Magellan Midstream Partners closed the most recent trading day at $53.83, moving -1.41% from the previous trading session. This change lagged the S&P 500's daily loss of 0.58%. At the same time, the Dow lost 0.59%, and the tech-heavy Nasdaq lost 1.54%.
Heading into today, shares of the petroleum and oil storage and transportation company had gained 0.52% over the past month, outpacing the Oils-Energy sector's loss of 1.82% and lagging the S&P 500's gain of 2% 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 May 4, 2023. In that report, analysts expect Magellan Midstream Partners to post earnings of $1.20 per share. This would mark year-over-year growth of 11.11%. Meanwhile, our latest consensus estimate is calling for revenue of $790.05 million, up 17.1% from the prior-year quarter.
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.
Any recent changes to analyst estimates for Magellan Midstream Partners should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.54% higher. Magellan Midstream Partners is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Magellan Midstream Partners is currently trading at a Forward P/E ratio of 11.36. Its industry sports an average Forward P/E of 11.36, so we one might conclude that Magellan Midstream Partners is trading at a no noticeable deviation comparatively.
We can also see that MMP currently has a PEG ratio of 7.89. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. MMP's industry had an average PEG ratio of 4.64 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 157, putting it in the bottom 38% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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) Dips More Than Broader Markets: What You Should Know
Magellan Midstream Partners closed the most recent trading day at $53.83, moving -1.41% from the previous trading session. This change lagged the S&P 500's daily loss of 0.58%. At the same time, the Dow lost 0.59%, and the tech-heavy Nasdaq lost 1.54%.
Heading into today, shares of the petroleum and oil storage and transportation company had gained 0.52% over the past month, outpacing the Oils-Energy sector's loss of 1.82% and lagging the S&P 500's gain of 2% 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 May 4, 2023. In that report, analysts expect Magellan Midstream Partners to post earnings of $1.20 per share. This would mark year-over-year growth of 11.11%. Meanwhile, our latest consensus estimate is calling for revenue of $790.05 million, up 17.1% from the prior-year quarter.
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.
Any recent changes to analyst estimates for Magellan Midstream Partners should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.54% higher. Magellan Midstream Partners is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Magellan Midstream Partners is currently trading at a Forward P/E ratio of 11.36. Its industry sports an average Forward P/E of 11.36, so we one might conclude that Magellan Midstream Partners is trading at a no noticeable deviation comparatively.
We can also see that MMP currently has a PEG ratio of 7.89. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. MMP's industry had an average PEG ratio of 4.64 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 157, putting it in the bottom 38% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.