Magellan Midstream Partners LP Stock Research

Market Summary

USD54.26-0.08

Market Closed

-0.15%

MMP Stock Price

MMP RSI Chart

MMP Valuation

Market Cap

11.1B

Price/Earnings (Trailing)

10.73

Price/Sales (Trailing)

3.47

EV/EBITDA

8.03

Price/Free Cashflow

11.51

MMP Price/Sales (Trailing)

MMP Profitability

EBT Margin

26.93%

Return on Assets

13.45%

Free Cashflow Yield

8.69%

MMP Fundamentals

MMP Revenue

Revenue (TTM)

3.2B

Revenue Y/Y

6.39%

Revenue Q/Q

-1.72%

MMP Earnings

Earnings (TTM)

1.0B

Earnings Y/Y

-23.27%

Earnings Q/Q

-43.33%

Price Action

52 Week Range

43.0360.55

(Low)(High)

Last 7 days

5.9%

Last 30 days

2.2%

Last 90 days

8.2%

Trailing 12 Months

16.4%

MMP Financial Health

Current Ratio

0.98

MMP Investor Care

Buy Backs (1Y)

3.99%

Peers (Alternatives to Magellan Midstream Partners)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
ENB	77.3B	53.3B	1.49%	-13.95%	25.73	1.45	13.25%	-51.48%
ET	40.6B	89.9B	-1.74%	17.21%	8.97	1.48	33.31%	-13.05%
KMI	39.4B	19.2B	1.41%	-5.12%	15.45	2.05	15.59%	42.83%
MPLX	34.6B	11.6B	-0.40%	8.82%	8.76	2.98	15.82%	28.18%
MMP	11.1B	3.2B	2.22%	16.39%	10.73	3.47	17.10%	5.54%
MID-CAP
PAA	8.7B	57.3B	-6.49%	21.31%	8.34	0.15	36.28%	74.87%
SHLX	6.2B	497.0M	-0.06%	40.52%	11.59	12.52	-5.69%	-8.83%
PAGP	2.4B	57.3B	-6.25%	19.71%	21.35	0.04	36.28%	180.00%
HEP	2.4B	547.5M	-3.26%	5.24%	11.92	4.83	10.71%	0.85%
DKL	2.1B	1.0B	-2.32%	19.82%	13.47	2.07	47.87%	-3.50%
SMALL-CAP
NS	1.7B	226.0M	0.06%	14.38%	7.74	7.62	436.62%	482.73%
PBFX	1.2B	361.7M	-5.36%	88.83%	8.18	3.45	1.81%	7.56%
SMLP	202.8M	369.6M	-8.63%	0.99%	-1.71	0.51	-7.74%	-284.00%
BKEP	193.9M	118.6M	1.54%	47.16%	5.61	1.64	4.33%	-53.34%

Financials for Magellan Midstream Partners

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	1.6%	3,200	3,149	2,912	2,777	2,733
S&GA Expenses	2.3%	241	235	224	223	206
Costs and Expenses	4.7%	2,245	2,144	2,022	1,873	1,784
EBITDA	1.0%	1,385	1,371	1,267	1,343	-
EBITDA Margin	-0.7%	0.43*	0.44*	0.44*	0.48*	-
Earnings Before Taxes	-5.1%	862	908	801	884	935
EBT Margin	-6.6%	0.27*	0.29*	0.27*	0.32*	-
Interest Expenses	0.1%	230	230	229	228	228
Net Income	-5.2%	1,036	1,093	1,000	926	982
Net Income Margin	-6.7%	0.32*	0.35*	0.34*	0.33*	-
Free Cahsflow	3.4%	966	934	833	893	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-1.4%	7,708	7,814	7,792	8,111	8,030
Current Assets	-1.0%	711	718	670	951	843
Cash Equivalents	-75.3%	2.00	8.00	5.00	5.00	2.00
Net PPE	-0.4%	5,830	5,852	5,870	5,887	5,905
Goodwill	0%	50.00	50.00	50.00	50.00	50.00
Current Liabilities	1.2%	726	717	689	636	680
LT Debt, Non Current	0.1%	5,015	5,011	5,001	5,317	5,089
Accumulated Depreciation	2.1%	2,334	2,285	2,239	2,195	2,141

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	3.2%	1,141	1,106	1,000	1,056	1,196
Share Based Compensation	10.3%	39.00	35.00	35.00	32.00	22.00
Cashflow From Investing	-1.3%	274	278	282	103	118
Cashflow From Financing	-2.0%	-1,417	-1,390	-1,537	-1,160	-1,327
Buy Backs	8.3%	463	427	680	573	523

Risks for MMP

What is the probability of a big loss on MMP?

51.5%

Probability that Magellan Midstream Partners stock will be more than 20% underwater in next one year

19.6%

Probability that Magellan Midstream Partners stock will be more than 30% underwater in next one year.

