Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products and Crude Oil segments. It operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to refiners, wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports. The company also provides pipeline capacity and tank storage services, as well as terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers. In addition, Magellan Midstream Partners, L.P. owns and operates crude oil pipelines and storage facilities; and marine terminals located along coastal waterways that provide distribution, storage, blending, inventory management, and additive injection services for refiners, marketers, traders, and other end users of petroleum products. As of December 31, 2019, it had 9,800-mile refined products pipeline system with 54 terminals, as well as 25 independent terminals; approximately 2,200 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 37 million barrels; and 2 marine terminals. Magellan Midstream Partners, L.P. was founded in 2000 and is headquartered in Tulsa, Oklahoma.
IPO Year:
Exchange: NYSE
Website: magellanlp.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 8/16/2023 | Hold → Sell | Argus | |
| 5/18/2023 | $59.00 → $66.00 | Outperform → Sector Perform | RBC Capital Mkts |
| 5/18/2023 | $61.00 → $64.00 | Buy → Hold | Stifel |
| 5/17/2023 | $57.00 → $63.00 | Buy → Neutral | Citigroup |
| 5/17/2023 | $59.00 → $66.00 | Outperform → Sector Perform | RBC Capital Mkts |
| 4/21/2023 | Outperform → Mkt Perform | Raymond James | |
| 1/18/2023 | $59.00 | Equal Weight → Overweight | Barclays |
| 12/16/2022 | $57.00 → $56.00 | Overweight → Equal Weight | Wells Fargo |
| 12/9/2022 | $56.00 | Buy | Citigroup |
| 11/16/2022 | $49.00 | Peer Perform → Underperform | Wolfe Research |
4 - Magellan Midstream Partners, L.P. (0001126975) (Issuer)
4 - Magellan Midstream Partners, L.P. (0001126975) (Issuer)
4 - Magellan Midstream Partners, L.P. (0001126975) (Issuer)
4 - Magellan Midstream Partners, L.P. (0001126975) (Issuer)
4 - Magellan Midstream Partners, L.P. (0001126975) (Issuer)
4 - Magellan Midstream Partners, L.P. (0001126975) (Issuer)
4 - Magellan Midstream Partners, L.P. (0001126975) (Issuer)
4 - Magellan Midstream Partners, L.P. (0001126975) (Issuer)
4 - Magellan Midstream Partners, L.P. (0001126975) (Issuer)
4 - Magellan Midstream Partners, L.P. (0001126975) (Issuer)
TULSA, Okla., Jan. 26, 2022 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE:MMP) announced today that Michael Mears will retire on April 30. Mears has served as president, chief executive officer and chairman of the board for Magellan since 2011. Aaron Milford, 48, will succeed Mears as president and chief executive officer and will become a board member effective May 1. Currently, Milford serves as the partnership's chief operating officer. At the same time, Barry Pearl, who now serves as lead director, will become chairman of the board, separating the roles of chairm
15-12G - Magellan Midstream Partners, L.P. (0001126975) (Filer)
S-8 POS - Magellan Midstream Partners, L.P. (0001126975) (Filer)
S-8 POS - Magellan Midstream Partners, L.P. (0001126975) (Filer)
S-8 POS - Magellan Midstream Partners, L.P. (0001126975) (Filer)
S-8 POS - Magellan Midstream Partners, L.P. (0001126975) (Filer)
S-8 POS - Magellan Midstream Partners, L.P. (0001126975) (Filer)
POSASR - Magellan Midstream Partners, L.P. (0001126975) (Filer)
8-K - Magellan Midstream Partners, L.P. (0001126975) (Filer)
25-NSE - Magellan Midstream Partners, L.P. (0001126975) (Subject)
425 - Magellan Midstream Partners, L.P. (0001126975) (Subject)
SC 13G/A - Magellan Midstream Partners, L.P. (0001126975) (Subject)
SC 13G/A - Magellan Midstream Partners, L.P. (0001126975) (Subject)
SC 13G/A - Magellan Midstream Partners, L.P. (0001126975) (Subject)
SC 13G/A - Magellan Midstream Partners, L.P. (0001126975) (Subject)
Argus downgraded Magellan Midstream from Hold to Sell
RBC Capital Mkts downgraded Magellan Midstream from Outperform to Sector Perform and set a new price target of $66.00 from $59.00 previously
Stifel downgraded Magellan Midstream from Buy to Hold and set a new price target of $64.00 from $61.00 previously
Citigroup downgraded Magellan Midstream from Buy to Neutral and set a new price target of $63.00 from $57.00 previously
RBC Capital Mkts downgraded Magellan Midstream from Outperform to Sector Perform and set a new price target of $66.00 from $59.00 previously
Raymond James downgraded Magellan Midstream from Outperform to Mkt Perform
