Argus downgraded Magellan Midstream (MMP) to Sell from Hold after a “strong run- up” in the stock. The analyst is citing the planned acquisition of Magellan by ONEOK (OKE) announced on May 14th pending shareholder approval, antitrust clearance, and customary closing conditions. The transaction is expected to be approved, and the post-merger company will be able to offer a wider range of products and have increased export opportunities, the firm tells investors in a research note.
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Read More on MMP:
- Magellan Midstream Urges Unitholders to Vote “FOR” ONEOK Merger in Advance of Sept. 21 Special Meeting
- Magellan Midstream downgraded to Sell from Hold at Argus
- Magellan Midstream to Participate in VettaFi Virtual Investor Discussion
- Magellan Midstream downgraded to Hold from Buy at JonesResearch
- Magellan Midstream reports Q2 EPS $1.18, consensus $1.01
