Magellan Midstream Partners (MMP) Raises Quarterly Distribution 12.2% to $0.9425; Yields 5.1%

Magellan Midstream Partners L.P. (NYSE: MMP) declared a quarterly distribution of $0.9425 per share, or $3.77 annualized. This is a 12.2% increase from the prior distribution of $0.84.

The distribution will be payable on August 14, 2012, to stockholders of record on August 7, 2012, with an ex-distribution date of August 3, 2012.

The annual yield on the distribution is 5.1 percent.

"Magellan is pleased to provide a larger-than-expected distribution payout to investors this quarter," said Michael Mears, chief executive officer. "Our base business and growth projects continue to generate considerably more cash flow than necessary to comfortably increase our annual distribution by more than the 9% growth initially targeted for 2012. Looking ahead, we are now targeting distributions for full-year 2012 that are 18% higher than 2011, with the goal of raising distributions an additional 10% for 2013 as our future results are expected to benefit from additional growth projects coming online."

For a dividend history and other dividend-related data on Magellan Midstream Partners L.P. (MMP) click here.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Pegasystems (PEGA) Declares $0.083 Special Dividend; 0.2% Yield
• Murphy USA Inc. (MUSA) Declares $0.65 Quarterly Dividend; 0.5% Yield
• First Industrial Realty (FR) Declares $0.50 Quarterly Dividend; 3.2% Yield