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Data last updated: Sep 28, 2026
Snapshot (as of Sep 28, 2026): Magellan Midstream Partners, L.P. (MMP) pays a $4.44 annual dividend ($1.11 quarterly), yielding 6.43% at $69.00/share. Next ex-dividend date 2023-09-20. 20+ consecutive years of dividend growth. Source: Yahoo Finance, aggregated by MerryDiv.
Dividend Yield: 6.43%
Annual Dividend: $4.44 per share
Payout Ratio: 83.9%
Ex-Dividend Date: 2023-09-20
Dividend Frequency: quarterly
Sector: Energy
Years of Dividend History: 23
Magellan Midstream Partners, L.P. dividend stands at $4.4374 per share annually, paid quarterly, with the most recent ex-dividend date of September 20, 2023. MMP operates roughly 9,800 miles of refined products pipelines and 2,200 miles of crude oil pipelines, moving gasoline, diesel, aviation fuel, and other refined products across the United States. The current yield is 6.43%, placing it firmly in high-yield territory. With a beta of 0.91, MMP stock carries slightly below-market price volatility, which suits income-focused investors who prioritize yield over aggressive capital appreciation.
Magellan Midstream Partners, L.P. pays out 83.9% of earnings as dividends, a payout ratio classified as high (above 75%). The company's pipeline and terminal infrastructure serves a broad base of clients, including wholesalers, retailers, railroads, airlines, and farm cooperatives, providing demand across multiple end-markets that supports the current payout level. Magellan Midstream Partners, L.P. dividend safety faces its most direct pressure from that elevated payout ratio, which leaves limited room to absorb earnings weakness without affecting the dividend.
Magellan Midstream Partners, L.P. dividend history shows a CAGR of 8.3% per year from 2008 to 2022. Per-share payments grew from $1.3599 to $4.1600 over that window, a more than threefold increase. Growth has slowed materially in recent years: the smallest annual increase in the window was 0.2% in 2021, compared to a peak of 19.4% in 2014. That deceleration is the defining feature of MMP's recent dividend trajectory.
| Period | CAGR | From | To |
|---|---|---|---|
| 3-Year | -6.2% | $4.11 (2020) | $3.39 (2023) |
| 5-Year | -2.2% | $3.79 (2018) | $3.39 (2023) |
| 10-Year | +4.9% | $2.10 (2013) | $3.39 (2023) |
MMP fits dividend investors who prioritize yield over growth. The current yield of 6.43% is high (above 4%) and sits above the 5-year average of 5.64%, meaning income buyers are getting more yield than the recent historical norm. Twenty consecutive years of dividend increases is a meaningful streak, but the pace has slowed to a crawl: 0.2% in 2021 and modest gains since. The trade-off is clear: an investor in Magellan Midstream Partners, L.P. stock gets a high current income stream backed by essential energy infrastructure, but accepts a high payout ratio and near-flat near-term dividend growth.
| Payment Date | Amount per Share |
|---|---|
| 2023-09-20 | $0.2474 |
| 2023-08-04 | $1.0475 |
| 2023-05-05 | $1.0475 |
| 2023-02-06 | $1.0475 |
| 2022-11-04 | $1.0475 |
| 2022-08-04 | $1.0375 |
| 2022-04-29 | $1.0375 |
| 2022-02-04 | $1.0375 |
| 2021-11-04 | $1.0375 |
| 2021-08-05 | $1.0275 |
| Year | Total Dividends |
|---|---|
| 2023 | $3.3899 |
| 2022 | $4.1600 |
| 2021 | $4.1200 |
| 2020 | $4.1100 |
| 2019 | $4.0350 |
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