Martin Midstream Partners (NASDAQ:MMLP) Stock Passes Above Two Hundred Day Moving Average - Here's Why

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.

Shares of Martin Midstream Partners L.P. (NASDAQ:MMLP - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-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 Ratings Changes

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 stock has a market cap of $119.13 million, a price-to-earnings ratio of -7.82 and a beta of 0.67. The stock's 50-day moving average is $3.15 and its 200 day moving average is $3.16.

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

Martin Midstream Partners Announces Dividend

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nomura Holdings Inc. grew its position in Martin Midstream Partners by 12.3% during the second quarter. Nomura Holdings Inc. now owns 3,837,328 shares of the pipeline company's stock worth $11,320,000 after buying an additional 420,000 shares during the period. Bank of America Corp DE grew its position in 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 worth $1,714,000 after buying an additional 397,163 shares during the period. Tiptree Advisors LLC acquired a new position in Martin Midstream Partners during the fourth quarter worth about $524,000. Toronto Dominion Bank acquired a new position in Martin Midstream Partners during the fourth quarter worth about $233,000. Finally, Levin Capital Strategies L.P. acquired a new position in Martin Midstream Partners during the second quarter worth about $162,000. 34.90% of the stock is currently owned by institutional investors and hedge funds.

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.

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