Magellan Midstream Partners, L.P. (NYSE:MMP) announced a dividend on Thursday, April 20th. Shareholders of record on Monday, May 1st will be paid a dividend of 0.8725 per share by the pipeline company on Monday, May 15th. The ex-dividend date of this dividend is Thursday, April 27th. This is an increase from Magellan Midstream Partners, L.P.’s previous dividend of $0.84.

Magellan Midstream Partners, L.P. has raised its dividend by an average of 15.7% per year over the last three years and has increased its dividend every year for the last 7 years. Magellan Midstream Partners, L.P. has a payout ratio of 89.1% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Research analysts expect Magellan Midstream Partners, L.P. to earn $4.12 per share next year, which means the company should continue to be able to cover its $3.42 annual dividend with an expected future payout ratio of 83.0%.

Shares of Magellan Midstream Partners, L.P. (NYSE:MMP) traded down 0.28% during midday trading on Friday, reaching $75.70. The company’s stock had a trading volume of 191,654 shares. The company’s 50-day moving average price is $77.04 and its 200 day moving average price is $74.07. The company has a market capitalization of $17.26 billion, a P/E ratio of 21.51 and a beta of 0.82. Magellan Midstream Partners, L.P. has a 12-month low of $64.25 and a 12-month high of $81.77.

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Magellan Midstream Partners, L.P. (NYSE:MMP) last posted its quarterly earnings data on Thursday, February 2nd. The pipeline company reported $1.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.08. Magellan Midstream Partners, L.P. had a return on equity of 40.66% and a net margin of 36.40%. The company earned $614.92 million during the quarter, compared to analyst estimates of $610.41 million. During the same quarter last year, the company earned $0.86 EPS. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. On average, equities research analysts forecast that Magellan Midstream Partners, L.P. will post $3.88 earnings per share for the current year.

Dividend History for Magellan Midstream Partners, L.P. (NYSE:MMP)

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A number of research firms recently weighed in on MMP. Zacks Investment Research lowered Magellan Midstream Partners, L.P. from a “buy” rating to a “hold” rating in a research report on Monday, January 30th. Vetr lowered Magellan Midstream Partners, L.P. from a “hold” rating to a “sell” rating and set a $78.61 price objective for the company. in a research report on Monday, January 30th. Royal Bank of Canada lowered Magellan Midstream Partners, L.P. from an “outperform” rating to a “sector perform” rating in a research report on Friday, February 3rd. Mizuho raised their price objective on Magellan Midstream Partners, L.P. from $73.00 to $74.00 and gave the company a “neutral” rating in a research report on Monday, February 6th. Finally, Citigroup Inc lowered Magellan Midstream Partners, L.P. from a “buy” rating to a “neutral” rating in a research report on Monday, March 6th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company. Magellan Midstream Partners, L.P. presently has a consensus rating of “Hold” and an average price target of $78.85.

In other news, CEO Michael N. Mears sold 50,000 shares of the firm’s stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $78.74, for a total value of $3,937,000.00. Following the transaction, the chief executive officer now directly owns 184,440 shares in the company, valued at approximately $14,522,805.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Lisa J. Korner sold 10,000 shares of the firm’s stock in a transaction on Wednesday, February 8th. The stock was sold at an average price of $78.67, for a total value of $786,700.00. The disclosure for this sale can be found here. Company insiders own 0.28% of the company’s stock.

Magellan Midstream Partners, L.P. Company Profile

5 Day Chart for NYSE:MMP

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