Martin Midstream Partners (NASDAQ:MMLP) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Martin Midstream Partners shares recently surpassed their 200-day moving average, trading at $3.40 with a volume of 4,249 shares.
• The company declared a quarterly dividend of $0.005 per share, resulting in an annualized yield of 0.6% and a negative dividend payout ratio of -5.13%.
• Wall Street Zen upgraded Martin Midstream Partners to a "hold" rating, following a quarter where the company reported losses that missed analyst expectations.

Shares of Martin Midstream Partners L.P. (NASDAQ:MMLP - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.19 and traded as high as $3.46. Martin Midstream Partners shares last traded at $3.40, with a volume of 4,249 shares.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of Martin Midstream Partners to a "hold" rating in a research note on Friday, June 6th.

Martin Midstream Partners Price Performance

The stock's 50 day simple moving average is $3.12 and its two-hundred day simple moving average is $3.18. The firm has a market cap of $130.46 million, a P/E ratio of -8.56 and a beta of 0.67.

Martin Midstream Partners (NASDAQ:MMLP - Get Free Report) last announced its earnings results on Wednesday, July 16th. The pipeline company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of $0.08 by ($0.14). The business had revenue of $180.68 million for the quarter, compared to analyst estimates of $199.39 million. Equities research analysts anticipate that Martin Midstream Partners L.P. will post 0.15 earnings per share for the current year.

Martin Midstream Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, August 7th were paid a dividend of $0.005 per share. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.6%. Martin Midstream Partners's dividend payout ratio (DPR) is currently -5.13%.

Hedge Funds Weigh In On Martin Midstream Partners

A number of hedge funds have recently added to or reduced their stakes in the company. US Bancorp DE raised its holdings in Martin Midstream Partners by 55.6% in the 1st quarter. US Bancorp DE now owns 14,000 shares of the pipeline company's stock worth $50,000 after acquiring an additional 5,000 shares during the last quarter. Geode Capital Management LLC raised its holdings in Martin Midstream Partners by 24.9% in the 4th quarter. Geode Capital Management LLC now owns 29,894 shares of the pipeline company's stock worth $107,000 after acquiring an additional 5,966 shares during the last quarter. Squarepoint Ops LLC purchased a new position in Martin Midstream Partners in the 4th quarter worth approximately $36,000. Meriwether Wealth & Planning LLC purchased a new position in Martin Midstream Partners in the 2nd quarter worth approximately $30,000. Finally, Ipsen Advisor Group LLC purchased a new position in Martin Midstream Partners in the 2nd quarter worth approximately $34,000. 34.90% of the stock is currently owned by hedge funds and other institutional investors.

About Martin Midstream Partners

Martin Midstream Partners L.P., together with its subsidiaries, provides terminalling, processing, storage, and packaging services for petroleum products and by-products primarily in the United States. The company operates in four segments: Terminalling and Storage, Transportation, Sulfur Services, and Specialty Products.