Ex-Dividend Alert: Magellan Midstream Partners Raised its Dividend by 2%; Will Trade Ex-Dividend on May 7, 2018
LONDON, UK / ACCESSWIRE / May 4, 2018 / Active-Investors has a free review on Magellan Midstream Partners, L.P. (NYSE: MMP) following the Company's announcement that it will begin trading ex-dividend on May 07, 2018. To capture the dividend payout, investors must purchase the stock a day prior to the ex-dividend date (excluding weekend) that is by latest at the end of the trading session on May 04, 2018. Active-Investors has initiated due-diligence on this dividend stock. Register with us for more free research including the one on MMP:
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Dividend Declared
On April 26, 2018, Magellan Midstream Partners' Board of Directors increased the partnership's quarterly cash distribution to $0.9375 per unit for the period January 01 through March 31, 2018.
Magellan Midstream Partners' Q1 2018 distribution is 7% higher than the distribution of $0.8725 per unit for Q1 2017 and represents a 2% increase over the distribution of $0.92 for Q4 2017. The Company stated that it remains committed to its stated goal of increasing annual cash distributions by 8% for 2018. The new distribution, which equates to $3.75 per unit on an annualized basis, will be paid May 15, 2018, to unitholders of record at the close of business on May 08, 2018.
Magellan's indicated dividend represents a yield of 5.66%, which is more than double compared to the average dividend yield of 2.47% for the Basic Materials sector. The Company's recent hike represents its 64th distribution increase since the Company's initial public offering in 2001.
Dividend Insight
Magellan Midstream Partners has a dividend payout ratio of 92.6%, which denotes that the Company spends approximately $0.93 for dividend distribution out of every $1.00 earned. The dividend payout ratio reflects how much amount a company is returning to shareholders versus how much money it is keeping on hand to reinvest in growth, to pay off debt, and/or to add to its cash reserves.
According to analysts' estimates, Magellan Midstream Partners is forecasted to report earnings of $4.38 per share for the next year, which is substantially higher than the Company's annualized dividend of $3.75 per share.
For Q4 2017, Magellan Midstream Partners' Distributable cash flow (DCF), a (non-GAAP) financial measure that represents the amount of cash generated during the period that is available to pay distributions, was $308.3 million. This represented a quarterly record for the partnership compared to $277.2 million reported in Q4 2016. The Company's strong financial position indicates its ability to absorb any fluctuations in earnings and cash flow and to sustain the dividend distribution for a long period.
About Magellan Midstream Partners, L.P.
Magellan Midstream Partners is a publicly traded partnership that primarily transports, stores, and distributes refined petroleum products and crude oil. The partnership owns the longest refined petroleum products pipeline system in the United States, with access to nearly 50% of the nation's refining capacity and can store more than 100 million barrels of petroleum products such as gasoline, diesel fuel, and crude oil.
Stock Performance Snapshot
May 3, 2018 - At Thursday's closing bell, Magellan Midstream Partners' stock marginally fell 0.85%, ending the trading session at $66.16.
Volume traded for the day: 742.96 thousand shares.
Stock performance in the last month – up 14.54%
After yesterday's close, Magellan Midstream Partners' market cap was at $15.14 billion.
Price to Earnings (P/E) ratio was at 17.37.
The stock has a dividend yield of 5.56%.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Pipelines industry.
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