We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Magellan Announces Open Season for Pipeline Expansion Project
Read MoreHide Full Article
Magellan Midstream Partners, L.P. recently announced that it has initiated an open season for its refined products pipeline system located in Texas to evaluate shippers' interest. The partnership is contemplating an expansion project for the pipeline's western leg.
Magellan will consider the binding commitments that will be submitted by May 9, 2018.
How Can the Expansion Help Magellan?
From Gulf Coast refineries, the pipeline ships refined petroleum products like gasoline and diesel to several cities in Texas. The suggested expansion will increase the pipeline's capacity, and also enable the partnership to reach the states of New Mexico and Arizona. The international market of Mexico will also be available to the partnership, coupled with its other pipelines and that of third parties.
The partnership is considering 40,000 barrels per day (BPD) increase in the pipeline's shipping volume, pushing its capacity to 140,000 BPD. The increased capacity is expected to come online by mid-2020.
Price Performance
Units of Magellan Midstream have lost 16.9% in the last year compared with 21.4% decline of the industry it belongs to.
About the Partnership
Tulsa, OK-based Magellan Midstream is a master limited partnership that owns and operates a diversified portfolio of energy infrastructure assets. The partnership primarily transports, stores and distributes refined petroleum products, and to a lesser extent, ammonia. Magellan conducts its operations in three segments: Refined Products, Crude Oil and Marine Storage.
Houston, TX-based ConocoPhillips is an upstream energy player. Its revenues for first-quarter 2018 are anticipated to improve 9.6% from the prior-year quarter. The company witnessed a positive average earnings surprise of 144.5% in the trailing four quarters.
Minnetonka, MN- based Northern Oil and Gas is an independent energy company. Its revenues for 2018 are anticipated to improve 17.4% year over year. The company witnessed a positive average earnings surprise of 175% in the trailing four quarters.
Irving, TX-based Pioneer Natural Resources is an independent oil and gas exploration and production company. Its revenues for first-quarter 2018 are expected to improve 22.8% from the year-ago quarter. For 2018, the bottom line is anticipated to be up 185.7%.
Zacks Top 10 Stocks for 2018
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2018?
Last year's 2017 Zacks Top 10 Stocks portfolio produced double-digit winners, including FMC Corp. and VMware which racked up stellar gains of +67.9% and +61%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Image: Bigstock
Magellan Announces Open Season for Pipeline Expansion Project
Magellan Midstream Partners, L.P. recently announced that it has initiated an open season for its refined products pipeline system located in Texas to evaluate shippers' interest. The partnership is contemplating an expansion project for the pipeline's western leg.
Magellan will consider the binding commitments that will be submitted by May 9, 2018.
How Can the Expansion Help Magellan?
From Gulf Coast refineries, the pipeline ships refined petroleum products like gasoline and diesel to several cities in Texas. The suggested expansion will increase the pipeline's capacity, and also enable the partnership to reach the states of New Mexico and Arizona. The international market of Mexico will also be available to the partnership, coupled with its other pipelines and that of third parties.
The partnership is considering 40,000 barrels per day (BPD) increase in the pipeline's shipping volume, pushing its capacity to 140,000 BPD. The increased capacity is expected to come online by mid-2020.
Price Performance
Units of Magellan Midstream have lost 16.9% in the last year compared with 21.4% decline of the industry it belongs to.
About the Partnership
Tulsa, OK-based Magellan Midstream is a master limited partnership that owns and operates a diversified portfolio of energy infrastructure assets. The partnership primarily transports, stores and distributes refined petroleum products, and to a lesser extent, ammonia. Magellan conducts its operations in three segments: Refined Products, Crude Oil and Marine Storage.
Zacks Rank and Stocks to Consider
Magellan Midstream has a Zacks Rank #3 (Hold).
A few better-ranked stocks in the oil and energy sector are ConocoPhillips (COP - Free Report) , Northern Oil and Gas, Inc. (NOG - Free Report) and Pioneer Natural Resources Company (PXD - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Houston, TX-based ConocoPhillips is an upstream energy player. Its revenues for first-quarter 2018 are anticipated to improve 9.6% from the prior-year quarter. The company witnessed a positive average earnings surprise of 144.5% in the trailing four quarters.
Minnetonka, MN- based Northern Oil and Gas is an independent energy company. Its revenues for 2018 are anticipated to improve 17.4% year over year. The company witnessed a positive average earnings surprise of 175% in the trailing four quarters.
Irving, TX-based Pioneer Natural Resources is an independent oil and gas exploration and production company. Its revenues for first-quarter 2018 are expected to improve 22.8% from the year-ago quarter. For 2018, the bottom line is anticipated to be up 185.7%.
Zacks Top 10 Stocks for 2018
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2018?
Last year's 2017 Zacks Top 10 Stocks portfolio produced double-digit winners, including FMC Corp. and VMware which racked up stellar gains of +67.9% and +61%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2018 today >>