Magellan Midstream Partners Hikes Quarterly Dividend By 12%

Magellan Midstream Partners, L.P. MMP said its board has boosted the quarterly dividend rate by 12 percent to 80.25 cents a unit for the period between January 1 and March 31. According to the company, it represented 56th distribution hike after its IPO in 2001.

Magellan Midstream Partners said the new distribution, which equates to $3.21 per unit on an annualized basis, would be paid on May 13 to unit holders. The company has fixed May 2 as the record date for determining the shareholders' names.

The company is a publicly traded partnership that primarily transports, stores and distributes refined petroleum products and crude oil. The partnership owns the biggest refined petroleum products pipeline system in the country having access to approximately 50 percent of the country's refining capacity. Also it store over 95 million barrels of petroleum products such as gasoline, diesel fuel and crude oil.

The stock traded up 0.43 percent on Thursday.