Why Magellan Midstream Partners Stock Soared 13% This Week
Shares of Magellan Midstream Partners (NYSE: MMP) shot up this week, trading 13% higher as of noon Friday, according to data provided by S&P Global Market Intelligence.
Ironically, several analysts downgraded the midstream energy stock over the past few days, but investors had a valid reason to rejoice.
Earlier in May, Magellan Midstream reported solid 18% year-over-year growth in its distributable cash flow (DCF) and a whopping 65% growth in net income for the first quarter. A strong first quarter even encouraged management to raise its DCF outlook for 2023. Until then, no one had an inkling about what was to come up after 10 days.
Source Fool.com
