Citigroup Downgrades Magellan Midstream: Here's What You Need To Know

Citigroup downgraded its rating of Magellan Midstream MMP to Neutral with a price target of $63.00, changing its price target from $57.00 to $63.00.

Shares of Magellan Midstream are trading up 0.6% over the last 24 hours, at $61.75 per share.

A move to $63.00 would account for a 2.02% increase from the current share price.

About Magellan Midstream

Magellan Midstream Partners is a master limited partnership that operates pipelines and storage terminals in the Central and Eastern United States. Its assets transport, store, and distribute refined petroleum products and crude and earn a fee-based stream of cash flows. Assets include the country's longest petroleum pipeline network and several crude oil pipelines. Refined products make about 70% of operating margin, with the remainder mainly crude-oil pipelines.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.