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Weekly Recap: Analyzing MLPs in the Week Ending September 22

PART:
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Part 5
Weekly Recap: Analyzing MLPs in the Week Ending September 22 PART 5 OF 5

Will Magellan Midstream Partners Gain Upward Momentum?

Moving averages

In this part, we’ll discuss whether Magellan Midstream Partners (MMP) can gain upward momentum following its rating upgrade. Let’s start with the moving average. Magellan Midstream Partners went above its 50-day moving average due to recent gains, which might indicate bullish sentiment in the stock. Magellan Midstream Partners was trading 2.3% above its 50-day simple moving average and 4.3% below its 200-day simple moving average as of September 22. Its peers, Buckeye Partners (BPL) and Shell Midstream Partners (SHLX) are trading 5.3% and 0.3% below their 50-day moving average.

Will Magellan Midstream Partners Gain Upward Momentum?

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Short interest in Magellan Midstream Partners

The short interest in Magellan Midstream Partners was 3.1 million shares as of September 22, 2017. At the same time, the short interest in Magellan Midstream Partners as a percentage of float ratio was 1.4%—slightly higher than last month’s average of 1.2%. However, the short interest in Magellan Midstream Partners is still lower than the last one-year and three-year average of 1.4% and 1.9%, respectively. It might indicate bullish sentiment in the company.

Price forecast

Magellan Midstream Partners’ 30-day implied volatility was 13.8% as of September 22, 2017. Based on its current implied volatility, Magellan Midstream Partners might trade in the range of $68.93–$71.61 in the next seven days. Its stock price is expected to be within this range 68.0% of the time. It assumes a normal distribution of prices.

For more coverage on midstream companies, visit Market Realist’s Master Limited Partnerships page.

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