5 Best High-Yield Dividend Stocks To Buy Now

2. Magellan Midstream Partners, L.P. (NYSE:MMP)

Dividend Yield as of November 22: 7.92%

Magellan Midstream Partners, L.P. (NYSE:MMP) is an Oklahoma-based partnership that specializes in ammonia and petroleum pipelines in the Mid-continent oil province. In October, Barclays raised its price target on the stock to $55 with an Equal Weight rating, following the company’s third-quarter earnings.

In Q3 2022, Magellan Midstream Partners, L.P. (NYSE:MMP) reported a revenue of $876 million, up 37% from the same period last year. The company’s free cash flow for the quarter came in at $273 million, compared with $252 million in the prior-year period. Its free cash flow was enough to fulfill its shareholder obligation.

On October 20, Magellan Midstream Partners, L.P. (NYSE:MMP) announced a 1% hike in its quarterly dividend to $1.0475 per share. This was the company’s 21st consecutive year of dividend growth, which makes it one of the best dividend stocks to buy now. The stock has a dividend yield of 7.92%, as recorded on November 22.

At the end of Q3 2022, 10 hedge funds tracked by Insider Monkey owned stakes in Magellan Midstream Partners, L.P. (NYSE:MMP), up from 9 in the previous quarter. The collective value of these stakes is over $20.2 million. With 1.6 million shares, First Eagle Investment Management was the company’s leading stakeholder in Q3.