5 Tax-Advantaged MLPs with High Dividend Yields

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

Number of Hedge Fund Holders: 13
Dividend Yield: 8.5%

Magellan Midstream Partners, L.P. (NYSE: MMP) transports, stores, and distributes refined petroleum products and crude oil in the US. This energy company ranks 2nd on our list of tax-advantaged MLPs with high dividend yields and operates through its Refined Products and Crude Oil segments.

Gabriel Moreen, an analyst at Mizuho, just this July raised the price target on shares of Magellan Midstream Partners, L.P. (NYSE: MMP) from $47 to $50. The analyst also reiterated a Neutral rating on the shares.

In the second quarter of 2021, Magellan Midstream Partners, L.P. (NYSE: MMP) had an EPS of $1.38, beating estimates by $0.31. The company’s revenue was $653.64 million, up 41.79% year over year and beating estimates by $73.71 million. Magellan Midstream Partners, L.P. (NYSE: MMP) has gained 16.01% in the past 6 months and 16.85% year to date.

By the end of the second quarter of 2021, 13 hedge funds out of the 873 tracked by Insider Monkey held stakes in Magellan Midstream Partners, L.P. (NYSE: MMP) worth roughly $89 million. This is compared to 14 hedge funds in the previous quarter with a total stake value of approximately $85 million.