Magellan Midstream Partners L.P. (MMP) reported quarterly earnings results on Wednesday, May-4-2016. The company said it had a profit of $0.87 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $0.86. The company posted revenue of $530.30 million in the period, compared to analysts expectations of $542.80 million. The company’s revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.83 EPS.
Many Wall Street Analysts have commented on Magellan Midstream Partners L.P.. Company shares were Reiterated by RBC Capital Mkts on Apr 29, 2016 to “Outperform”, Firm has raised the Price Target to $ 69 from a previous price target of $61 .Wunderlich Downgraded Magellan Midstream Partners L.P. on Apr 4, 2016 to ” Hold”, Price Target of the shares are set at $68.Magellan Midstream Partners L.P. was Initiated by Morgan Stanley to “Equal-Weight” on Feb 25, 2016.
Magellan Midstream Partners L.P. closed down -0.28 points or -0.39% at $71.79 with 8,57,181 shares getting traded on Monday. Post opening the session at $71.79, the shares hit an intraday low of $71.0283 and an intraday high of $72.57 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.
In a different news, on Mar 7, 2016, Michael N Mears (President & CEO) sold 20,000 shares at $70.71 per share price. According to the SEC, on Mar 2, 2016, Jeff R Selvidge (Senior Vice President) sold 7,500 shares at $68.25 per share price. On Mar 2, 2016, Douglas J May (Senior Vice President) sold 8,000 shares at $68.25 per share price, according to the Form-4 filing with the securities and exchange commission.
Magellan Midstream Partners L.P. (Magellan) is engaged in the transportation storage and distribution of refined petroleum products and crude oil. The Companys business segments include Refined Products Crude Oil and Marine Storage. The Companys refined products segment consists of Magellans 9500-mile refined products pipeline system with 53 terminals as well as 27 independent terminals not connected to the Companys pipeline system and its 1100-mile ammonia pipeline system. Magellans crude oil segment consists of approximately 1600 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 21 million barrels of which 12 million is used for leased storage. Its marine storage segment consists of five marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels.