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Amid a dreary September, investors must buy stocks such as Centerspace (CSR), Magellan Midstream Partners (MMP), Invitation Home (INVH), Trinity Capital (TRIN) and Runway Growth Finance (RWAY) for a steady income.
Yahoo Finance live anchors Brad Smith and Rachelle Akuffo spoke with Magellan Midstream CEO Aaron Milford about his $18.8 billion merger of natural gas operator ONEOK.
Oneok's dividend has barely grown in recent years. That could change following its merger with Magellan Midstream Partners.
Here is how Magellan Midstream Partners (MMP) and Seadrill (SDRL) have performed compared to their sector so far this year.
The proposed transaction involves the acquisition of all outstanding units of Magellan Midstream (MMP) by ONEOK through a mixture of cash and stock.
Magellan (MMP) expects discounted cash flow of $1.26 billion for 2023.
The company can maintain its quarterly dividend of $1.0475 in the last quarter as well, representing a high dividend yield of 6.53%. The company reported revenue of $877.2 million, which is an increase of 11.23% from $788.6 million in Q2FY22. After comparing the forward P/E ratio of 12.64x with the sector median of 11.50x, we can say that the company is overvalued.
Magellan Midstream Partners has agreed to get acquired by Oneok for $67.50 a share in total compensation. Magellan is a master limited partnership, which creates complicated tax issues.
The headline numbers for Magellan Midstream (MMP) give insight into how the company performed in the quarter ended June 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Magellan Midstream Partners Chief Executive Aaron Milford said he is confident the pipeline operator's planned sale to larger peer ONEOK Inc for $18.8 billion will gain approval from its investors despite some opposition.