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Magellan Midstream (MMP) Gets a Buy Rating from RBC Capital

In a report issued on March 30, Elvira Scotto from RBC Capital maintained a Buy rating on Magellan Midstream (MMPResearch Report), with a price target of $56.00. The company’s shares closed last Friday at $49.61.

According to TipRanks.com, Scotto is a 5-star analyst with an average return of 21.1% and a 62.7% success rate. Scotto covers the Industrial Goods sector, focusing on stocks such as Cheniere Energy Partners, Crossamerica Partners, and Crestwood Equity.

Magellan Midstream has an analyst consensus of Hold, with a price target consensus of $52.25.

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Magellan Midstream’s market cap is currently $10.54B and has a P/E ratio of 11.10.

Based on the recent corporate insider activity of 19 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MMP in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products. It operates through the following segments: Refined Products, Crude Oil, and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system. The Crude Oil segment comprises of crude oil pipelines, splitter and storage facilities which are used for contract storage. The Marine Storage segment includes marine terminals located along coastal waterways. The company was founded in August 2000 and is headquartered in Tulsa, OK.

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