Magellan Midstream Partners Boosts Distribution
More money will soon be gushing from Magellan Midstream Partners in the form of shareholder payouts. The company has increased its quarterly distribution to $0.5325 per unit. This will be paid on August 14 to holders of record as of August 7. That amount is $0.025, or nearly 5%, higher than Magellan's preceding payout of $0.5075 per unit.
The firm is a serial distribution raiser. In the press release announcing the news, it pointed out that the latest increase is the 45th since its 2001 IPO.
The new distribution annualizes to $2.13 per share. That yields 3.9% at Magellan's most recent closing stock price of $54.63.
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