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

Key Points

• Martin Midstream Partners stock has risen above its 200-day moving average of $3.16, trading as high as $3.19 recently, although the last traded price was $3.05.
• The company reported a loss of ($0.06) EPS for the last quarter, missing analyst estimates of $0.08, with revenue also falling short of expectations at $180.68 million.
• An institutional investment by Bank of America Corp DE increased its stake in Martin Midstream Partners by 216%, now holding 581,020 shares worth $1.7 million.

Martin Midstream Partners L.P. (NASDAQ:MMLP - Get Free Report)'s share price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $3.16 and traded as high as $3.19. Martin Midstream Partners shares last traded at $3.05, with a volume of 4,526 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Martin Midstream Partners to a "hold" rating in a research report on Friday, June 6th.

Martin Midstream Partners Price Performance

The business has a 50 day moving average price of $3.15 and a 200-day moving average price of $3.15. The firm has a market cap of $119.91 million, a price-to-earnings ratio of -7.87 and a beta of 0.67.

Martin Midstream Partners (NASDAQ:MMLP - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $199.39 million. Research analysts anticipate that Martin Midstream Partners L.P. will post 0.15 earnings per share for the current fiscal year.

Martin Midstream Partners Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, August 7th were issued a $0.005 dividend. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.02 annualized dividend and a dividend yield of 0.7%. Martin Midstream Partners's dividend payout ratio (DPR) is -5.13%.

Institutional Trading of Martin Midstream Partners

Several hedge funds have recently added to or reduced their stakes in MMLP. Nomura Holdings Inc. increased its position in shares of Martin Midstream Partners by 12.3% during the 2nd quarter. Nomura Holdings Inc. now owns 3,837,328 shares of the pipeline company's stock valued at $11,320,000 after purchasing an additional 420,000 shares during the period. Bank of America Corp DE grew its holdings in shares of Martin Midstream Partners by 216.0% during the second quarter. Bank of America Corp DE now owns 581,020 shares of the pipeline company's stock valued at $1,714,000 after buying an additional 397,163 shares in the last quarter. Tiptree Advisors LLC acquired a new stake in Martin Midstream Partners during the fourth quarter valued at $524,000. Toronto Dominion Bank acquired a new stake in Martin Midstream Partners during the fourth quarter valued at $233,000. Finally, Levin Capital Strategies L.P. acquired a new stake in Martin Midstream Partners during the second quarter valued at $162,000. Institutional investors own 34.90% of the company's stock.

Martin Midstream Partners Company Profile

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.