Magellan Midstream (MMP) Gets a Buy Rating from Raymond James


In a report released today, Justin Jenkins from Raymond James assigned a Buy rating to Magellan Midstream (MMP), with a price target of $45.00. The company’s shares closed last Friday at $35.54.

According to TipRanks.com, Jenkins is a 1-star analyst with an average return of -1.8% and a 51.7% success rate. Jenkins covers the Industrial Goods sector, focusing on stocks such as Enterprise Products Partners, Holly Energy Partners, and Phillips 66 Partners.

Magellan Midstream has an analyst consensus of Strong Buy, with a price target consensus of $48.17.

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The company has a one-year high of $65.34 and a one-year low of $22.02. Currently, Magellan Midstream has an average volume of 1.15M.

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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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