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Why This 1 Momentum Stock Could Be a Great Addition to Your Portfolio

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals.

Achieving those goals is made easier with the Zacks Style Scores, a unique set of guidelines that rates stocks based on popular investing methodologies, namely value, growth, and momentum. The Style Scores can help you narrow down which stocks are better for your portfolio and which ones can beat the market over the long-term.

Is This 1 Momentum Stock a Screaming Buy Right Now?

Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

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Magellan Midstream Partners (MMP)

Tulsa, OK-based Magellan Midstream Partners, L.P. is a master limited partnership (MLP) that owns and operates a diversified portfolio of energy infrastructure assets. The partnership primarily transports, stores, and distributes refined petroleum products and, to a lesser extent, ammonia. Magellan Midstream has the longest refined petroleum pipeline system in the U.S. with access to almost half of the total domestic refining capacity.

MMP sits at a Zacks Rank #3 (Hold), holds a Momentum Style Score of A, and has a VGM Score of B. The stock is down 0.4% and up 2.6% over the past one-week and four-week period, respectively, and Magellan Midstream Partners has gained 9.1% in the last one-year period as well. Additionally, an average of 576,923.75 shares were traded over the last 20 trading sessions.

A company's earnings performance is important for momentum investors as well. For fiscal 2023, four analysts revised their earnings estimate higher in the last 60 days for MMP, while the Zacks Consensus Estimate has increased $0.09 to $4.90 per share. MMP also boasts an average earnings surprise of 2.2%.

Investors should take the time to consider MMP for their portfolios due to its solid Zacks Ranks, notable earnings metrics, and impressive Momentum and VGM Style Scores.

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Magellan Midstream Partners, L.P. (MMP) : Free Stock Analysis Report

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Zacks Investment Research