Magellan Midstream Partners L.P. (MMP) reported quarterly earnings results on Tuesday, Aug-2-2016. The company said it had a profit of $0.82 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.04. Analysts had a consensus of $0.78. The company posted revenue of $518.90 million in the period, compared to analysts expectations of $516.56 million. The company’s revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.78 EPS.
Many Wall Street Analysts have commented on Magellan Midstream Partners L.P.. Magellan Midstream Partners L.P. was Downgraded by Stifel to ” Hold” on May 5, 2016.
Magellan Midstream Partners L.P. opened for trading at $71.84 and hit $72.89 on the upside on Friday, eventually ending the session at $72.86, with a gain of 1.03% or 0.74 points. The heightened volatility saw the trading volume jump to 4,78,646 shares. Company has a market cap of $16,596 M.
In a different news, on May 10, 2016, Jeff R Selvidge (Senior Vice President) sold 5,504 shares at $72.00 per share price. According to the SEC, on Mar 7, 2016, Michael N Mears (President & CEO) sold 20,000 shares at $70.71 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.