Magellan Midstream Raises 4Q Cash Distribution to 24 Cents
Magellan Midstream Holdings LP, a transporter and distributor of petroleum products, said on Friday its board raised its fourth-quarter cash distribution by more than 26 percent to 24.6 cents per unit.
The new fourth-quarter dividend will be paid Feb. 14 to holders on record as of Feb. 5.
The dividend was expected to be 19.5 cents for the fourth-quarter as previously announced by the company in its February initial public offering.
The company has roughly 62.7 million outstanding shares.
Shares of Magellan dropped 9 cents to $24.20 in afternoon trading on the New York Stock Exchange.
Source: AP via biz.yahoo.com
