Magellan Midstream Partners, L.P. (NYSE:MMP) Announces Dividend Increase – $1.05 Per Share

Magellan Midstream Partners, L.P. (NYSE:MMPGet Rating) announced a quarterly dividend on Tuesday, January 24th, Zacks reports. Shareholders of record on Tuesday, February 7th will be given a dividend of 1.048 per share by the pipeline company on Tuesday, February 14th. This represents a $4.19 annualized dividend and a yield of 7.75%. The ex-dividend date is Monday, February 6th. This is a positive change from Magellan Midstream Partners’s previous quarterly dividend of $1.05.

Magellan Midstream Partners has increased its dividend by an average of 1.0% per year over the last three years and has increased its dividend every year for the last 20 years. Magellan Midstream Partners has a dividend payout ratio of 80.4% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect Magellan Midstream Partners to earn $4.97 per share next year, which means the company should continue to be able to cover its $4.19 annual dividend with an expected future payout ratio of 84.3%.

Magellan Midstream Partners Trading Up 0.0 %

Shares of MMP stock opened at $54.08 on Wednesday. The firm’s 50-day simple moving average is $51.27 and its 200-day simple moving average is $50.80. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.00 and a quick ratio of 0.51. Magellan Midstream Partners has a 1-year low of $44.79 and a 1-year high of $60.55. The firm has a market cap of $11.08 billion, a P/E ratio of 10.44, a PEG ratio of 2.09 and a beta of 0.93.

Magellan Midstream Partners (NYSE:MMPGet Rating) last posted its quarterly earnings results on Thursday, October 27th. The pipeline company reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.15. The company had revenue of $876.10 million for the quarter, compared to the consensus estimate of $733.97 million. Magellan Midstream Partners had a net margin of 34.72% and a return on equity of 55.55%. As a group, equities analysts forecast that Magellan Midstream Partners will post 5.05 EPS for the current year.

Insider Buying and Selling

In other Magellan Midstream Partners news, Director James R. Montague sold 2,892 shares of the business’s stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $53.43, for a total transaction of $154,519.56. Following the completion of the sale, the director now owns 25,095 shares in the company, valued at $1,340,825.85. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Magellan Midstream Partners

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC bought a new stake in shares of Magellan Midstream Partners in the 1st quarter worth approximately $208,000. IHT Wealth Management LLC acquired a new position in shares of Magellan Midstream Partners during the first quarter valued at $211,000. Certified Advisory Corp bought a new position in shares of Magellan Midstream Partners during the first quarter worth about $218,000. Saxon Interests Inc. acquired a new stake in shares of Magellan Midstream Partners in the 1st quarter worth about $220,000. Finally, Wetherby Asset Management Inc. bought a new stake in Magellan Midstream Partners in the 1st quarter valued at about $259,000. 51.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MMP. Mizuho boosted their price target on Magellan Midstream Partners from $52.00 to $53.00 and gave the company a “neutral” rating in a research report on Friday, October 28th. StockNews.com initiated coverage on shares of Magellan Midstream Partners in a research report on Wednesday, October 12th. They set a “hold” rating for the company. TD Securities raised their price objective on Magellan Midstream Partners from $52.00 to $54.00 and gave the company a “hold” rating in a research report on Friday, October 28th. Wells Fargo & Company lowered Magellan Midstream Partners from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $57.00 to $56.00 in a research report on Friday, December 16th. Finally, Morgan Stanley increased their price objective on shares of Magellan Midstream Partners from $54.00 to $56.00 and gave the company an “underweight” rating in a research report on Monday, January 9th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Magellan Midstream Partners has a consensus rating of “Hold” and a consensus target price of $55.73.

About Magellan Midstream Partners

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Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. It operates through Refined Products and Crude Oil segments. The company operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports.

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Dividend History for Magellan Midstream Partners (NYSE:MMP)

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