Magellan Midstream Partners Raises Dividend By 2%

Magellan Midstream Partners L.P. said Thursday it will raise its quarterly cash distribution, or dividend, by 2% to 89 cents a share, payable Aug. 14 to shareholders of record on July 31. That's up from the first-quarter dividend of 87.25 cents a share. The energy transport company's stock inched up less than 0.1% in morning trade. Based on current prices, the new annual dividend rate implies a dividend yield of 5.04%, compared with the S&P 500's implied dividend yield of 1.96%. Magellan's stock has now lost 6.6% year to date, while the SPDR Energy Select Sector ETF has shed 11.9% and the S&P 500 has gained 10.6%.