Magellan Midstream Partners' Q2 Tops Estimates, Raises FY23 Profit Outlook
Portfolio Pulse from Lekha Gupta
Magellan Midstream Partners LP (MMP) reported Q2 2023 revenues of $877.2 million, beating the consensus of $797.9 million. The company also raised its FY23 net income per unit guidance from $4.95 to $5.05. In Q2, Magellan inked a merger agreement with ONEOK Inc (OKE) in a cash-and-stock transaction valued at approximately $18.8 billion.

August 04, 2023 | 1:39 pm
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POSITIVE IMPACT
Magellan Midstream Partners reported better than expected Q2 results and raised its FY23 outlook. The company also announced a merger with ONEOK Inc.
The company's better than expected Q2 results and raised FY23 outlook are likely to have a positive impact on its stock price. The merger with ONEOK Inc could also be seen as a positive development by the market.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
ONEOK Inc is set to acquire Magellan Midstream Partners in a cash-and-stock transaction valued at approximately $18.8 billion.
The acquisition of Magellan Midstream Partners could be seen as a positive development for ONEOK Inc, potentially leading to a positive impact on its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80