|Bid||40.79 x 1100|
|Ask||40.94 x 900|
|Day's Range||40.00 - 40.89|
|52 Week Range||22.02 - 67.75|
|Beta (5Y Monthly)||1.02|
|PE Ratio (TTM)||9.46|
|Earnings Date||Oct 29, 2020 - Nov 02, 2020|
|Forward Dividend & Yield||4.11 (10.19%)|
|Ex-Dividend Date||Aug 06, 2020|
|1y Target Est||51.62|
Magellan Midstream's (MMP) distributable cash flow (DCF) of $209.5 million in the second quarter drops 33.4% from the year-ago level.
Demand for refined-petroleum products like gasoline and diesel fell off a cliff during the second quarter because of government-imposed travel restrictions to slow the spread of COVID-19. That had a significant impact on MLP Magellan Midstream Partners (NYSE: MMP), which operates the country's longest refined-products pipeline system.
As you probably saw this morning, our second quarter results exceeded our expectations due to a number of favorable items, including additional product overages, higher than expected commodity prices and lower operating expenses. Then I'll be back to discuss our latest outlook for 2020 before opening the call for your questions.