Magellan Midstream Partners closed at $51.31 in the latest trading session, marking a -1.67% move from the prior day. This change lagged the S&P 500's daily loss of 1.65%. At the same time, the Dow lost 1.63%, and the tech-heavy Nasdaq lost 6.65%.
Coming into today, shares of the petroleum and oil storage and transportation company had lost 1.51% in the past month. In that same time, the Oils-Energy sector lost 4.55%, while the S&P 500 gained 0.3%.
Wall Street will be looking for positivity from Magellan Midstream Partners as it approaches its next earnings report date. The company is expected to report EPS of $1.20, up 11.11% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $790.05 million, up 17.1% from the year-ago period.
MMP's full-year Zacks Consensus Estimates are calling for earnings of $4.81 per share and revenue of $3.25 billion. These results would represent year-over-year changes of +5.71% and +1.41%, respectively.
It is also important to note the recent changes to analyst estimates for Magellan Midstream Partners. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.54% higher. Magellan Midstream Partners is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Magellan Midstream Partners is currently trading at a Forward P/E ratio of 10.86. This represents a premium compared to its industry's average Forward P/E of 10.76.
Investors should also note that MMP has a PEG ratio of 7.54 right now. 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 4.42 as of yesterday's close.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 97, putting it in the top 39% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.