Magellan Midstream Reports Record Results, Targets 5%-8% Distributable Cash Flow Growth for 2018-20
Wide-moat Magellan Midstream Partners reported record refined product and crude oil volumes as well as distributable cash flows in the fourth quarter, and we don’t plan to make material adjustments to our $67 fair value estimate. The stability of the business continues to shine, as distributable cash flows increased 11% from the fourth quarter of 2016 to $308 million. The performance was broad-based, as refined product shipments increased 11% due to record demand for gasoline and distillate, whi...
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