Magellan Midstream Partners LP (MMP) will raise its quarterly distribution by 0.7 percent to $1.02 per unit in the fourth quarter of 2019. This is the fourth increase in 2019.

The new distribution, which equates to $4.08 per unit on an annualized basis, will be paid November 14 to unitholders of record at the close of business on November 7. The new distribution rate yields 6.4% at a stock price of $63.25.

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 approximately 100 million barrels of petroleum products such as gasoline, diesel fuel and crude oil.