Commenting on various segments fo the pipeline sector, one grouping Wells Fargo (NYSE:WFC) targeted was large cap pipeline MLPS. There they gave their insights into Magellan Midstream Partners, L.P. (NYSE:MMP), Plains All American Pipeline, L.P. (NYSE:PAA), Sunoco Logistics Partners, L.P. (NYSE:SXL) and Kinder Morgan Management, LLC (NYSE:KMR)."
Wells said, "We are increasing valuation ranges across our large cap
pipeline MLP coverage universe by an average of 1%. Our revised valuation
ranges suggest median total return potential of 8% for the subsector. On
average, we are raising our 2011 DCF per unit estimates by 3%. We are
downgrading Magellan Midstream Partners, L.P., Plains All American Pipeline, L.P., and Sunoco Logistics Partners, L.P. to Market Perform from Outperform based on valuation. Our top Outperform pick in this subsector is Kinder Morgan Management, LLC."
Magellan Midstream Partners closed Thursday at $53 even, falling $0.47, or 0.88 percent. Plains All American Pipeline, L.P. dropped to $63.56, down $0.82, or 1.27 percent. Sunoco Logistics Partners , L.P. ended the session at $79.62, dropping $0.68, or 0.85 percent, and Kinder Morgan Management, LLC closed at $62.14, down $0.29, or 0.46 percent.
Showing posts with label Magellan Midstream Partners. Show all posts
Showing posts with label Magellan Midstream Partners. Show all posts
Friday, October 15, 2010
Tuesday, July 13, 2010
BP (NYSE:BP) Unit Sells Fuel Pipelines to Magellan Midstream Partners (NYSE:MMP)
BP (NYSE:BP) announced it has sold systems which link Texas refineries to one another to Magellan Midstream Partners LP (NYSE:MMP), for $289 million.
Included in the deal was oil storage in Oklahoma which holds 7.8 million barrels.
The pipelines sold by BP deliver crude from and to refineries located in the Houston, Texas area. The storage unit acquired is at Cushing, Oklahoma.
“These assets will facilitate our strategy to develop our existing East Houston terminal into a key distribution point for crude oil to Gulf Coast refineries,” Magellan Midstream Chief Executive Officer Don Wellendorf said in a statement today.
Included in the deal was oil storage in Oklahoma which holds 7.8 million barrels.
The pipelines sold by BP deliver crude from and to refineries located in the Houston, Texas area. The storage unit acquired is at Cushing, Oklahoma.
“These assets will facilitate our strategy to develop our existing East Houston terminal into a key distribution point for crude oil to Gulf Coast refineries,” Magellan Midstream Chief Executive Officer Don Wellendorf said in a statement today.
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