Monday, August 1, 2011

Magellan Midstream Partners hikes distribution

Magellan Midstream Partners, L.P. (NYSE: MMP) has raised its second quarter 2011 cash distribution by 2.0 percent sequentially and 7.2 percent year over year to 78.50 cents per unit ($3.14 per unit annualized). The cash distribution is up 199 percent since Magellan's initial public offering at the beginning of 2001. Magellan's new distribution is payable on Aug. 12 to unitholders of record on Aug. 4, 2011. The proposed hike in distribution at Magellan is in sync with its goal of raising the annual distribution by seven percent in 2011. The partnership has 36 consecutive quarterly increases since inception. Magellan Midstream units have a Zacks #3 Rank, which translates into a short-term Hold rating. Zacks also has a long-term Neutral recommendation on the stock.

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