Magellan Midstream Partners L.P. [NYSE: MMP] price surged by 1.61 percent to reach at $1.1. The company report on September 11, 2023 at 9:00 AM that Magellan Midstream Declares Special Cash Distribution.
The board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has declared a special cash distribution expected to equal 24.74 cents per unit payable on Sept. 25 to unitholders of record at the close of business on Sept. 21.
The right to issue this special distribution was negotiated as part of our pending merger with ONEOK, Inc., providing us the option to pay up to $50 million, or 24.74 cents per unit based on the 202.1 million units currently outstanding, if the merger has not closed by Sept. 14 and if we have generated sufficient free cash flow in excess of ordinary distributions since May 14, 2023, the date on which we entered into the merger agreement. Our unitholder meeting in connection with the pending merger is scheduled to be held virtually at 10:00 a.m. Central Time on Sept. 21.
A sum of 3630457 shares traded at recent session while its average daily volume was at 1.14M shares. Magellan Midstream Partners L.P. shares reached a high of $69.40 and dropped to a low of $68.33 until finishing in the latest session at $69.28.
The one-year MMP stock forecast points to a potential downside of -7.31. The average equity rating for MMP stock is currently 3.00, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on Magellan Midstream Partners L.P. [MMP]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MMP shares is $64.56 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MMP stock is a recommendation set at 3.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Argus have made an estimate for Magellan Midstream Partners L.P. shares, keeping their opinion on the stock as Sell, with their previous recommendation back on August 16, 2023.
The Average True Range (ATR) for Magellan Midstream Partners L.P. is set at 0.96, with the Price to Sales ratio for MMP stock in the period of the last 12 months amounting to 4.00. The Price to Book ratio for the last quarter was 8.20, with the Price to Cash per share for the same quarter was set at 0.64. Price to Free Cash Flow for MMP in the course of the last twelve months was 10.59 with Quick ratio for the last quarter at 0.60.
MMP Stock Performance Analysis:
Magellan Midstream Partners L.P. [MMP] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 4.72. With this latest performance, MMP shares gained by 5.69% in over the last four-week period, additionally plugging by 32.92% over the last 6 months – not to mention a rise of 35.95% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MMP stock in for the last two-week period is set at 73.62, with the RSI for the last a single of trading hit 78.65, and the three-weeks RSI is set at 70.17 for Magellan Midstream Partners L.P. [MMP]. The present Moving Average for the last 50 days of trading for this stock 65.38, while it was recorded at 67.65 for the last single week of trading, and 57.54 for the last 200 days.
Insight into Magellan Midstream Partners L.P. Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and Magellan Midstream Partners L.P. [MMP] shares currently have an operating margin of +33.59 and a Gross Margin at +40.76. Magellan Midstream Partners L.P.’s Net Margin is presently recorded at +25.60.
Return on Total Capital for MMP is now 16.09, given the latest momentum, and Return on Invested Capital for the company is 12.32. Return on Equity for this stock inclined to 47.94, with Return on Assets sitting at 10.92. When it comes to the capital structure of this company, Magellan Midstream Partners L.P. [MMP] has a Total Debt to Total Equity ratio set at 306.42. Additionally, MMP Total Debt to Total Capital is recorded at 75.40, with Total Debt to Total Assets ending up at 66.98. Long-Term Debt to Equity for the company is recorded at 304.58, with the Long-Term Debt to Total Capital now at 74.94.
Reflecting on the efficiency of the workforce at the company, Magellan Midstream Partners L.P. [MMP] managed to generate an average of $519,154 per employee. Receivables Turnover for the company is 15.46 with a Total Asset Turnover recorded at a value of 0.43.Magellan Midstream Partners L.P.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.60 and a Current Ratio set at 1.10.
MMP Stock EPS
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MMP. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Magellan Midstream Partners L.P. go to 3.40%.
Magellan Midstream Partners L.P. [MMP] Institutonal Ownership Details
The top three institutional holders of MMP stocks are: VANGUARD GROUP INC with ownership of 1.31 billion shares, which is approximately 8.2089%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $170.67 trillion in MMP stocks shares; and BERKSHIRE HATHAWAY INC, currently with $150.98 trillion in MMP stock with ownership which is approximately 5.7381%.