On September 17, 2023, we are pleased to present our latest research report on Magellan Midstream Partners (NYSE:MMP), a prominent pipeline company. This article will provide an overview of the company’s recent earnings results and analyze the activities of hedge funds and institutional investors regarding the company’s stock.
Magellan Midstream Partners recently announced its earnings results for the quarter ending on Thursday, August 3rd. The company reported earnings per share of $1.23, surpassing the consensus estimate of $1.10 by $0.13. This positive outcome demonstrates Magellan Midstream Partners’ strong financial performance during this period.
Moreover, the company showcased a return on equity of 58.77% and a net margin of 29.55%. These figures indicate the efficiency with which Magellan Midstream Partners utilized its resources to generate profits and highlight its ability to maintain a healthy bottom line despite challenges faced in the market.
In terms of revenue, Magellan Midstream Partners recorded $877.20 million for the quarter, exceeding the consensus estimate of $797.91 million. This considerable revenue reflects not only the robustness of their business operations but also their ability to meet or exceed market expectations.
Moving beyond earnings results, it is essential to examine Magellan Midstream Partners’ relationship with hedge funds and institutional investors as they play a significant role in determining stock sentiment and performance.
Reports indicate that hedge funds and institutional investors have actively bought and sold shares of Magellan Midstream Partners recently. Keybank National Association OH raised its holdings in the company by 0.9% during the first quarter, adding an additional 983 shares to its ownership portfolio valued at approximately $5,695,000.
Ameritas Advisory Services LLC also increased its stake in Magellan Midstream Partners by 28.5% during Q4 2023, acquiring an additional 1,296 shares worth around $293,000. Similarly, Mercer Global Advisors Inc. ADV raised its holdings by 13.5% during the same period, accumulating an extra 3,280 shares valued at approximately $1,386,000.
Furthermore, Householder Group Estate & Retirement Specialist LLC entered the Magellan Midstream Partners market in the first quarter of this year with a newly acquired position worth around $61,000.
Lastly, Catalyst Capital Advisors LLC increased its holdings by 1.6% during Q4 2023, purchasing an additional 1,500 shares valued at approximately $4,758,000.
Institutional investors and hedge funds now own approximately 54.84% of Magellan Midstream Partners’ stock. This level of ownership highlights the confidence these entities have in the company’s growth prospects and long-term performance.
Magellan Midstream Partners has consistently showcased strong financial performance and demonstrated its ability to deliver value to shareholders. With their recent earnings beat and positive revenue results for the quarter ending August 3rd, it is clear that this pipeline company remains well-positioned within the market.
The involvement of hedge funds and institutional investors only further reinforces the market’s trust in Magellan Midstream Partners’ potential as a profitable investment opportunity.
As always, we advise readers to conduct further research on their own or consult with a qualified financial advisor before making any investment decisions based on information presented in this article.
Magellan Midstream Partners, L.P.
Updated on: 18/09/2023
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Magellan Midstream Partners: Strong Earnings and Investor Confidence Drive Positive Outlook
Magellan Midstream Partners, L.P. (NYSE:MMP) is a pipeline company that has recently seen an increase in its earnings per share (EPS) estimates for the fourth quarter of 2024, according to equities research analysts at Zacks Research. It is now anticipated that Magellan Midstream Partners will post earnings per share of $1.44 for the quarter, up from their previous estimate of $1.39. The consensus estimate for the company’s full-year earnings is $5.12 per share, and Zacks Research has also issued estimates for its first quarter of 2025 earnings at $1.26 EPS.
This news comes amidst several other reports on Magellan Midstream Partners. StockNews.com recently initiated coverage on the company and issued a “hold” rating on its stock. Stifel Nicolaus downgraded Magellan Midstream Partners from a “buy” rating to a “hold” rating, but lifted their price target for the company from $61.00 to $64.00 in their research note dated May 18th. Barclays also raised their price target on the company from $60.00 to $68.00 in a research note published on July 18th, while Argus downgraded Magellan Midstream Partners from a “hold” rating to a “sell” rating on August 16th. Furthermore, US Capital Advisors downgraded the company from an “overweight” rating to a “hold” rating in their research note dated May 19th.
According to Bloomberg.com, Magellan Midstream Partners currently has a consensus rating of “Hold” and a consensus price target of $60.70.
In terms of institutional investors, hedge funds have been buying and selling shares of Magellan Midstream Partners in recent times. Keybank National Association OH raised its holdings in the company by 0.9% during the first quarter, and now owns 104,954 shares of the stock. Ameritas Advisory Services LLC increased its holdings in the company by 28.5% during the fourth quarter, owning 5,841 shares. Mercer Global Advisors Inc. ADV raised its holdings in Magellan Midstream Partners by 13.5% during the fourth quarter, and now owns 27,595 shares. Householder Group Estate & Retirement Specialist LLC also acquired a new position in the first quarter with 54.84% of the stock owned by institutional investors and hedge funds.
On Friday, MMP stock opened at $69.19. The company has a market capitalization of $13.98 billion, a P/E ratio of 13.78, and a beta of 0.90. Its 50-day moving average stands at $65.48, while its two-hundred day moving average is $60.01.
Magellan Midstream Partners recently announced a None dividend that will be paid on Monday, September 25th. Investors of record on Thursday, September 21st will receive a dividend of $0.247 per share on this date; the ex-dividend date is Wednesday, September 20th.
Overall, Magellan Midstream Partners is experiencing positive growth and increased confidence from analysts and investors alike. With its strong performance and steady dividend payments to shareholders, it continues to be an attractive investment option in the pipeline industry.