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Incredibly Attractive Dividend Yield From Magellan Midstream Partners

Tulsa, Oklahoma-based Magellan Midstream Partners LP (NYSE:MMP) has been exemplary after beating earnings expectations quarter after quarter for the past 12 months. As a result, the operator of the U.S.'s longest refined products pipeline has outperformed its broader master limited partnerships index this year.

Magellan has been able to steadily increase its dividend payouts since it was founded in 2000. The operator of nearly 10,000 miles of pipeline system currently has a dividend yield of 6.66% with a payout ratio of 90%.

Dividend-hungry investors may consider adding a minor exposure to this ever-consistent dividend payer. Despite the company's leveraged balance sheet and above free cash payout model, Magellan appears to be a vital part of the U.S.'s refined petroleum transport in the coming years.

Disclosure: Long Magellan.

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This article first appeared on GuruFocus.