Barclays upgraded Magellan Midstream from Equal Weight to Overweight and set a new price target of $59.00
Wells Fargo downgraded Magellan Midstream from Overweight to Equal Weight and set a new price target of $56.00 from $57.00 previously
Citigroup initiated coverage of Magellan Midstream with a rating of Buy and set a new price target of $56.00
Wolfe Research downgraded Magellan Midstream from Peer Perform to Underperform and set a new price target of $49.00
We performed a screening of mid-cap ETFs, defined as having Assets Under Management (AUM) between $2 billion and $10 billion - to determine what funds had the largest positive and negative returns on the week, according to data from etfdb.com. Only non-leveraged funds were considered. Winners Global X Uranium ETF (NYSE:URA) URA is up 4.59% over the trailing week. The Global X Uranium ETF offers exposure to companies that deal with uranium mining, refining, and handling. It is slightly more weighted toward larger cap companies than URNM. The fund has $2.06 billion in AUM and an expense ratio of 0.69%. URA has holdings in 47 companies, with the 10 largest comprising 68.24% of the fund. The fun
Transaction delivers full value to Magellan unitholders and provides unitholders with ownership in a stronger combined company Combined company better positioned to address secular risks and achieve strong growth and value creation over the long term Board carefully considered alternative opportunities, structures and tax implications Magellan urges unitholders to vote "FOR" the pending merger today TULSA, Okla., Aug. 29, 2023 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE:MMP) ("Magellan") today announced the filing of an investor presentation with the U.S. Securities and Exchange Commission in connection with our pending merger with ONEOK, Inc. (NYSE:OKE) ("ONEOK"). The invest
We performed a screening of mid-cap ETFs, defined as having Assets Under Management (AUM) between $400 million and $2 billion - to determine what funds had the largest positive and negative returns on the week, according to data from etfdb.com. Only non-leveraged funds were considered. Winners J.P. Morgan Alerian MLP Index ETN (NYSE:AMJ) AMJ was down 0.75% on the week. The J.P. Morgan Alerian MLP Index ETN offers exposure to the energy MLP sector. MLPs are an attractive investment because they are structured as partnerships and are, therefore, not subject to a corporate tax at both the state and federal levels. The fund has $2.84 billion in AUM and an expense ratio of 0.85%. AMJ has holdings
Upgrades UBS upgraded the previous rating for Aemetis Inc (NASDAQ:AMTX) from Neutral to Buy. For the second quarter, Aemetis had an EPS of $0.68, compared to year-ago quarter EPS of $0.01. The stock has a 52-week-high of $10.74 and a 52-week-low of $1.16. At the end of the last trading period, Aemetis closed at $6.16. According to Exane BNP Paribas, the prior rating for Revance Therapeutics Inc (NASDAQ:RVNC) was changed from Underperform to Neutral. In the second quarter, Revance Therapeutics showed an EPS of $0.80, compared to $0.88 from the year-ago quarter. The current stock performance of Revance Therapeutics shows a 52-week-high of $37.98 and a 52-week-low of $17.97. Moreover, at the
Argus Research analyst Bill Selesky downgrades Magellan Midstream (NYSE:MMP) from Hold to Sell.
Magellan Midstream Partners LP (NYSE:MMP) reported Q2 2023 revenues of $877.2 million, up from $788.6 million, beating the consensus of $797.9 million. Operating profit in refined products stood at $234 million (up $67 million Y/Y), and crude oil was $61 million (down $12 million Y/Y) in the quarter. Adjusted net income per unit of $1.23, beating the consensus of $1.10. EPS benefitted from increased contributions from commodity-related activities, a higher proportion of longer-haul shipments, and increased average tariff rates. Distributable cash flow (DCF) stood at $312 million vs $228 million a year ago. Operating cash flow stood at $404.5 million in the quarter. In Q2, Magellan in
Magellan Midstream (NYSE:MMP) reported quarterly earnings of $1.23 per share which beat the analyst consensus estimate of $1.10 by 11.82 percent. This is a 5.13 percent increase over earnings of $1.17 per share from the same period last year. The company reported quarterly sales of $877.20 million which beat the analyst consensus estimate of $797.91 million by 9.94 percent. This is a 11.24 percent increase over sales of $788.60 million the same period last year.
