Martin Midstream Partners (NASDAQ:MMLP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.
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 research analysts have also issued reports on MMLP. Stifel Nicolaus decreased their target price on Martin Midstream Partners from $19.00 to $17.00 and set a “hold” rating for the company in a report on Thursday, October 26th. Royal Bank of Canada reiterated a “hold” rating and issued a $18.00 target price on shares of Martin Midstream Partners in a report on Friday, October 27th. B. Riley reiterated a “buy” rating and issued a $18.00 target price on shares of Martin Midstream Partners in a report on Monday, December 18th. Finally, BidaskClub upgraded Martin Midstream Partners from a “strong sell” rating to a “sell” rating in a report on Tuesday, December 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. Martin Midstream Partners currently has an average rating of “Hold” and an average target price of $19.33.
Shares of Martin Midstream Partners (NASDAQ:MMLP) traded down $0.05 during midday trading on Wednesday, hitting $14.65. The stock had a trading volume of 109,700 shares, compared to its average volume of 162,067. Martin Midstream Partners has a twelve month low of $12.70 and a twelve month high of $20.90. The company has a debt-to-equity ratio of 2.78, a current ratio of 2.04 and a quick ratio of 0.86. The firm has a market capitalization of $556.51, a PE ratio of 31.85 and a beta of 1.49.
In related news, insider Ruben S. Martin bought 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 14th. The stock was purchased at an average cost of $13.61 per share, for a total transaction of $68,050.00. Following the completion of the acquisition, the insider now owns 140,598 shares in the company, valued at approximately $1,913,538.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Robert D. Bondurant bought 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 14th. The stock was bought at an average price of $13.58 per share, with a total value of $27,160.00. Following the completion of the acquisition, the chief financial officer now owns 39,314 shares of the company’s stock, valued at approximately $533,884.12. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 8,079 shares of company stock valued at $110,178. 17.00% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. CNH Partners LLC lifted its holdings in Martin Midstream Partners by 62.3% during the 2nd quarter. CNH Partners LLC now owns 30,468 shares of the pipeline company’s stock worth $535,000 after buying an additional 11,700 shares during the last quarter. Center Coast Capital Advisors LP lifted its holdings in Martin Midstream Partners by 19.9% during the 3rd quarter. Center Coast Capital Advisors LP now owns 1,959,445 shares of the pipeline company’s stock worth $30,469,000 after buying an additional 325,348 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Martin Midstream Partners by 20.0% during the 2nd quarter. Goldman Sachs Group Inc. now owns 462,442 shares of the pipeline company’s stock worth $8,116,000 after buying an additional 77,177 shares during the last quarter. Royal Bank of Canada lifted its holdings in Martin Midstream Partners by 1.9% during the 2nd quarter. Royal Bank of Canada now owns 32,617 shares of the pipeline company’s stock worth $573,000 after buying an additional 602 shares during the last quarter. Finally, Atlantic Trust Group LLC lifted its holdings in Martin Midstream Partners by 9.2% during the 3rd quarter. Atlantic Trust Group LLC now owns 234,300 shares of the pipeline company’s stock worth $3,643,000 after buying an additional 19,790 shares during the last quarter. 31.17% of the stock is owned by institutional investors.
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About Martin Midstream Partners
Martin Midstream Partners L.P. is a limited partnership with a set of operations focused in the United States Gulf Coast region. The Company’s four business lines include terminalling and storage services for petroleum products and by-products, including the refining of naphthenic crude oil and the blending and packaging of finished lubricants; natural gas services, including liquids transportation and distribution services, and natural gas storage; sulfur and sulfur-based products processing, manufacturing, marketing and distribution, and marine transportation services for petroleum products and by-products.
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