Magellan Midstream Partners closed at $59.55 in the latest trading session, marking a -0.85% move from the prior day. This move lagged the S&P 500's daily gain of 0.93%. Elsewhere, the Dow gained 0.56%, while the tech-heavy Nasdaq added 1.71%.
Coming into today, shares of the petroleum and oil storage and transportation company had gained 8.39% in the past month. In that same time, the Oils-Energy sector gained 2.37%, while the S&P 500 gained 4.61%.
Magellan Midstream Partners will be looking to display strength as it nears its next earnings release. On that day, Magellan Midstream Partners is projected to report earnings of $1.09 per share, which would represent a year-over-year decline of 3.54%. Meanwhile, our latest consensus estimate is calling for revenue of $771.78 million, down 2.13% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $5.05 per share and revenue of $3.38 billion, which would represent changes of +10.99% and +5.54%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Magellan Midstream Partners. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about 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 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. The Zacks Consensus EPS estimate has moved 7.39% lower within the past month. 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 11.9. This valuation marks a premium compared to its industry's average Forward P/E of 11.49.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 207, which puts it in the bottom 18% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Magellan Midstream Partners (MMP) Stock Sinks As Market Gains: What You Should Know
Magellan Midstream Partners closed at $59.55 in the latest trading session, marking a -0.85% move from the prior day. This move lagged the S&P 500's daily gain of 0.93%. Elsewhere, the Dow gained 0.56%, while the tech-heavy Nasdaq added 1.71%.
Coming into today, shares of the petroleum and oil storage and transportation company had gained 8.39% in the past month. In that same time, the Oils-Energy sector gained 2.37%, while the S&P 500 gained 4.61%.
Magellan Midstream Partners will be looking to display strength as it nears its next earnings release. On that day, Magellan Midstream Partners is projected to report earnings of $1.09 per share, which would represent a year-over-year decline of 3.54%. Meanwhile, our latest consensus estimate is calling for revenue of $771.78 million, down 2.13% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $5.05 per share and revenue of $3.38 billion, which would represent changes of +10.99% and +5.54%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Magellan Midstream Partners. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about 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 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. The Zacks Consensus EPS estimate has moved 7.39% lower within the past month. 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 11.9. This valuation marks a premium compared to its industry's average Forward P/E of 11.49.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 207, which puts it in the bottom 18% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.