5 Best High Yield Dividend Stocks Under $50

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

Number of Hedge Fund Holders: 14
Dividend Yield:8.4%

Magellan Midstream Partners, L.P. (NYSE: MMP) is a company operating in the transportation, storage, and distribution of refined petroleum products and crude oil in the US. The company ranks 3rd on our list of the best high yield dividend stocks under $50.

This April, Magellan Midstream Partners, L.P. (NYSE: MMP) commented that spring 2021 refined product shipments across the company’s mid-continent and Gulf Coast pipeline would cross the spring 2019 record by about 3%, while gasoline shipments are expected to cross 2020 levels by 13%, diesel shipments to exceed by 10%, and aviation fuel shipments to grow by 25%. On June 21st, Magellan Midstream Partners, L.P. (NYSE: MMP) and Enterprise Products Partners L.P. (NYSE: EPD) announced their futures contract with Intercontinental Exchange (NYSE: ICE) for the delivery of crude oil in Houston. In the first quarter of 2021, Magellan Midstream Partners, L.P. (NYSE: MMP) had an EPS of $1.09, beating estimates by $0.23, while its revenue of $661.07 million missed estimates by $8.51 million. The stock has a forward PE ratio of 12.03 and has gained 18.23% in the past 6 months and year to date. Magellan Midstream Partners, L.P. (NYSE: MMP) has a gross profit margin of 55.26% as well.

By the end of the first quarter of 2021, 14 hedge funds out of the 866 tracked by Insider Monkey held stakes in Magellan Midstream Partners, L.P. (NYSE: MMP), worth about $85 million. This is compared to 22 hedge fund holders in the previous quarter, holding stakes worth roughly $146 million.