Magellan Midstream Partners (MMP) closed the most recent trading day at $55.75, moving +0.38% from the previous trading session. This move lagged the S&P 500's daily gain of 1.96%. Elsewhere, the Dow gained 1.57%, while the tech-heavy Nasdaq lost 3.03%.
Coming into today, shares of the petroleum and oil storage and transportation company had gained 3.2% in the past month. In that same time, the Oils-Energy sector gained 6.43%, while the S&P 500 gained 2.19%.
Wall Street will be looking for positivity from Magellan Midstream Partners as it approaches its next earnings report date. This is expected to be May 4, 2023. In that report, analysts expect Magellan Midstream Partners to post earnings of $1.21 per share. This would mark year-over-year growth of 12.04%. Meanwhile, our latest consensus estimate is calling for revenue of $790.07 million, up 17.1% from the prior-year quarter.
MMP's full-year Zacks Consensus Estimates are calling for earnings of $4.89 per share and revenue of $3.26 billion. These results would represent year-over-year changes of +7.47% and +1.93%, respectively.
Any recent changes to analyst estimates for Magellan Midstream Partners should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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 5.02% higher within the past month. Magellan Midstream Partners currently has a Zacks Rank of #3 (Hold).
Investors should also note Magellan Midstream Partners's current valuation metrics, including its Forward P/E ratio of 11.37. This represents a discount compared to its industry's average Forward P/E of 11.5.
It is also worth noting that MMP currently has a PEG ratio of 3.81. 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. Oil and Gas - Production Pipeline - MLB stocks are, on average, holding a PEG ratio of 2.7 based on yesterday's closing prices.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 163, putting it in the bottom 36% 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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