Magellan Midstream Partners L.P. (NYSE:MMP) announced a quarterly dividend on Friday, October 20th, Wall Street Journal reports. Investors of record on Thursday, November 2nd will be paid a dividend of 0.905 per share by the pipeline company on Tuesday, November 14th. This represents a $3.62 annualized dividend and a yield of 5.38%. The ex-dividend date is Wednesday, November 1st. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.89.
Magellan Midstream Partners L.P. has raised its dividend payment by an average of 15.7% per year over the last three years and has increased its dividend annually for the last 7 consecutive years. Magellan Midstream Partners L.P. has a dividend payout ratio of 93.5% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities research analysts expect Magellan Midstream Partners L.P. to earn $4.05 per share next year, which means the company should continue to be able to cover its $3.62 annual dividend with an expected future payout ratio of 89.4%.
Shares of Magellan Midstream Partners L.P. (NYSE:MMP) traded down $0.63 during mid-day trading on Friday, reaching $67.34. The company had a trading volume of 602,000 shares, compared to its average volume of 682,028. Magellan Midstream Partners L.P. has a 12 month low of $63.92 and a 12 month high of $81.77. The stock has a market capitalization of $15,498.83, a PE ratio of 17.84, a price-to-earnings-growth ratio of 2.29 and a beta of 0.78. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.29 and a current ratio of 0.50.
Magellan Midstream Partners L.P. (NYSE:MMP) last released its earnings results on Thursday, November 2nd. The pipeline company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.02. Magellan Midstream Partners L.P. had a return on equity of 40.99% and a net margin of 34.50%. The firm had revenue of $551.80 million for the quarter, compared to analysts’ expectations of $610.12 million. During the same period in the prior year, the firm posted $0.91 earnings per share. The company’s quarterly revenue was down 3.7% on a year-over-year basis. equities research analysts predict that Magellan Midstream Partners L.P. will post 3.9 earnings per share for the current year.
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In related news, insider Jeff R. Selvidge sold 5,000 shares of the stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $70.64, for a total transaction of $353,200.00. Following the completion of the sale, the insider now owns 19,653 shares in the company, valued at $1,388,287.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.24% of the company’s stock.
A number of brokerages have recently issued reports on MMP. Royal Bank of Canada reaffirmed a “hold” rating and set a $80.00 price target on shares of Magellan Midstream Partners L.P. in a report on Monday, July 24th. Barclays PLC downgraded Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $88.00 to $77.00 in a report on Tuesday, July 18th. Citigroup Inc. raised Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 price target on the stock in a report on Thursday, September 21st. Stifel Nicolaus reissued a “hold” rating and issued a $81.00 target price on shares of Magellan Midstream Partners L.P. in a report on Wednesday, July 19th. Finally, BidaskClub downgraded Magellan Midstream Partners L.P. from a “sell” rating to a “strong sell” rating in a report on Thursday, August 17th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company. Magellan Midstream Partners L.P. currently has an average rating of “Hold” and a consensus target price of $79.04.
About Magellan Midstream Partners L.P.
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