19.2%

Probability that Magellan Midstream Partners stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does MMP drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Magellan Midstream Partners was unfortunately bought at previous high price.

Drawdowns

Returns for MMP

Cumulative Returns on MMP

6.3%

10-Year Cumulative Returns

3.4%

7-Year Cumulative Returns

6.2%

5-Year Cumulative Returns

27.9%

3-Year Cumulative Returns

What are the long-term rolling returns for MMP?

FIve years rolling returns for Magellan Midstream Partners.

Annualized Returns

Which funds bought or sold MMP recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-17	American Portfolios Advisors	reduced	-7.46	-23,510	272,090	0.01%
2023-03-15	B. Riley Wealth Advisors, Inc.	reduced	-4.01	69,120	4,912,120	0.14%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-0.05	61,801	1,159,800	-%
2023-03-10	MATHER GROUP, LLC.	new	-	243,519	243,519	-%
2023-03-08	SHEETS SMITH WEALTH MANAGEMENT	added	0.41	89,468	1,546,470	0.24%
2023-03-06	Rockefeller Capital Management L.P.	added	41.47	838,000	2,527,000	0.01%
2023-03-02	LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA	new	-	130,546	130,546	-%
2023-03-01	Meixler Investment Management, Ltd.	reduced	-42.58	-315,218	485,782	0.49%
2023-03-01	Lakewood Asset Management LLC	new	-	45,000	45,000	0.04%
2023-02-27	ST GERMAIN D J CO INC	unchanged	-	-252,734	266	-%

Latest Funds Activity

Are funds buying MMP calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own MMP

No. of Funds

Magellan Midstream Partners News

Schedule 13G FIlings of Magellan Midstream Partners

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 13, 2023	alps advisors inc	6.43%	13,179,330	SC 13G/A
Feb 02, 2023	invesco ltd.	3.9%	7,921,929	SC 13G/A
Feb 14, 2022	invesco ltd.	5.0%	10,715,196	SC 13G
Feb 03, 2022	alps advisors inc	5.19%	11,066,959	SC 13G/A
Feb 12, 2021	tortoise capital advisors, l.l.c.	3.9%	8,839,974	SC 13G/A
Feb 14, 2020	tortoise capital advisors, l.l.c.	7.4%	16,920,669	SC 13G
Feb 07, 2020	alps advisors inc	5.52%	12,600,650	SC 13G/A

MMP Fair Value

Magellan Midstream Partners fair value in different scenarios

The table shows the Fair Value estimates for Magellan Midstream Partners for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	41.07 -24.31%	56.09 3.37%	83.23 53.39%	114.44 110.91%	143.03 163.60%
Current Inflation	38.58 -28.90%	50.90 -6.19%	73.52 35.50%	100.09 84.46%	124.06 128.64%
Very High Inflation	35.40 -34.76%	44.60 -17.80%	62.15 14.54%	83.45 53.80%	102.26 88.46%

Historical Magellan Midstream Partners Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Magellan Midstream Partners

View All Filings

Date Filed	Form Type	Document
Mar 02, 2023	3	Insider Trading
Feb 23, 2023	ARS	ARS
Feb 21, 2023	10-K	Annual Report
Feb 21, 2023	DEF 14A	DEF 14A
Feb 21, 2023	DEFA14A	DEFA14A
Feb 16, 2023	4	Insider Trading
Feb 16, 2023	4	Insider Trading
Feb 16, 2023	4	Insider Trading
Feb 16, 2023	4	Insider Trading
Feb 16, 2023	4	Insider Trading

Latest Insider Trading transactions for MMP

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-01-24	Aaronson Michael	sold (taxes)	-275,402	50.21	-5,485	executive vice president
2023-01-24	Korner Lisa J	acquired	662,973	50.21	13,204	senior vice president
2023-01-24	Krshka Kyle T	acquired	85,005	50.21	1,693	senior vice president
2023-01-24	Korner Lisa J	sold (taxes)	-199,283	50.21	-3,969	senior vice president
2023-01-24	Roles Mark B	acquired	115,935	50.21	2,309	senior vice president
2023-01-24	Krshka Kyle T	sold (taxes)	-29,322	50.21	-584	senior vice president
2023-01-24	May Douglas J	sold (taxes)	-206,413	50.21	-4,111	senior vice president
2023-01-24	Aaronson Michael	acquired	610,453	50.21	12,158	executive vice president
2023-01-24	PEARL BARRY R	acquired	135,034	50.18	2,691	-
2023-01-24	MONTAGUE JAMES R	acquired	135,034	50.18	2,691	-

About Magellan Midstream Partners

Aaron L. Milford

www.magellanlp.com

1720

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. It operates through Refined Products and Crude Oil segments. The company operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports. Further, it provides pipeline capacity and tank storage services, as well as terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers. In addition, the company owns and operates crude oil pipelines and storage facilities; and marine terminals located along coastal waterways that provide design, installation, construction, testing, operation, replacement, and management of assets to refiners, marketers, and traders. As of December 31, 2021, it had 9,800-mile refined products pipeline system with 54 terminals; approximately 2,200 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 39 million barrels; and two marine terminals. The company was incorporated in 2000 and is headquartered in Tulsa, Oklahoma.

