Magellan Midstream Delivers Upbeat Results in Q2

Magellan Midstream Partners (MMP) reported stronger-than-expected Q2 results, topping both earnings and revenue estimates. Magellan Midstream Partners is a publicly-traded company that primarily transports, stores, and distributes refined petroleum products and Read More... The post Magellan Midstream Delivers Upbeat Results in Q2 appeared first on TipRanks Financial Blog.

Magellan Midstream Delivers Upbeat Results in Q2

Magellan Midstream Partners (MMP) reported stronger-than-expected Q2 results, topping both earnings and revenue estimates.

Magellan Midstream Partners is a publicly-traded company that primarily transports, stores, and distributes refined petroleum products and crude oil. Shares of the company, which has access to nearly 50% of the refining capacity in the U.S., have gained 15% over the past year.

Earnings of $1.26 per share beat analysts’ expectations of $0.99 per share. The company reported earnings of $0.59 per share in the prior-year period.

Revenues jumped 48.7% year-over-year to $653.6 million and exceeded consensus estimates of $564.5 million. The increase in revenues reflected a surge in transportation and terminals revenue that increased to $455.3 million, and higher product sales revenues that increased to $193 million. (See MMP stock analysis on TipRanks)

Additionally, the company’s 2Q distributable cash flow (DCF) increased to $268 million compared to $209.5 million in the year-ago quarter.

Magellan's CEO Michael Mears commented, "Our strategic asset base continues to demonstrate strength throughout various business cycles, generating another quarter of solid financial results. Magellan's resilient business model and strong balance sheet position us well to safely and efficiently deliver essential fuels for our nation as the economy recovers and for many decades to come." 

Looking forward, the company reiterated its full-year guidance. The company forecasts adjusted earnings of $4.25 per share whereas annual DCF is estimated at $1.07 billion for 2021. For the third quarter, adjusted earnings is forecast to be $0.87 per share.

TD Securities analyst Linda Ezergailis recently increased the price target on MMP from $48 to $50 (5% upside potential) and reiterated a Hold rating.

Overall, the stock has a Moderate Buy consensus rating based on 5 Buys and 7 Holds. The MMP average analyst price target of $52.11 implies 11.8% upside potential from current levels.

Related News:
Facebook Shares Tumble 3.5% Despite Upbeat Q2 Results
Norfolk Southern Posts Strong Q2 results
Amphenol Delivers Strong Q2 Results, Provides Q3 Guidance

The post Magellan Midstream Delivers Upbeat Results in Q2 appeared first on TipRanks Financial Blog.

Source : Tip Ranks More   

What's Your Reaction?

like
0
dislike
0
love
0
funny
0
angry
0
sad
0
wow
0

Next Article

This Week In Bitcoin: BTC Breaks The $40k Barrier; Medium-Term Outlook Turns Positive; Grayscale Crypto ETFs; and More

Market sentiment has improved significantly this week, as BTC tops resistance at $40k. However, derivative traders remain cautious, as experts predict that the market may shift from bullish to bearish. Read More... The post This Week In Bitcoin: BTC Breaks The $40k Barrier; Medium-Term Outlook Turns Positive; Grayscale Crypto ETFs; and More appeared first on TipRanks Financial Blog.

This Week In Bitcoin: BTC Breaks The $40k Barrier; Medium-Term Outlook Turns Positive; Grayscale Crypto ETFs; and More

Market sentiment has improved significantly this week, as BTC tops resistance at $40k. However, derivative traders remain cautious, as experts predict that the market may shift from bullish to bearish.

The Fundamental Look

After six long weeks of rallying between the $30,000 and $36,000-mark, Bitcoin finally crossed the $40,000 psychological level, alleviating a bit of the bearish market sentiment. However, data from the leading platforms indicate that derivatives traders are still walking on eggshells. (See Bitcoin stock comparison on TipRanks)

The week started with Bitcoin trading at just above $32,000, reaching $40,667.28 on July 28th for the first time since mid-June. The upward trend of BTC for the sixth consecutive day is partly due to a short squeeze and the FUD about Amazon planning to accept Bitcoin and other cryptocurrencies as forms of payments. Owing to the dramatic rise of BTC and other cryptocurrencies this week, experts underline that a short squeeze of heavily leveraged traders may have added to upward pressure on prices.

Meanwhile, institutional investors continued offloading BTC as negative sentiment prevails. Per a recent report issued by Coinshare, Bitcoin-based funds saw the largest outflows with $24 million, or 85% of combined outflows from crypto products. Monthly outflows for BTC are now at $49 million, although year-to-date flows remain positive at $4.1 billion.

In other related news, BTC Perpetual Futures trading on Binance hit an all-time high of $48,168, topping the 50-day moving average acting as resistance. The Grayscale Bitcoin Trust (GBTC) reflects Bitcoin’s bullish sentiment, especially after its premium over spot prices reached the highest levels since May. Moreover, Bitcoin’s upward trend has also led sellers to quickly cover positions, which may lead to even higher prices in the coming week.

In adoption announcements, Glen Oaks Escrow, one of Southern California's largest independent escrow companies, has announced its first property refinancing with a Bitcoin-backed loan. Meanwhile, Amazon denied that it plans to accept BTC by the end of this year, sparking a retrace of earlier gains tied to speculation that the eCommerce giant was forging ahead with these plans. Finally, a new government-backed project in Kazakhstan aims to authorize local banking institutions to facilitate BTC transactions officially.

Whales Of the Week

  • July 23: 15,349.236 BTC moved from multiple addresses to an unknown wallet
  • July 24: 15,379.934 BTC moved from multiple addresses to an unknown wallet
  • July 25: 15,276.3111 moved from multiple addresses to an unknown wallet
  • July 26: 20,888 BTC moved from multiple addresses to Binance
  • July 27: 3,497.317 BTC moved from multiple addresses to Bitfinex
  • July 28: 10,219.484 BTC moved from multiple addresses to an unknown wallet
  • July 29: 15,914.33 BTC moved from multiple addresses to an unknown wallet

The Technical Take

After weeks of consolidating with a narrow range amid falling volumes, Bitcoin managed to break out from a downward trending equidistant channel before attempting to break the prevailing downtrend in prices. For the week of July 23rd to 29th, BTCUSD surged 22.14%, outpacing an 11.48% climb in ETHUSD and an 8.45% gain in ADAUSD.

This breakout was accompanied by a corresponding jump in trading volumes, confirming the move higher. After an apparent double-bottom appeared on July 21st just below the $30,000-handle, BTCUSD has since broken above the channel and recorded an eight-day winning streak.

Given this dramatic reversal, a slight technical retrace may materialize over the coming sessions, even though the pair is currently setting up with an ascending triangle pattern. Any clean break and close above resistance presently sitting at $40,900 could pave the way towards the next resistance at $42,900 before testing the 200-day moving average sitting just above $44,000.

On the downside, support is currently holding firm at $39,400. Any break lower could see more buying support emerge at $36,850. The 50-day moving average is also trending higher, acting possibly as support just below $35,000 if a 30-60% technical retrace manifests before continuing the current short-term uptrend.

Disclosure: Reuben Jackson held no position in any of the stocks mentioned in this article at the time of publication.

Disclaimer: The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities.

The post This Week In Bitcoin: BTC Breaks The $40k Barrier; Medium-Term Outlook Turns Positive; Grayscale Crypto ETFs; and More appeared first on TipRanks Financial Blog.

Source : Tip Ranks More   

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.