Magellan Midstream Partners (NYSE:MMP) Issues FY 2020 Pre-Market Earnings Guidance
Magellan Midstream Partners (NYSE:MMP) updated its FY 2020
Pre-Market earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 3.50-3.70 for the period, compared to the Thomson Reuters consensus estimate of $3.77.
Several brokerages have recently commented on MMP. Credit Suisse Group boosted their target price on Magellan Midstream Partners from $42.00 to $48.00 and gave the stock an outperform rating in a report on Thursday, May 7th. Morgan Stanley boosted their target price on Magellan Midstream Partners from $43.00 to $57.00 and gave the stock an overweight rating in a report on Monday, June 1st. Barclays reissued a buy rating and issued a $48.00 target price on shares of Magellan Midstream Partners in a report on Friday, July 17th. Royal Bank of Canada reissued a buy rating and issued a $50.00 target price on shares of Magellan Midstream Partners in a report on Sunday, May 10th. Finally, Zacks Investment Research downgraded Magellan Midstream Partners from a hold rating to a sell rating and set a $38.00 target price on the stock. in a report on Monday, April 6th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and sixteen have given a buy rating to the company. Magellan Midstream Partners presently has a consensus rating of Buy and a consensus target price of $51.84.
MMP stock opened at $40.49 on Friday. The company has a quick ratio of 0.31, a current ratio of 0.37 and a debt-to-equity ratio of 1.69. Magellan Midstream Partners has a twelve month low of $22.02 and a twelve month high of $67.75. The business’s fifty day moving average is $42.73 and its 200-day moving average is $46.72. The company has a market cap of $9.11 billion, a P/E ratio of 9.14 and a beta of 1.05.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, August 7th will be given a $1.028 dividend. This represents a $4.11 dividend on an annualized basis 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%.
In other news, Director Chansoo Joung acquired 13,370 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was acquired at an average price of $42.11 per share, for a total transaction of $563,010.70. Following the transaction, 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 at the SEC website. 0.29% of the stock is owned by corporate 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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