In a report released today, Christopher Sighinolfi from Jefferies downgraded Magellan Midstream (NYSE: MMP) to Hold, with a price target of $70. The company’s shares closed yesterday at $67.47.
According to TipRanks.com, Sighinolfi is a 5-star analyst with an average return of 11.4% and a 68.0% success rate. Sighinolfi covers the Basic Materials sector, focusing on stocks such as Enterprise Products Partners LP, Energy Transfer Partners LP, and Dcp Midstream Partners Lp.
Currently, the analyst consensus on Magellan Midstream is a Moderate Buy with an average price target of $77.50.
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Based on Magellan Midstream’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $211 million. In comparison, last year the company had a net profit of $210 million.
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Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products, such crude oil. It operates through three 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.
