Yahoo Finance Magellan Midstream Partners (MMP) Gains As Market Dips: What You Should Know
In the latest trading session, Magellan Midstream Partners (MMP) closed at $52.88, marking a +1.09% move from the previous day. This move outpaced the S&P 500's daily loss of 0.16%. Elsewhere, the Dow lost 0.12%, while the tech-heavy Nasdaq lost 3.64%.
Prior to today's trading, shares of the petroleum and oil storage and transportation company had lost 1.75% over the past month. This has was narrower than the Oils-Energy sector's loss of 6.61% and lagged the S&P 500's gain of 0.07% in that time.
Investors will be hoping for strength from Magellan Midstream Partners as it approaches its next earnings release. The company is expected to report EPS of $1.20, up 11.11% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $790.05 million, up 17.1% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $4.81 per share and revenue of $3.25 billion. These totals would mark changes of +5.71% and +1.41%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for Magellan Midstream Partners. These revisions help to show the ever-changing nature of 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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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.
Looking at its valuation, Magellan Midstream Partners is holding a Forward P/E ratio of 10.88. Its industry sports an average Forward P/E of 10.68, so we one might conclude that Magellan Midstream Partners is trading at a premium comparatively.
Also, we should mention that MMP has a PEG ratio of 7.56. 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. The Oil and Gas - Production Pipeline - MLB was holding an average PEG ratio of 4.42 at yesterday's closing price.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 104, which puts it in the top 42% 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, L.P. (MMP) : Free Stock Analysis Report
