Martin Midstream Partners (NASDAQ:MMLP) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Martin Midstream Partners (NASDAQ:MMLP) from a sell rating to a hold rating in a research note published on Wednesday, Zacks.com reports.

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 equities research analysts also recently weighed in on the company. BidaskClub upgraded Martin Midstream Partners from a sell rating to a hold rating in a report on Wednesday, July 17th. ValuEngine upgraded Martin Midstream Partners from a hold rating to a buy rating in a report on Wednesday, October 2nd. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $14.50.

Shares of NASDAQ MMLP traded up $0.11 during trading on Wednesday, reaching $3.96. The stock had a trading volume of 204,400 shares, compared to its average volume of 135,917. Martin Midstream Partners has a one year low of $3.39 and a one year high of $14.32. The company has a debt-to-equity ratio of 2.31, a quick ratio of 1.07 and a current ratio of 1.80. The stock has a market cap of $149.62 million, a PE ratio of -20.84 and a beta of 1.24. The firm’s 50 day moving average price is $4.21 and its two-hundred day moving average price is $6.47.

Martin Midstream Partners (NASDAQ:MMLP) last issued its quarterly earnings results on Wednesday, July 24th. The pipeline company reported ($0.27) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.13 by ($0.40). Martin Midstream Partners had a negative net margin of 18.38% and a negative return on equity of 15.28%. The firm had revenue of $187.32 million during the quarter, compared to the consensus estimate of $181.97 million. On average, research analysts expect that Martin Midstream Partners will post -0.08 earnings per share for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of MMLP. BNP Paribas Arbitrage SA increased its holdings in shares of Martin Midstream Partners by 55,900.0% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,840 shares of the pipeline company’s stock valued at $56,000 after acquiring an additional 7,826 shares during the last quarter. Marshall Wace North America L.P. acquired a new position in Martin Midstream Partners during the 2nd quarter valued at approximately $109,000. Huntington National Bank acquired a new position in Martin Midstream Partners during the 2nd quarter valued at approximately $129,000. Wells Fargo & Company MN boosted its position in Martin Midstream Partners by 25.4% during the 2nd quarter. Wells Fargo & Company MN now owns 24,716 shares of the pipeline company’s stock valued at $176,000 after purchasing an additional 5,001 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in Martin Midstream Partners during the 2nd quarter valued at approximately $651,000. Institutional investors and hedge funds own 27.91% 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 19 marine shore-based terminal facilities and 14 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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