1 for 5 5/2/2016.
BRIEF-Enterprise Products Partners files for stock shelf of up to $1.75 bln
— 6:15 PM ET 04/22/2016
April 22 (Reuters) - Enterprise Products Partners Lp ( EPD
Stock should have moved up already. Shorts have increased their position and volume is low. I have know idea where MLP's are going.
Magellan Midstream Partners L.P. (NYSE: MMP) saw its price objective raised to $75 from $70, after a marking-to-market valuation for changes in MLP comparables. That $75 price objective is based on 17.5 times the firm’s target EV/EBITDA multiple on its expected 2016 EBITDA.
Magellan Midstream Partners was last seen down 4% at $68.39, after a $71.30 prior close. This was up from under $60 as recently as February 12. Its consensus analyst target is $75.00 and its 52-week range is $54.51 to $85.49. The market cap is $15.75 billion. Merrill Lynch has a Buy rating for Magellan Midstream, but its credit ratings are BBB+ at S&P and Baa1 at Moody's.
Magellan Midstream Partners
This top midstream company checks in high on distribution list. Magellan Midstream Partners L.P. (NYSE: MMP) primarily transports, stores and distributes refined petroleum products and crude oil. The partnership owns the longest refined petroleum products pipeline system in the country, with access to nearly 50% of the nation’s refining capacity, and can store more than 95 million barrels of petroleum products, such as gasoline, diesel fuel and crude oil.
The company sports a BBB+ credit rating from S&P, and the outlook is listed as stable. One main reason for the very positive ratings is that almost 85% of Magellan Midstream’s operating margin is protected by long-term, fixed-fee contracts, meaning that its cash flow is not just recurring but is highly predictable and also largely immune from energy prices. This helps to keep the distribution safer.
Magellan investors receive a 4.67% distribution. The $84 RBC price objective is higher than the consensus price target of $76.31. Shares closed Friday at $67.26.