Financial expectations for 2023 While management is confident the pending merger with ONEOK will close before year-end, based on Magellan's second quarter results we believe it is appropriate to update 2023 financial expectations for Magellan stand-alone (ignoring future potential merger-related costs). Magellan's revised full-year outlook highlights the quality of our assets and the ability of our businesses to continue to drive value through a stronger combined company once the pending merger with ONEOK is completed. Magellan's annual stand-alone DCF expectations have increased by $40 million to $1.26 billion for 2023 to reflect higher-than-expected performance during second quarter and
Financial expectations for 2023 While management is confident the pending merger with ONEOK will close before year-end, based on Magellan's second quarter results we believe it is appropriate to update 2023 financial expectations for Magellan stand-alone (ignoring future potential merger-related costs). Magellan's revised full-year outlook highlights the quality of our assets and the ability of our businesses to continue to drive value through a stronger combined company once the pending merger with ONEOK is completed. Magellan's annual stand-alone DCF expectations have increased by $40 million to $1.26 billion for 2023 to reflect higher-than-expected performance during second quarter a
LEAWOOD, KS / ACCESSWIRE / September 25, 2023 / TortoiseEcofin today announced a revision of timing of the removal of Magellan Midstream Partners, L.P. (NYSE:MMP) from the Tortoise MLP Index® (TMLP), and the Tortoise North American Pipeline IndexSM (TNAP) as a result of the approved acquisition by ONEOK, Inc. (NYSE:OKE). Due to the acquisition, MMP will be removed from both indices at market close on Monday, September 25, 2023.MMP will be dropped from Tortoise MLP Index® (TMLP) and Tortoise North American Pipeline IndexSM (TNAP) with a special rebalancing.About TortoiseEcofinTortoiseEcofin focuses on essential assets - those assets and services that are indispensable to the economy and socie
TULSA, Okla., Sept. 25, 2023 /PRNewswire/ -- ONEOK, Inc. (NYSE:OKE) (ONEOK) today announced that it has completed its acquisition of Magellan Midstream Partners, L.P. (Magellan), creating a more diversified North American midstream infrastructure company focused on delivering essential energy products and services to its customers, and continued strong returns to investors. The transaction was approved by ONEOK shareholders and Magellan unitholders at their respective special meetings held on September 21, 2023. "This is a significant day for Tulsa and the industry as we bring together the talented ONEOK and Magellan teams and look to the future as one company," said Pierce H. Norton II, ON
LEAWOOD, KS / ACCESSWIRE / September 22, 2023 / TortoiseEcofin today announced that Magellan Midstream Partners, L.P. (NYSE:MMP) will be removed from the Tortoise MLP Index® (TMLP), and the Tortoise North American Pipeline IndexSM (TNAP) as a result of the approved acquisition by ONEOK, Inc. (NYSE:OKE). Due to the acquisition, MMP will be removed from both indices at market open on Monday, September 25, 2023.MMP will be dropped from Tortoise MLP Index® (TMLP) and Tortoise North American Pipeline IndexSM (TNAP) with a special rebalancing.About TortoiseEcofinTortoiseEcofin focuses on essential assets - those assets and services that are indispensable to the economy and society. We strive to ma
Transaction to Close on September 25, 2023 TULSA, Okla., Sept. 21, 2023 /PRNewswire/ -- ONEOK, Inc. (NYSE:OKE) ("ONEOK") and Magellan Midstream Partners, L.P. (NYSE:MMP) ("Magellan") today announced that, at their respective Special Meetings, ONEOK shareholders and Magellan unitholders approved the previously announced merger. "We are very pleased with the strong support from ONEOK shareholders and Magellan unitholders, which reflects their belief in the power of our combination," said Pierce H. Norton II, ONEOK president and chief executive officer. "Having achieved this important milestone, we look forward to closing on September 25 and moving forward as one company with a continued commi
TULSA, Okla., Sept. 11, 2023 /PRNewswire/ -- 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
