UBS Maintains a 'Neutral' on Magellan Midstream Partners (MMP); Refined Product Weakness Clouds 2012 Outlook Somewhat

May 3, 2012 11:30 AM EDT
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Price: $74.36 --0%

Rating Summary:
    11 Buy, 7 Hold, 2 Sell

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UBS maintains a 'Neutral' on Magellan Midstream Partners (NYSE: MMP) price target raised $2 to $70.

Analyst, Ronald J. Barone, said, "MMP's 1Q12 EPU was in-line with consensus EPU of $0.94, but fell shy of UBSe $0.97 and guidance of $0.98. The miss was largely attributable to non-cash asset retirements (which do not affect distributable cash flow); DCF of $126MM beat our forecast $122MM. Pipelines segment operating margin declined ~1% on increased expenses. Terminals operating margin would have set a quarterly record even without a one-time $2MM insurance reimbursement it received."

"Despite the slight 1Q miss, we hold our 2012e EPU flat at $3.76 and increase our 2013-16 estimates to better reflect the economics of MMP’s project pipeline."

For an analyst ratings summary and ratings history on Magellan Midstream Partners click here. For more ratings news on Magellan Midstream Partners click here.

Shares of Magellan Midstream Partners closed at $70.89 yesterday.

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