5 Under-the-Radar High Dividend Stocks to Buy

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

Dividend Yield as of March 13: 7.90%

Magellan Midstream Partners, L.P. (NYSE:MMP) is an American company that owns ammonia and petroleum pipelines in the Mid-Continent oil province. In January, Barclays upgraded the stock to Overweight and also lifted its price target on the stock to $59. The firm expects the company to earn higher refined product tariffs on longer routes.

On January 24, Magellan Midstream Partners, L.P. (NYSE:MMP) declared a quarterly dividend of $1.0475 per share, which fell in line with its previous dividend. The company maintains a 22-year streak of dividend growth and has a dividend yield of 7.90%, as of March 13. It is among the high-dividend stocks on our list.

At the end of December 2022, 10 hedge funds tracked by Insider Monkey owned stakes in Magellan Midstream Partners, L.P. (NYSE:MMP), the same as in the previous quarter. These stakes have a total value of over $24.2 million.