Short Interest in Martin Midstream Partners L.P. (NASDAQ:MMLP) Declines By 38.3%

Key Points

• Short interest fell 38.3% to 69,483 shares as of August 31, representing about 0.2% of MMLP’s outstanding stock and 7.2 days of average trading volume.
• Martin Midstream Partners shares declined 1.3% to $2.27, with the company reporting $0.07 in quarterly EPS on $213.6 million in revenue. The partnership also paid a quarterly dividend of $0.005 per share, implying a 0.9% annualized yield.
• Institutional investors own 34.9% of the company, while Bank of America modestly increased its stake. Analyst sentiment remains cautious, with a consensus “Reduce” rating and a $3.00 average price target.

Martin Midstream Partners L.P. (NASDAQ:MMLP - Get Free Report) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totaling 69,483 shares, a decrease of 38.3% from the August 15th total of 112,558 shares. Based on an average daily trading volume, of 9,715 shares, the short-interest ratio is currently 7.2 days. Approximately 0.2% of the company's stock are sold short.

Hedge Funds Weigh In On Martin Midstream Partners

An institutional investor recently raised its stake in Martin Midstream Partners stock. Bank of America Corp DE increased its holdings in shares of Martin Midstream Partners L.P. (NASDAQ:MMLP - Free Report) by 0.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 547,270 shares of the pipeline company's stock after acquiring an additional 4,547 shares during the period. Bank of America Corp DE owned approximately 1.40% of Martin Midstream Partners worth $1,510,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 34.90% of the company's stock.

Martin Midstream Partners Trading Down 1.3%

Shares of Martin Midstream Partners stock traded down $0.03 during trading on Wednesday, reaching $2.27. The company's stock had a trading volume of 2,018 shares, compared to its average volume of 20,970. The company has a 50-day moving average price of $2.34 and a two-hundred day moving average price of $2.51. Martin Midstream Partners has a fifty-two week low of $1.89 and a fifty-two week high of $3.31. The firm has a market cap of $88.80 million, a PE ratio of -5.97 and a beta of 0.47.

Martin Midstream Partners (NASDAQ:MMLP - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The pipeline company reported $0.07 earnings per share for the quarter. The business had revenue of $213.60 million for the quarter.

Martin Midstream Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were paid a dividend of $0.005 per share. The ex-dividend date was Friday, August 7th. This represents a $0.02 annualized dividend and a dividend yield of 0.9%. Martin Midstream Partners's dividend payout ratio is -5.26%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of Martin Midstream Partners in a research note on Wednesday, August 26th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and an average price target of $3.00.

Martin Midstream Partners Company Profile

Martin Midstream Partners L.P. was a master limited partnership that provided energy-related services primarily in the United States. The partnership operated businesses involved in the gathering, processing, transportation, storage and marketing of natural gas liquids, specialty products and other hydrocarbon-based materials.

Its operations included terminaling and storage facilities, marine transportation and sulfur services. The partnership's assets and services supported producers, refiners, chemical companies and other industrial customers, with activities concentrated largely in the Gulf Coast and other energy-producing regions of the United States.

Martin Midstream Partners was formed in 2002 and was sponsored by Martin Resource Management Corporation, an energy-services company based in Kilgore, Texas.

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