In the latest trading session, Magellan Midstream Partners closed at $52.97, marking a +0.44% move from the previous day. This move lagged the S&P 500's daily gain of 1.89%. Elsewhere, the Dow gained 1%, while the tech-heavy Nasdaq added 10%.
Prior to today's trading, shares of the petroleum and oil storage and transportation company had gained 8.12% over the past month. This has outpaced the Oils-Energy sector's gain of 5.98% and the S&P 500's gain of 2.3% in that time.
Investors will be hoping for strength from Magellan Midstream Partners as it approaches its next earnings release, which is expected to be February 2, 2023. In that report, analysts expect Magellan Midstream Partners to post earnings of $1.31 per share. This would mark year-over-year growth of 5.65%. Our most recent consensus estimate is calling for quarterly revenue of $855.22 million, up 5.67% from the year-ago period.
Any recent changes to analyst estimates for Magellan Midstream Partners should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.55% higher. Magellan Midstream Partners currently has a Zacks Rank of #2 (Buy).
In terms of valuation, Magellan Midstream Partners is currently trading at a Forward P/E ratio of 10.6. Its industry sports an average Forward P/E of 10.37, so we one might conclude that Magellan Midstream Partners is trading at a premium comparatively.
We can also see that MMP currently has a PEG ratio of 2.04. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. MMP's industry had an average PEG ratio of 1.92 as of yesterday's close.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 188, which puts it in the bottom 26% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow MMP in the coming trading sessions, be sure to utilize Zacks.com.
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Magellan Midstream Partners (MMP) Gains But Lags Market: What You Should Know
In the latest trading session, Magellan Midstream Partners closed at $52.97, marking a +0.44% move from the previous day. This move lagged the S&P 500's daily gain of 1.89%. Elsewhere, the Dow gained 1%, while the tech-heavy Nasdaq added 10%.
Prior to today's trading, shares of the petroleum and oil storage and transportation company had gained 8.12% over the past month. This has outpaced the Oils-Energy sector's gain of 5.98% and the S&P 500's gain of 2.3% in that time.
Investors will be hoping for strength from Magellan Midstream Partners as it approaches its next earnings release, which is expected to be February 2, 2023. In that report, analysts expect Magellan Midstream Partners to post earnings of $1.31 per share. This would mark year-over-year growth of 5.65%. Our most recent consensus estimate is calling for quarterly revenue of $855.22 million, up 5.67% from the year-ago period.
Any recent changes to analyst estimates for Magellan Midstream Partners should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.55% higher. Magellan Midstream Partners currently has a Zacks Rank of #2 (Buy).
In terms of valuation, Magellan Midstream Partners is currently trading at a Forward P/E ratio of 10.6. Its industry sports an average Forward P/E of 10.37, so we one might conclude that Magellan Midstream Partners is trading at a premium comparatively.
We can also see that MMP currently has a PEG ratio of 2.04. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. MMP's industry had an average PEG ratio of 1.92 as of yesterday's close.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 188, which puts it in the bottom 26% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow MMP in the coming trading sessions, be sure to utilize Zacks.com.