Wall Street’s 2Q15 Targets for Magellan Midstream
Of the analysts surveyed by Bloomberg, 65% rate Magellan Midstream (MMP) a “buy” and 35% rate it a “hold.” There are no “sell” recommendations for the MLP.
In July 23, 2015, Magellan Midstream Partners (MMP) increased its quarterly cash distribution for 2Q15 by 3% to $0.74 per unit compared to $0.72 for 1Q15.
Magellan Midstream Partners’ crude oil segment contributes ~30% to the company’s EBITDA.
Magellan Midstream’s revenues declined in the first quarter of 2015 on lower commodity prices.
The consensus revenue estimate for Magellan Midstream Partners (MMP) in the second quarter of 2015 is $504 million.
Magellan Midstream Partners (MMP) is expected to report its 2Q earnings on August 6, 2015. MMP has generated a total return of -12.4% since the start of this year.
Targa Resources Partners (NGLS) was the top loser among midstream MLPs at the end of trading on Thursday, July 30. It fell 4.13% yesterday.
Midcoast Energy Partners (MEP) was the top gainer among midstream MLPs at the end of trading on Thursday, July 30. It rose 25.13% in a single trading session.
Linn Energy (LINE) was the largest upstream MLP in terms of market capitalization on July 30, 2015. It fell 26.30% yesterday.
US ten-year Treasuries traded at a yield of 2.27% on July 24. They traded at a yield of 2.34% the previous week.
WTI (West Texas Intermediate) crude oil prices continued to fall in the week ended July 24. WTI prices fell to $48.14 per barrel.
Mont Belvieu ethane prices moved slightly upwards to 19 cents per gallon for the week ended July 24, 2015.
The Henry Hub–Mont Belvieu fractionation spread dropped to $8.40 per barrel for the week ended July 24, 2015.
The benchmark Henry Hub natural gas price fell to $2.78 per million BTU (British thermal units) for the week ended July 24.
Nearly all upstream MLPs ended in the green in yesterday’s trade. Upstream companies’ earnings are significantly tied to crude oil and natural gas prices.
Cone Midstream (CNNX) was the worst performer among midstream MLPs at the end of trading on Tuesday, July 28. It fell 1.33% yesterday.
Buckeye Partners (BPL) was the best performer among the midstream MLPs at the end of trading on Tuesday, July 28. It rose 5.96% yesterday.
At a broader level, ~81.8% of Wall Street analysts rate Kinder Morgan a “buy,” ~13.6% rate it a “hold,” and ~4.5% rate it a “sell.”
According to Wall Street analysts’ consensus outlook, Kinder Morgan’s (KMI) dividend is expected to grow by ~15.3% year-over-year by the end of 2015.
Kinder Morgan’s (KMI) project backlog increased by $3.7 billion during 2Q15. The project backlog increased as a net effect of new projects being launched and others being dropped.
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