In the latest trading session, Magellan Midstream Partners closed at $52.29, marking a -0.68% move from the previous day. This change was narrower than the S&P 500's daily loss of 1.56%. At the same time, the Dow lost 1.81%, and the tech-heavy Nasdaq lost 4.66%.
Prior to today's trading, shares of the petroleum and oil storage and transportation company had gained 6.82% over the past month. This has lagged the Oils-Energy sector's gain of 6.91% and outpaced the S&P 500's gain of 3.82% in that time.
Magellan Midstream Partners will be looking to display strength as it nears its next earnings release, which is expected to be February 2, 2023. The company is expected to report EPS of $1.31, up 5.65% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $840.89 million, up 3.9% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Magellan Midstream Partners. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about 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. Over the past month, the Zacks Consensus EPS estimate has moved 1.36% higher. Magellan Midstream Partners is currently a Zacks Rank #1 (Strong Buy).
Digging into valuation, Magellan Midstream Partners currently has a Forward P/E ratio of 10.59. For comparison, its industry has an average Forward P/E of 10.38, which means Magellan Midstream Partners is trading at a premium to the group.
Also, we should mention that MMP has a PEG ratio of 2.04. 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 1.93 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 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) Stock Moves -0.68%: What You Should Know
In the latest trading session, Magellan Midstream Partners closed at $52.29, marking a -0.68% move from the previous day. This change was narrower than the S&P 500's daily loss of 1.56%. At the same time, the Dow lost 1.81%, and the tech-heavy Nasdaq lost 4.66%.
Prior to today's trading, shares of the petroleum and oil storage and transportation company had gained 6.82% over the past month. This has lagged the Oils-Energy sector's gain of 6.91% and outpaced the S&P 500's gain of 3.82% in that time.
Magellan Midstream Partners will be looking to display strength as it nears its next earnings release, which is expected to be February 2, 2023. The company is expected to report EPS of $1.31, up 5.65% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $840.89 million, up 3.9% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Magellan Midstream Partners. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about 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. Over the past month, the Zacks Consensus EPS estimate has moved 1.36% higher. Magellan Midstream Partners is currently a Zacks Rank #1 (Strong Buy).
Digging into valuation, Magellan Midstream Partners currently has a Forward P/E ratio of 10.59. For comparison, its industry has an average Forward P/E of 10.38, which means Magellan Midstream Partners is trading at a premium to the group.
Also, we should mention that MMP has a PEG ratio of 2.04. 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 1.93 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 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.