Magellan Midstream Partners LP (MMP) will raise its quarterly distribution by 0.7 percent to $1.0275 per unit in the first quarter of 2020, matching last year's fourth quarter dividend hike.

The new distribution, which equates to $4.11 per unit on an annualized basis, will be paid February 14, 2020 to unitholders of record at the close of business on February 7, 2020. The new distribution rate yields 6.3% at a stock price of $64.85.

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.