More money will soon be gushing from Magellan Midstream Partners (NYSE:MMP) in the form of shareholder payouts. The company has increased its quarterly distribution to $0.5325 per unit. This will be paid on August 14 to holders of record as of August 7. That amount is $0.025, or nearly 5%, higher than Magellan's preceding payout of $0.5075 per unit.
The firm is a serial distribution raiser. In the press release announcing the news, it pointed out that the latest increase is the 45th since its 2001 IPO.
The new distribution annualizes to $2.13 per share. That yields 3.9% at Magellan's most recent closing stock price of $54.63.
Fool contributor Eric Volkman has no position in Magellan Midstream Partners. The Motley Fool recommends Magellan Midstream Partners. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.