Magellan Midstream Partners LP
) raised its third-quarter 2013 cash distribution 5% sequentially
and 15% year over year to 55.75 cents per unit ($2.23 per unit
annualized). The new distribution is payable on Nov 14, 2013 to
unitholders of record as of Nov 7, 2013.
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In fact, the partnership has a long history of increasing cash
distributions. This is Magellan Midstream's forty-sixth
distribution hike following its initial public offering in 2001.
Since then, its cash distribution has increased 325%.
Moreover, the distribution hike reflects the partnership's
continued strong performance, backed by strong operating results,
good investments and a diligent execution of its strategic plan.
Tulsa, OK-based Magellan Midstream is a master limited
partnership (MLP) that owns and operates a diversified portfolio
of energy infrastructure assets. The partnership primarily
transports, stores, and distributes refined petroleum products
and, to a lesser extent, ammonia. Magellan Midstream conducts its
operations in three segments: Refined Products, Crude Oil and
The partnership is slated to report its third-quarter 2013
earnings on Oct 31, 2013, before the opening bell. The Zacks
Consensus Estimate for the to-be-reported quarter is a profit of
58 cents per share.
Magellan Midstream currently carries a Zacks Rank #3 (Hold),
implying that it is expected to perform in line with the broader
U.S. equity market over the next one to three months.
Meanwhile, one can look at oil and gas production pipeline MLPs
Pioneer Southwest Energy Partners LP
Energy Partners LP
Energy Transfer Partners LP
) that offer better prospects. While Pioneer Southwest Energy
sports a Zacks Rank #1 (Strong Buy), Energy Partners and Energy
Transfer Partners retain a Zacks Rank #2 (Buy).