What Did This CEO Just Do with Personal Shares of Magellan Midstream (NYSE: MMP)?

By Carrie Williams

Today, the President & CEO of Magellan Midstream (NYSE: MMP), Michael Mears, sold shares of MMP for $1.51M.

Based on Magellan Midstream’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $673 million and quarterly net profit of $238 million. In comparison, last year the company earned revenue of $615 million and had a net profit of $213 million. The company has a one-year high of $81.77 and a one-year low of $63.55. MMP’s market cap is $15.46B and the company has a P/E ratio of 17.76.

One of the top 25 analysts, according to TipRanks.com, recently recommended Hold MMP with a $81 price target. Based on 3 analyst ratings, the analyst consensus is Moderate Buy with an average price target of $76, reflecting a -11.0% downside. Three different firms, including Credit Suisse and Mizuho Securities, currently also have a Sell rating on the stock.

Michael Mears’ trades have generated a -10.1% average return based on past transactions. DailyInsider proprietary algorithm detects trades by the most influential insiders and selects attractive trading opportunities daily. To subscribe to the DailyInsider visit this page.

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Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such as gasoline, diesel fuel and crude oil. It operates through three segments: Refined Products, Crude Pipeline and Marine Storage.