5 Blue Chip Dividend Stocks With Over 4% Yield

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

Dividend Yield as of January 28: 8.63%

Number of Hedge Fund Holders: 12

Based in Tulsa, Oklahoma, Magellan Midstream Partners, L.P. (NYSE:MMP) owns major ammonia and petroleum pipelines across Arkansas, Kansas, Louisiana, New Mexico, Oklahoma, and Texas. 

On January 25, Magellan Midstream Partners, L.P. (NYSE:MMP) declared a $1.0375 per share quarterly dividend, in line with previous. The dividend is payable on February 14, to shareholders of record on February 7. Magellan Midstream Partners, L.P. (NYSE:MMP)’s dividend yield came in at 8.63% as of January 28. 

Barclays analyst Theresa Chen on January 20 downgraded Magellan Midstream Partners, L.P. (NYSE:MMP) to Equal Weight from Overweight with a price target of $51, down from $53.

Magellan Midstream Partners, L.P. (NYSE:MMP) announced on January 21 that it has been awarded a 4-year $100.5 million fixed price contract for contractor-owned and operated fuel storage facilities with capabilities to receive, store, protect, and ship aviation turbine fuel and naval distillate. The contract was awarded by the Defense Logistics Agency Energy.

Among the hedge funds monitored by Insider Monkey in Q3 2021, 12 funds were bullish on Magellan Midstream Partners, L.P. (NYSE:MMP), with stakes totaling $92 million. 683 Capital Partners is one of the largest stakeholders of the company, and it owns more than 1 million shares, worth $46.8 million.