Zacks Investment Research cut shares of Martin Midstream Partners (NASDAQ:MMLP) from a buy rating to a hold rating in a report released on Thursday morning.
According to Zacks, “Martin Midstream is a limited partnership which stores and transports hydrocarbon products and specialty chemicals, primarily in the Gulf Coast. It runs a marine transportation business, mostly barges and tugs, and operates storage tanks. “
A number of other research analysts also recently issued reports on the stock. BidaskClub downgraded shares of Martin Midstream Partners from a sell rating to a strong sell rating in a research report on Tuesday, July 31st. ValuEngine raised shares of Martin Midstream Partners from a strong sell rating to a sell rating in a research report on Monday, October 22nd. Royal Bank of Canada reissued a hold rating and set a $17.00 price objective on shares of Martin Midstream Partners in a research report on Monday, July 16th. Finally, Raymond James reduced their price objective on shares of Martin Midstream Partners from $17.00 to $15.00 and set an outperform rating on the stock in a research report on Friday, October 26th. Five analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Buy and an average target price of $15.83.
Martin Midstream Partners stock traded down $0.18 during mid-day trading on Thursday, reaching $13.34. 288,700 shares of the company traded hands, compared to its average volume of 163,791. The company has a current ratio of 2.28, a quick ratio of 1.03 and a debt-to-equity ratio of 2.45. The company has a market cap of $519.18 million, a P/E ratio of 30.32, a PEG ratio of 35.47 and a beta of 1.50. Martin Midstream Partners has a 52-week low of $10.65 and a 52-week high of $16.95.
Martin Midstream Partners (NASDAQ:MMLP) last issued its quarterly earnings data on Wednesday, October 24th. The pipeline company reported ($0.24) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.18). The company had revenue of $219.05 million for the quarter, compared to analysts’ expectations of $226.83 million. Martin Midstream Partners had a net margin of 6.19% and a return on equity of 5.03%. Analysts predict that Martin Midstream Partners will post 0.11 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Stockholders of record on Wednesday, November 7th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 14.99%. The ex-dividend date is Tuesday, November 6th. Martin Midstream Partners’s dividend payout ratio is presently 454.55%.
Several large investors have recently added to or reduced their stakes in the company. Bank of Montreal Can purchased a new stake in shares of Martin Midstream Partners in the 3rd quarter worth about $449,000. California Public Employees Retirement System grew its position in shares of Martin Midstream Partners by 10.8% in the 2nd quarter. California Public Employees Retirement System now owns 43,226 shares of the pipeline company’s stock worth $597,000 after buying an additional 4,226 shares during the period. PVG Asset Management Corp grew its position in shares of Martin Midstream Partners by 35.8% in the 2nd quarter. PVG Asset Management Corp now owns 45,900 shares of the pipeline company’s stock worth $633,000 after buying an additional 12,100 shares during the period. Bank of America Corp DE grew its position in shares of Martin Midstream Partners by 26.4% in the 2nd quarter. Bank of America Corp DE now owns 31,454 shares of the pipeline company’s stock worth $434,000 after buying an additional 6,564 shares during the period. Finally, OppenheimerFunds Inc. grew its position in shares of Martin Midstream Partners by 1.6% in the 2nd quarter. OppenheimerFunds Inc. now owns 6,546,670 shares of the pipeline company’s stock worth $90,345,000 after buying an additional 101,718 shares during the period. 28.89% of the stock is currently owned by hedge funds and other institutional investors.
About Martin Midstream Partners
Martin Midstream Partners L.P. collects, transports, stores, and markets petroleum products and by-products in the United States Gulf Coast region. The company's Terminalling and Storage segment owns or operates 22 marine shore-based terminal facilities and 16 specialty terminal facilities that provide storage, refining, blending, packaging, and handling services for producers and suppliers of petroleum products and by-products.
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