BidaskClub Downgrades Martin Midstream Partners (MMLP) to Hold

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BidaskClub lowered shares of Martin Midstream Partners (NASDAQ:MMLP) from a buy rating to a hold rating in a research note published on Thursday.

Several other equities research analysts also recently issued reports on MMLP. Royal Bank of Canada reiterated a hold rating and set a $17.00 price objective on shares of Martin Midstream Partners in a research note on Monday, July 16th. Zacks Investment Research downgraded shares of Martin Midstream Partners from a buy rating to a hold rating in a research note on Tuesday, July 31st. ValuEngine upgraded shares of Martin Midstream Partners from a strong sell rating to a sell rating in a research note on Monday, October 22nd. Finally, Raymond James decreased their target price on shares of Martin Midstream Partners from $17.00 to $15.00 and set an outperform rating for the company in a research note on Friday, October 26th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $15.83.

MMLP traded up $0.17 during trading on Thursday, hitting $12.52. 205,200 shares of the company’s stock were exchanged, compared to its average volume of 166,015. The company has a quick ratio of 1.03, a current ratio of 2.28 and a debt-to-equity ratio of 2.45. Martin Midstream Partners has a 1 year low of $10.65 and a 1 year high of $16.95. The company has a market cap of $493.03 million, a P/E ratio of 28.45, a P/E/G ratio of 56.13 and a beta of 1.05.

Martin Midstream Partners (NASDAQ:MMLP) last released its quarterly earnings data on Wednesday, October 24th. The pipeline company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.18). Martin Midstream Partners had a return on equity of 5.03% and a net margin of 6.19%. The business had revenue of $219.05 million for the quarter, compared to analysts’ expectations of $226.83 million. Research analysts anticipate that Martin Midstream Partners will post 0.11 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Stockholders of record on Wednesday, November 7th will be paid a $0.50 dividend. The ex-dividend date is Tuesday, November 6th. This represents a $2.00 annualized dividend and a dividend yield of 15.97%. Martin Midstream Partners’s dividend payout ratio (DPR) is presently 454.55%.

Several hedge funds have recently made changes to their positions in MMLP. Endurance Wealth Management Inc. boosted its stake in shares of Martin Midstream Partners by 106.1% in the second quarter. Endurance Wealth Management Inc. now owns 13,600 shares of the pipeline company’s stock valued at $188,000 after purchasing an additional 7,000 shares during the period. Rational Advisors LLC boosted its stake in shares of Martin Midstream Partners by 35.8% in the second quarter. Rational Advisors LLC now owns 45,900 shares of the pipeline company’s stock valued at $633,000 after purchasing an additional 12,100 shares during the period. GSA Capital Partners LLP boosted its stake in shares of Martin Midstream Partners by 198.2% in the second quarter. GSA Capital Partners LLP now owns 107,965 shares of the pipeline company’s stock valued at $1,490,000 after purchasing an additional 71,765 shares during the period. OppenheimerFunds Inc. boosted its stake in shares of Martin Midstream Partners by 1.6% in the second quarter. OppenheimerFunds Inc. now owns 6,546,670 shares of the pipeline company’s stock valued at $90,345,000 after purchasing an additional 101,718 shares during the period. Finally, Bank of America Corp DE boosted its stake in shares of Martin Midstream Partners by 26.4% in the second quarter. Bank of America Corp DE now owns 31,454 shares of the pipeline company’s stock valued at $434,000 after purchasing an additional 6,564 shares during the period. Institutional investors and hedge funds own 28.91% of the company’s stock.

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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Analyst Recommendations for Martin Midstream Partners (NASDAQ:MMLP)

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