Magellan Pumps More Cash
Got a raise today.
Magellan Midstream Partners (MMP) upped the quarterly distribution from 58.5 cents per unit per quarter to 61.25 cents, nearly a 5% boost. That doesn't sound like a lot, but Magellan typically bumps the payout more than once per year. The new payout is 21% higher compared to the year-ago quarter and that sounds like a really nice year-over-year raise.
At today's close of $73.48 per unit, the partnership's forward yield is 3.3%. That's lower than a lot of master limited partnerships, but Magellan's record of increases is tough to complain about.
My favorite part of the press release? "the 48th distribution increase since its initial public offering in 2001."
Disclosure: Long MMP
Fool on! Russ