Magellan Midstream lower despite earnings beat

• The teflon MLP thanks to safely covering dividends with cash flow, and not loading up on debt to fund new projects, Magellan Midstream Partners (MMP -2%) is seeing some selling today despite this morning's earnings beat.
• Of note from the report, writes Amey Stone, was uncertainty about the cash flows to be generated from current and future projects. One example being that shipments on the 50%-owned BridgeTex crude pipeline fell last quarter as companies shipped only minimum amounts required in their contracts.
• "We see timing on those projects (and cash flows) as uncertain, while we see valuation as largely full,” says Wunderlich's Jeff Birnbaum, keeping his Hold rating and $71 price target.