TULSA, Okla., Sept. 7, 2023 /PRNewswire/ -- ONEOK, Inc. (NYSE:OKE) today announced that the two leading proxy advisory firms, Institutional Shareholder Services (ISS) and Glass Lewis & Co. (Glass Lewis), have recommended that ONEOK shareholders vote in favor of all proposals related to ONEOK's pending acquisition of Magellan Midstream Partners, L.P. (NYSE:MMP) (Magellan) at ONEOK's upcoming Special Meeting of Shareholders. In making the recommendations, ISS and Glass Lewis stated in their September 7, 2023, and September 6, 2023, reports, respectively1: "On balance, given the expected financial strength of the combined company, including the benefits of the tax basis step-up, the expected EP
Follows recommendation from Glass Lewis that unitholders vote "FOR" the transaction TULSA, Okla., Sept. 7, 2023 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE:MMP) ("Magellan") today announced that leading independent proxy advisory firm Institutional Shareholder Services ("ISS") recommends that unitholders vote "FOR" the pending merger with ONEOK, Inc. (NYSE:OKE) ("ONEOK") at the virtual special meeting of unitholders scheduled to be held on Sept. 21, 2023. In its report dated Sept. 6, 2023, ISS stated1: "…the board's focus on securing a significant cash portion to
Magellan urges unitholders to vote "FOR" the pending merger today TULSA, Okla., Sept. 7, 2023 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE:MMP) ("Magellan") today announced that leading independent proxy advisory firm Glass Lewis & Co. ("Glass Lewis") recommends that unitholders vote "FOR" the pending merger with ONEOK, Inc. (NYSE:OKE) ("ONEOK") at the virtual special meeting of unitholders scheduled to be held on Sept. 21, 2023. In its report dated Sept. 6, 2023, Glass Lewis stated1: "Strategically, we believe the proposed merger could be beneficial to shareholders/unitholders of both of the merger parties, as the deal would result in the creation of a combined energy infrastruct
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that Enterprise Products Partners L.P. (NYSE:EPD) and Magellan Midstream Partners, L.P. (NYSE:MMP) have extended their fee waiver arrangement between the Enterprise Crude Houston ("ECHO") and Magellan East Houston ("MEH") terminals to transfer crude oil delivered through ICE's Midland WTI futures contract (ICE: HOU) until December 31, 2024. The extension comes as HOU had another record trading month with a record 307,000 contracts traded during August, as well as reaching record average daily volume of 13,347 contracts. The contract reached a series of open
Transaction delivers full value to Magellan unitholders and provides unitholders with ownership in a stronger combined company Combined company better positioned to address secular risks and achieve strong growth and value creation over the long term Board carefully considered alternative opportunities, structures and tax implications Magellan urges unitholders to vote "FOR" the pending merger today TULSA, Okla., Aug. 29, 2023 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE:MMP) ("Magellan") today announced the filing of an investor presentation with the U.S. Securities and Exchange Commission in connection with our pending merger with ONEOK, Inc. (NYSE:OKE) ("ONEOK"). The investo
Transaction to Close on September 25, 2023 TULSA, Okla., Sept. 21, 2023 /PRNewswire/ -- ONEOK, Inc. (NYSE:OKE) ("ONEOK") and Magellan Midstream Partners, L.P. (NYSE:MMP) ("Magellan") today announced that, at their respective Special Meetings, ONEOK shareholders and Magellan unitholders approved the previously announced merger. "We are very pleased with the strong support from ONEOK shareholders and Magellan unitholders, which reflects their belief in the power of our combination," said Pierce H. Norton II, ONEOK president and chief executive officer. "Having achieved this important milestone, we look forward to closing on September 25 and moving forward as one company with a continued commi
TULSA, Okla., Sept. 11, 2023 /PRNewswire/ -- 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
TULSA, Okla., Sept. 7, 2023 /PRNewswire/ -- ONEOK, Inc. (NYSE:OKE) today announced that the two leading proxy advisory firms, Institutional Shareholder Services (ISS) and Glass Lewis & Co. (Glass Lewis), have recommended that ONEOK shareholders vote in favor of all proposals related to ONEOK's pending acquisition of Magellan Midstream Partners, L.P. (NYSE:MMP) (Magellan) at ONEOK's upcoming Special Meeting of Shareholders. In making the recommendations, ISS and Glass Lewis stated in their September 7, 2023, and September 6, 2023, reports, respectively1: "On balance, given the expected financial strength of the combined company, including the benefits of the tax basis step-up, the expected EP
