Magellan Midstream (MMP) Receives a Buy from Stifel Nicolaus

In a report released yesterday, Selman Akyol from Stifel Nicolaus maintained a Buy rating on Magellan Midstream (MMPResearch Report), with a price target of $54.00. The company’s shares closed last Wednesday at $48.65.

According to TipRanks.com, Akyol is a 4-star analyst with an average return of 3.1% and a 57.4% success rate. Akyol covers the Industrial Goods sector, focusing on stocks such as Enterprise Products Partners, Dcp Midstream Partners, and USA Compression.

Currently, the analyst consensus on Magellan Midstream is a Hold with an average price target of $51.50.

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Based on Magellan Midstream’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $809 million and net profit of $244 million. In comparison, last year the company earned revenue of $664 million and had a net profit of $184 million.

Based on the recent corporate insider activity of 17 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.

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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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