RBC Capital Reiterates a Hold Rating on Magellan Midstream

By Jason Carr

In a report issued on March 10, T J Schultz from RBC Capital reiterated a Hold rating on Magellan Midstream (NYSE: MMP), with a price target of $80. The company’s shares opened today at $76.73.

According to TipRanks.com, Schultz is a top 25 analyst with an average return of 26.6% and a 77.4% success rate. Schultz covers the Basic Materials sector, focusing on stocks such as American Midstreampartners Lp, Sanchez Production Partners, and Calumet Specialty Products.

Currently, the analyst consensus on Magellan Midstream is Moderate Buy and the average price target is $82, representing a 6.9% upside.

In a report issued on March 6, Citigroup also downgraded the stock to Hold with a $82 price target.

Magellan Midstream’s market cap is currently $17.66B and has a P/E ratio of 22.09. The company has a book value ratio of 8.4413.

Based on the recent corporate insider activity of 18 insiders, corporate insider sentiment is negative on the stock. Last month, 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.