RBC Capital Reaffirms Their Hold Rating on Magellan Midstream

By Austin Angelo

RBC Capital analyst Elvira Scotto reiterated a Hold rating on Magellan Midstream (NYSE: MMP) yesterday and set a price target of $80. The company’s shares closed yesterday at $69.63.

According to TipRanks.com, Scotto is a top 100 analyst with an average return of 19.5% and a 64.9% success rate. Scotto covers the Basic Materials sector, focusing on stocks such as American Midstreampartners Lp, Energy Transfer Partners LP, and Sanchez Production Partners.

Magellan Midstream has an analyst consensus of Hold, with a price target consensus of $81.25.

The company has a one year high of $81.77 and a one year low of $64.25. Currently, Magellan Midstream has an average volume of 613.5K.

Based on the recent corporate insider activity of 17 insiders, corporate insider sentiment is negative on the stock. Most recently, in February 2017, Jeff Selvidge, the SVP of MMP sold 5,000 shares for a total of $400,000.

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, such as gasoline, diesel fuel and crude oil. The company operates through three segments: Refined Products, Crude Pipeline 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 and storage facilities which are used for leased 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.