Magellan Midstream Raises FY2023 Adj EPS Guidance from $4.80 to $4.95 to $5.05 vs $4.97 Est, DCF Outlook $1.26B From $1.22B Prior
Portfolio Pulse from Benzinga Newsdesk
Magellan Midstream has raised its FY2023 adjusted EPS guidance from $4.80 to a range of $4.95 to $5.05, compared to the estimated $4.97. The company also increased its DCF outlook to $1.26B from $1.22B. The adjustments are based on the company's Q2 results and the improved outlook for its commodity-related activities. The company is confident that its pending merger with ONEOK will close before year-end.
August 04, 2023 | 1:11 pm
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POSITIVE IMPACT
Magellan Midstream's raised FY2023 EPS guidance and DCF outlook, based on strong Q2 results and improved outlook for commodity-related activities, could positively impact its stock. The pending merger with ONEOK is also expected to add value.
The raised EPS guidance and DCF outlook indicate strong performance and improved outlook for Magellan Midstream's commodity-related activities. This positive news, along with the pending merger with ONEOK, could drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100