Magellan Midstream Partners LP
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Energy : Oil, Gas & Consumable Fuels | Mid Cap Value
Company profile

Magellan Midstream Partners, L.P. is principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil. The Company operates through three segments: refined products, crude oil and marine storage. As of December 31, 2016, its asset portfolio, including the assets of its joint ventures, consisted of its refined products segment, consisting 9,700-mile refined products pipeline system with 53 terminals, as well as 26 independent terminals not connected to its pipeline system and its 1,100-mile ammonia pipeline system; its crude oil segment, consisted of approximately 2,200 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 26 million barrels, of which 16 million are used for contract storage, and its marine storage segment, consisted of five marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels.

Closing Price
Day's Change
-0.81 (-1.79%)
B/A Size
Day's High
Day's Low

10-day average volume:

Cruise stocks rally, as J.P. Morgan analysts says investor sentiment 'probably couldn't be worse'

2:50 pm ET May 15, 2020 (MarketWatch)

Shares of Norwegian Cruise Holdings Ltd. (NCLH) rallied 3.3% in afternoon trading Friday, adding to the previous session's 4.4% gain, as Wall Street analysts were mostly upbeat about the cruise operator's prospects in the wake of first-quarter results and recent liquidity moves. J.P. Morgan analyst Brandt Montour lowered his price target to $18 from $26, but reiterated the overweight rating he's had on the stock since February 2018. He said the price target cut reflects a longer and slower recovery of the industry than previously expected, but he is now more positive on the company's cash flow outlook, which has been a significant concern among investors. "With the best liquidity runway and the smallest fleet among peers (the latter is a clear operating advantage in a world with reduced port availability and consumer demand, in our view), we see [Norwegian] relatively well positioned for the next phase of this crisis," Montour wrote in a note to clients. The stock rallied on Thursday even though Norwegian reported first-quarter results ( that missed expectations, but said it had enough liquidity to weather over 18 months of suspended cruises. SunTrust Robinson Humphrey's Patrick Scholes reiterated his buy rating, saying he things Norwegian has "at least" 24 months worth of liquidity. J.P. Morgan's Montour was also upbeat on the overall cruise industry, saying he believes cruise demand among more loyal customers is intact, while investor sentiment for the sector "probably couldn't be worse." Shares of Royal Caribbean Cruises Ltd. (RCL) hiked up 7.4% and Carnival Corp. (CCL) climbed 5.5%, while the S&P 500 inched up less than 0.1%.

-Tomi Kilgore; 415-439-6400;

(END) Dow Jones Newswires

May 15, 2020 14:50 ET (18:50 GMT)

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