Aside From Expected BridgeTex Windfall, Magellan Continues to Report Steady Results in 3Q
Magellan reported steady third-quarter results, and we expect to maintain our $71 fair value estimate and wide moat rating. Results generally met our expectations, as management reaffirmed its 5%-8% distribution growth in 2019 and 2020, which we see as reasonable. The sale of a portion of the partnership's ownership stake in BridgeTex generated $354 million, but overall distributable cash flow still increased 20% year over to $282 million. We do think Magellan is undervalued because of longer-te...Magellan Midstream Partners is engaged in the transportation, storage and distribution of refined petroleum products and crude oil. The company's segments are: refined products, which consists of its refined products pipeline system, independent terminals and ammonia pipeline system; crude oil, which comprises crude oil pipelines, condensate splitter and storage facilities and ships crude oil as a common carrier for customers including crude oil producers, end users such as refiners, and marketing and trading companies; and marine storage, which owns and operates marine storage terminals located along coastal waterways.
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