In the last trading session, 4.07 million Magellan Midstream Partners L.P. (NYSE:MMP) shares changed hands as the company’s beta touched 0.90. With the company’s per share price at $68.50 changed hands at $0.27 or 0.40% during last session, the market valuation stood at $14.06B. MMP’s last price was a discount, traded about -1.31% off its 52-week high of $69.40. The share price had its 52-week low at $45.52, which suggests the last value was 33.55% up since then. When we look at Magellan Midstream Partners L.P.’s average trading volume, we note the 10-day average is 2.02 million shares, with the 3-month average coming to 1.18 million.
Analysts gave the Magellan Midstream Partners L.P. (MMP) stock a consensus recommendation rating of a Hold, calculated at a mean rating of 3.00. If we narrow down to specifics, the data shows that 2 out of 13 analysts rate the stock as a Sell, with a further 1 assigning it an Overweight rating. Of the remaining, 9 recommended MMP as a Hold, 1 felt it is a Buy and 0 rated the stock as Underweight. Magellan Midstream Partners L.P.’s EPS for the current quarter is expected to be $1.24.
Magellan Midstream Partners L.P. (NYSE:MMP) trade information
Instantly MMP was in green as seen at the end of in last trading. With action 3.09%, the performance over the past five days has been green. The jump to weekly highs of 69.40 on Monday, 09/18/23 added 0.40% to the stock’s daily price. The company’s shares are showing year-to-date upside of 36.43%, with the 5-day performance at 3.09% in the green. However, in the 30-day time frame, Magellan Midstream Partners L.P. (NYSE:MMP) is 3.91% up. Looking at the short shares, we see there were 7.31 million shares sold at short interest cover period of 8.15 days.
The consensus price target for the stock as assigned by Wall Street analysts is $65.33, meaning bulls need a downside of -4.85% from its current market value. According to analyst projections, MMP’s forecast low is $56.00 with $69.00 as the target high. To hit the forecast high, the stock’s price needs a -0.73% plunge from its current level, while the stock would need to tank 18.25% for it to hit the projected low.
Magellan Midstream Partners L.P. (MMP) estimates and forecasts
Data shows that the Magellan Midstream Partners L.P. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 30.23% over the past 6 months, a 11.65% in annual growth rate that is considerably higher than the industry average of 2.40%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Magellan Midstream Partners L.P. will fall -22.00%, while the growth in revenue is estimated to hit 52.70% for the next quarter. Year-over-year growth is forecast to reach 8.90% up from the last financial year.
Consensus estimates given by 1 financial analysts project the company’s revenue in the current quarter to hit an average of $905.12 million. 1 analysts are of the opinion that Magellan Midstream Partners L.P.’s revenue for the quarter ending Dec 2023 will be $901.25 million. The company’s revenue for the corresponding quarters a year ago was $781.38 million and $861 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 15.80%. The estimates for the next quarter sales put growth at 4.70%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 1.50%. The 2023 estimates are for Magellan Midstream Partners L.P. earnings to decrease by -3.40%, but the outlook for the next 5-year period is at 3.40% per year.
Magellan Midstream Partners L.P. is expected to release its next quarterly earnings report between October 25 and October 30. The 6.12% annual yield figure for the share gives it an annual dividend of 4.19. It is important to note, however, that the 6.12% dividend yield ratio should serve as a guide only, as you should also take into consideration many other aspects of a company’s operations and fundamentals before making any investment decision.
Magellan Midstream Partners L.P. (NYSE:MMP)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 0.39% of Magellan Midstream Partners L.P. shares while 53.10% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 53.31%. There are 53.10% institutions holding the Magellan Midstream Partners L.P. stock share, with Alps Advisors Inc. the top institutional holder. As of Jun 29, 2023, the company held 6.57% of the shares, roughly 13.27 million MMP shares worth $908.89 million.
Goldman Sachs Group Inc holds the second largest percentage of outstanding shares, with 3.49% or 7.05 million shares worth $482.89 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of May 30, 2023 were Alps ETF Tr-Alerian MLP ETF and Janus Henderson Enterprise Fund. With 15.09 million shares estimated at $1.03 billion under it, the former controlled 7.47% of total outstanding shares. On the other hand, Janus Henderson Enterprise Fund held about 2.99% of the shares, roughly 6.04 million shares worth around $413.63 million.