Is Magellan Midstream Partners, L.P. (MMP) Stock Outpacing Its Oils-Energy Peers This Year?
For those looking to find strong Oils-Energy stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Magellan Midstream Partners, L.P. (MMP) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Oils-Energy peers, we might be able to answer that question.
Magellan Midstream Partners, L.P. is one of 306 individual stocks in the Oils-Energy sector. Collectively, these companies sit at #13 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. MMP is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for MMP's full-year earnings has moved 5.37% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, MMP has returned 3.45% so far this year. In comparison, Oils-Energy companies have returned an average of 1.40%. As we can see, Magellan Midstream Partners, L.P. is performing better than its sector in the calendar year.
Looking more specifically, MMP belongs to the Oil and Gas - Production Pipeline - MLB industry, which includes 15 individual stocks and currently sits at #35 in the Zacks Industry Rank. On average, stocks in this group have gained 7.87% this year, meaning that MMP is slightly underperforming its industry in terms of year-to-date returns.
Investors in the Oils-Energy sector will want to keep a close eye on MMP as it attempts to continue its solid performance.
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