MMP Income Statement

2022-12-31

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total revenue	$ 3,200.4	$ 2,733.1	$ 2,322.0
Other operating income (expense)	5.3	2.8	0.1
Earnings of non-controlled entities	147.4	154.4	153.3
Costs and expenses:
Operating	592.1	569.7	587.8
Cost of product sales	1,119.4	780.0	468.2
Depreciation, amortization and impairment	292.8	227.9	243.1
General and administrative	240.7	206.3	171.2
Total costs and expenses	2,245.0	1,783.9	1,470.3
Operating profit	1,108.1	1,106.4	1,005.1
Interest expense	229.8	228.1	234.1
Interest capitalized	(1.8)	(1.7)	(11.3)
Interest income	(1.2)	(0.5)	(1.0)
Gain on disposition of assets	(0.9)	(75.0)	(12.9)
Other (income) expense	20.3	20.9	5.2
Income from continuing operations before provision for income taxes	861.9	934.6	791.0
Provision for income taxes	2.7	2.3	2.9
Income from continuing operations	859.2	932.3	788.1
Income from discontinued operations (including gain on disposition of assets of $164.0 million in 2022)	177.2	49.7	28.9
Net income	$ 1,036.4	$ 982.0	$ 817.0
Earnings per common unit - Basic
Continuing operations (in dollars per share)	$ 4.10	$ 4.24	$ 3.49
Discontinued operations (in dollars per share)	0.85	0.23	0.13
Net income per common unit (in dollars per share)	4.95	4.47	3.62
Earnings per common unit - Diluted
Continuing operations (in dollars per share)	4.10	4.24	3.49
Discontinued operations (in dollars per share)	0.85	0.23	0.13
Net income per common unit (in dollars per share)	$ 4.95	$ 4.47	$ 3.62
Weighted average number of common units outstanding used for basic net income per unit calculation (in shares)	209.4	219.6	225.5
Weighted average number of common units outstanding used for diluted net income per unit calculation (in shares)	209.6	219.8	225.5
Transportation and terminals revenue
Total revenue	$ 1,875.8	$ 1,798.9	$ 1,743.3
Product sales revenue
Total revenue	1,302.4	913.0	557.5
Affiliate management fee revenue
Total revenue	$ 22.2	$ 21.2	$ 21.2

MMP Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 2.0	$ 2.0
Trade accounts receivable	219.9	135.2
Other accounts receivable	44.4	34.6
Inventories	356.2	281.1
Commodity derivatives contracts, net	6.5	1.4
Commodity derivatives deposits	14.8	46.3
Assets held for sale	9.9	299.5
Other current assets	56.8	43.1
Total current assets	710.5	843.2
Property, plant and equipment	8,163.9	8,045.9
Less: accumulated depreciation	2,333.6	2,141.2
Net property, plant and equipment	5,830.3	5,904.7
Investments in non-controlled entities	894.0	980.8
Right-of-use asset, operating leases	149.4	174.2
Long-term receivables	8.3	10.1
Goodwill	50.4	50.1
Other intangibles (less accumulated amortization of $11.9 and $14.7 at December 31, 2021 and 2022, respectively)	41.0	43.2
Restricted cash	4.9	7.0
Other noncurrent assets	18.9	16.7
Total assets	7,707.7	8,030.0
Current liabilities:
Accounts payable	108.2	109.5
Accrued payroll and benefits	76.8	74.9
Accrued interest payable	59.0	59.0
Accrued taxes other than income	86.0	76.5
Deferred revenue	103.9	92.5
Accrued product liabilities	209.3	153.5
Commodity derivatives contracts, net	15.4	18.6
Current portion of operating lease liability	31.0	25.8
Liabilities held for sale	0.0	15.8
Other current liabilities	35.9	53.5
Total current liabilities	725.5	679.6
Long-term debt, net	5,015.0	5,088.8
Long-term operating lease liability	116.9	147.3
Long-term pension and benefits	87.4	145.0
Other noncurrent liabilities	78.0	69.5
Commitments and contingencies
Partners’ capital:
Common unitholders (212.4 units and 203.0 units outstanding at December 31, 2021 and 2022, respectively)	1,778.8	2,054.8
Accumulated other comprehensive loss	(93.9)	(155.0)
Total partners’ capital	1,684.9	1,899.8
Total liabilities and partners’ capital	$ 7,707.7	$ 8,030.0