Bank acquired a new stake in shares of Magellan Midstream Partners in the third quarter valued at about $205,000. Sequoia Financial Advisors LLC acquired a new stake in shares of Magellan Midstream Partners in the first quarter valued at about $208,000. IHT Wealth Management LLC acquired a new stake in shares of Magellan Midstream Partners in the first quarter valued at about $211,000. Finally, Certified Advisory Corp acquired a new position in Magellan Midstream Partners during the first quarter worth about $218,000. Hedge funds and other institutional investors own 53.28% of the company’s stock.
About Magellan Midstream Partners (Get Rating)
Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. It operates through Refined Products and Crude Oil segments. The company operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to 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.
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