Magellan Midstream increases quarterly cash distribution 4% to 64c Magellan Midstream has increased the partnership's quarterly cash distribution to 64c per unit for the period April 1 through June 30. The Q2 distribution is 20% higher than the 2Q13 distribution of 53.25c per unit and 4% higher than the Q1distribution of 61.25c. The new distribution, which equates to $2.56 per unit on an annualized basis, will be paid Aug. 14 to unitholders of record at the close of business on Aug. 4.
Magellan Midstream upgraded at Argus As noted earlier, Argus upgraded Magellan Midstream to Buy from Hold. The firm thinks that projects not yet included in the company's official capex plan should enable it to increase its distribution more quickly than previously expected. Argus thinks the long-term nature of Magellan's deals should mitigate the impact of falling oil prices. Target $90.