BidaskClub upgraded shares of Martin Midstream Partners L.P. (NASDAQ:MMLP) from a sell rating to a hold rating in a report issued on Tuesday, July 18th.
A number of other brokerages have also recently weighed in on MMLP. FBR & Co restated a buy rating and issued a $24.00 price objective on shares of Martin Midstream Partners L.P. in a report on Monday, May 1st. Stifel Nicolaus downgraded shares of Martin Midstream Partners L.P. from a buy rating to a hold rating and set a $20.00 price target for the company. in a research note on Friday, April 28th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Martin Midstream Partners L.P. from a sell rating to a hold rating in a research note on Thursday, April 27th. Finally, Royal Bank Of Canada reiterated a hold rating and issued a $22.00 price target on shares of Martin Midstream Partners L.P. in a research note on Tuesday, May 23rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $21.60.
Shares of Martin Midstream Partners L.P. (MMLP) opened at 18.20 on Tuesday. Martin Midstream Partners L.P. has a 12 month low of $15.58 and a 12 month high of $22.88. The firm has a market capitalization of $699.83 million, a P/E ratio of 21.74 and a beta of 1.51.
Martin Midstream Partners L.P. (NASDAQ:MMLP) last announced its quarterly earnings data on Wednesday, July 26th. The pipeline company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.07. The firm had revenue of $193.90 million during the quarter, compared to analysts’ expectations of $201.17 million. Martin Midstream Partners L.P. had a net margin of 3.67% and a return on equity of 9.62%. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.14) earnings per share. Equities research analysts anticipate that Martin Midstream Partners L.P. will post $0.66 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, August 7th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $2.00 dividend on an annualized basis and a yield of 10.99%. Martin Midstream Partners L.P.’s dividend payout ratio is currently 235.29%.
A number of hedge funds and other institutional investors have recently modified their holdings of MMLP. SG Americas Securities LLC purchased a new position in shares of Martin Midstream Partners L.P. during the first quarter worth about $956,000. JPMorgan Chase & Co. increased its stake in shares of Martin Midstream Partners L.P. by 14.2% in the first quarter. JPMorgan Chase & Co. now owns 541,865 shares of the pipeline company’s stock valued at $10,837,000 after buying an additional 67,214 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in shares of Martin Midstream Partners L.P. by 6.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 89,488 shares of the pipeline company’s stock valued at $1,790,000 after buying an additional 5,788 shares in the last quarter. Center Coast Capital Advisors LP increased its stake in shares of Martin Midstream Partners L.P. by 1,393.0% in the first quarter. Center Coast Capital Advisors LP now owns 1,579,958 shares of the pipeline company’s stock valued at $31,599,000 after buying an additional 1,474,137 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of Martin Midstream Partners L.P. by 61.1% in the first quarter. Ameriprise Financial Inc. now owns 19,753 shares of the pipeline company’s stock valued at $395,000 after buying an additional 7,493 shares in the last quarter. Institutional investors own 34.08% of the company’s stock.
About Martin Midstream Partners L.P.
Martin Midstream Partners L.P. is a limited partnership with a set of operations focused in the United States Gulf Coast region. The Company’s four business lines include terminalling and storage services for petroleum products and by-products, including the refining of naphthenic crude oil and the blending and packaging of finished lubricants; natural gas services, including liquids transportation and distribution services, and natural gas storage; sulfur and sulfur-based products processing, manufacturing, marketing and distribution, and marine transportation services for petroleum products and by-products.
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