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Magellan Midstream Partners LP MMP

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Economic Moat




Magellan Slightly Updates Guidance for 2020; Still Looks Deeply Undervalued

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Magellan has slightly updated its 2020 distributable cash flow guidance, which we believe to be simply mark to marketing it after its recent update in late March (please refer to our March 27 note for more). The revised range is now $1 billion to $1.075 billion from an earlier $1.02 billion to $1.095 billion. We forecast $1.045 billion, so our $55 fair value estimate and wide moat rating remain unchanged. 

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Company Profile

Business Description

Magellan Midstream Partners is a master limited partnership that operates pipelines and storage terminals in the Central and Eastern United States. Its assets transport, store, and distribute refined petroleum products and crude and earn a fee-based stream of cash flows. Assets include the country's longest petroleum pipeline network, terminal storage, and several crude oil pipelines. Refined products make about 55% of operating margin, with the balance split between crude pipelines and marine terminals.

One Williams Center, P.O. Box 22186
Tulsa, OK, 74121-2186
T +1 918 574-7000
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Mar 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 1,884