Magellan Midstream Partners said on January 24, 2023 that its board of directors declared a regular quarterly dividend of $1.05 per share ($4.19 annualized). Shareholders of record as of February 6, 2023 will receive the payment on February 14, 2023. Previously, the company paid $1.05 per share.

At the most recent share price of $54.29 / share, the stock’s dividend yield was 7.72%. Additionally, the company’s dividend payout ratio is 0.79, indicating it is paying out most of it’s earnings in dividends.

The company’s 3-Year dividend growth rate is just 0.02%.

Analyst Price Forecast Suggests 6.84% Upside

As of January 30, 2023, the average one-year price target for Magellan Midstream Partners is $58.00. The forecasts range from a low of $49.49 to a high of $67.20. The average price target represents an increase of 6.84% from its latest reported closing price of $54.29.

The projected annual revenue for Magellan Midstream Partners is $3,110MM, a decrease of 1.23%. The projected annual EPS is $4.94, a decrease of 4.47%.

Fund Sentiment

There are 745 funds or institutions reporting positions in Magellan Midstream Partners. This is an increase of five owners or 0.68%.

Average portfolio weight of all funds dedicated to US:MMP is 0.6161%, a decrease of 5.3820%. Total shares owned by institutions decreased in the last three months by 2.48% to 151,581K shares.

What are large shareholders doing?

Alps Advisors holds 13,172,783 shares representing 6.43% ownership of the company. In it’s prior filing, the firm reported owning 12,986,921 shares, representing an increase of 1.41%. The firm decreased its portfolio allocation in MMP by 2.98% over the last quarter.

AMLP – ALERIAN MLP ETF holds 12,919,283 shares representing 6.30% ownership of the company. In it’s prior filing, the firm reported owning 13,216,714 shares, representing a decrease of 2.30%. The firm increased its portfolio allocation in MMP by 1.63% over the last quarter.

Invesco holds 8,669,040 shares representing 4.23% ownership of the company. In it’s prior filing, the firm reported owning 9,234,728 shares, representing a decrease of 6.53%. The firm decreased its portfolio allocation in MMP by 90.81% over the last quarter.

Janus Henderson Group holds 7,849,367 shares representing 3.83% ownership of the company. In it’s prior filing, the firm reported owning 7,720,308 shares, representing an increase of 1.64%. The firm increased its portfolio allocation in MMP by 9.90% over the last quarter.

JAENX – Janus Henderson Enterprise Fund Class T holds 7,147,831 shares representing 3.49% ownership of the company. No change in the last quarter.

Magellan Midstream Partners Background Information
(This description is provided by the company.)

Magellan Midstream Partners, L.P. 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 country, 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.

This article originally appeared on Fintel

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