Is Magellan Midstream Partners, L.P. a Buy?

Midstream industry stalwart Magellan Midstream Partners, L.P. (NYSE: MMP) has turned lower this year, falling around 11% since Jan. 1. From their early year highs, however, the units of this partnership are down nearly 18%. With a distribution yield of about 5.4%, is it time for income investors to buy Magellan Midstream Partners?

Magellan certainly has a wonderful story, particularly if you are an income investor. For example, roughly 85% of its revenue is fee-based, making its collection of pipelines and storage facilities a fairly steady business. This, in turn, has supported 17 years' worth of annual distribution increases.

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Source: Fool.com