Magellan Midstream Q3 Adj EPS Guidance $1.15 Vs. $1.18 Estimate
Portfolio Pulse from Benzinga Newsdesk
Magellan Midstream has updated its 2023 financial expectations, increasing its annual stand-alone DCF expectations by $40 million to $1.26 billion. This is due to higher-than-expected performance in Q2 and an improved outlook for commodity-related activities. The company estimates net income per unit to be $5.05 for 2023, with Q3 net income expected to be $1.15 per unit. The company is confident that its pending merger with ONEOK will close before year-end.
August 04, 2023 | 1:16 pm
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Magellan Midstream's updated financial expectations for 2023 and the pending merger with ONEOK could positively impact the company's stock in the short term.
The increase in Magellan's financial expectations for 2023 indicates strong performance and improved outlook, which are positive signals for investors. The pending merger with ONEOK, if completed successfully, could also provide a boost to the company's stock.
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