Follows recommendation from Glass Lewis that unitholders vote "FOR" the transaction TULSA, Okla., Sept. 7, 2023 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE:MMP) ("Magellan") today announced that leading independent proxy advisory firm Institutional Shareholder Services ("ISS") recommends that unitholders vote "FOR" the pending merger with ONEOK, Inc. (NYSE:OKE) ("ONEOK") at the virtual special meeting of unitholders scheduled to be held on Sept. 21, 2023. In its report dated Sept. 6, 2023, ISS stated1: "…the board's focus on securing a significant cash portion to
Magellan urges unitholders to vote "FOR" the pending merger today TULSA, Okla., Sept. 7, 2023 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE:MMP) ("Magellan") today announced that leading independent proxy advisory firm Glass Lewis & Co. ("Glass Lewis") recommends that unitholders vote "FOR" the pending merger with ONEOK, Inc. (NYSE:OKE) ("ONEOK") at the virtual special meeting of unitholders scheduled to be held on Sept. 21, 2023. In its report dated Sept. 6, 2023, Glass Lewis stated1: "Strategically, we believe the proposed merger could be beneficial to shareholders/unitholders of both of the merger parties, as the deal would result in the creation of a combined energy infrastruct
Transaction delivers full value to Magellan unitholders and provides unitholders with ownership in a stronger combined company Combined company better positioned to address secular risks and achieve strong growth and value creation over the long term Board carefully considered alternative opportunities, structures and tax implications Magellan urges unitholders to vote "FOR" the pending merger today TULSA, Okla., Aug. 29, 2023 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE:MMP) ("Magellan") today announced the filing of an investor presentation with the U.S. Securities and Exchange Commission in connection with our pending merger with ONEOK, Inc. (NYSE:OKE) ("ONEOK"). The investo
Mailing and Video with President and CEO Aaron Milford Available on MaximizingValueforMMPunitholders.com TULSA, Okla., Aug. 16, 2023 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE:MMP) ("Magellan") today mailed materials to unitholders in connection with our pending merger with ONEOK, Inc. (NYSE:OKE) ("ONEOK") under which ONEOK will acquire all outstanding units of Magellan in a cash-and-stock transaction consisting of $25.00 in cash and 0.667 shares of ONEOK common stock for each outstanding Magellan common unit. The materials outline the tax implications Magellan co
TULSA, Okla., Aug. 3, 2023 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE:MMP) ("Magellan") today reported net income of $239 million for second quarter 2023, compared to $354 million for second quarter 2022. The prior period included a $162 million gain on the sale of discontinued operations related to the June 2022 divestiture of our independent terminals network. Excluding the prior period gain, the increase in second quarter 2023 net income was driven by higher profits from our commodity-related activities and overall improved financial results from our core fee-based transportation and terminals activities.
Launches New Website, MaximizingValueforMMPunitholders.com, Outlining Benefits of the Transaction and Tax Considerations for Magellan Unitholders Urges Unitholders to Vote "FOR" the Pending Merger TULSA, Okla., July 25, 2023 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE:MMP) ("Magellan") today announced the filing of a definitive proxy statement with the U.S. Securities and Exchange Commission in connection with our pending merger with ONEOK, Inc. (NYSE:OKE) ("ONEOK"). Magellan also launched a website, MaximizingValueforMMPunitholders.com, which reviews the benefits of the merger, outlines certain tax considerations, provides voting instructions for unitholders and shares perspecti
Special Meeting of Shareholders Set for Sept. 21, 2023 ONEOK's Board of Directors Recommends Shareholders Vote "FOR" All Proposals at the Special Meeting TULSA, Okla., July 25, 2023 /PRNewswire/ -- ONEOK, Inc. (NYSE:OKE) ("ONEOK") today announced that it has filed definitive proxy materials with the U.S. Securities and Exchange Commission (the "SEC") in connection with ONEOK's pending acquisition of Magellan Midstream Partners, L.P. (NYSE:MMP) ("Magellan"). The ONEOK Special Meeting of Shareholders (the "Special Meeting") is scheduled to take place on Sept. 21, 2023, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). The Special Meeting will be held virtually. All shareholders of record of