Zacks Investment Research Upgrades Martin Midstream Partners (NASDAQ:MMLP) to “Hold”
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. “
Other research analysts have also issued research reports about the company. TheStreet lowered Trinity Industries from a b rating to a c rating in a report on Thursday, April 25th. BidaskClub raised Zynerba Pharmaceuticals from a hold rating to a buy rating in a report on Thursday, July 4th. Finally, ValuEngine raised Zynerba Pharmaceuticals from a sell rating to a hold rating in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $15.33.
Martin Midstream Partners (NASDAQ:MMLP) last announced its quarterly earnings data on Wednesday, April 24th. The pipeline company reported ($0.09) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.31). Martin Midstream Partners had a negative return on equity of 10.10% and a net margin of 2.78%. The business had revenue of $250.97 million for the quarter, compared to analyst estimates of $276.53 million. Sell-side analysts expect that Martin Midstream Partners will post 0.54 EPS for the current fiscal year.
In other news, CFO Robert D. Bondurant bought 10,000 shares of the stock in a transaction on Tuesday, June 11th. The shares were bought at an average price of $6.67 per share, with a total value of $66,700.00. Following the completion of the acquisition, the chief financial officer now owns 78,101 shares of the company’s stock, valued at $520,933.67. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Chris H. Booth bought 9,500 shares of the stock in a transaction on Tuesday, June 11th. The stock was purchased at an average cost of $6.75 per share, for a total transaction of $64,125.00. Following the acquisition, the vice president now directly owns 25,803 shares of the company’s stock, valued at approximately $174,170.25. The disclosure for this purchase can be found here. Insiders have purchased 44,285 shares of company stock worth $306,465 in the last ninety days. 17.00% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its position in shares of Martin Midstream Partners by 1.9% during the first quarter. JPMorgan Chase & Co. now owns 686,501 shares of the pipeline company’s stock valued at $8,547,000 after buying an additional 12,740 shares during the last quarter. Arrow Investment Advisors LLC lifted its position in shares of Martin Midstream Partners by 12.9% during the first quarter. Arrow Investment Advisors LLC now owns 49,935 shares of the pipeline company’s stock valued at $622,000 after buying an additional 5,716 shares during the last quarter. Sippican Capital Advisors purchased a new stake in shares of Martin Midstream Partners during the first quarter valued at about $189,000. Virtu Financial LLC purchased a new stake in shares of Martin Midstream Partners during the first quarter valued at about $418,000. Finally, Jane Street Group LLC purchased a new stake in shares of Martin Midstream Partners during the fourth quarter valued at about $109,000. 27.24% of the stock is currently owned by institutional investors.
About Martin Midstream Partners
Martin Midstream Partners L.P. collects, transports, stores, and markets petroleum products and by-products in the United States Gulf Coast region. The company's Terminalling and Storage segment owns or operates 19 marine shore-based terminal facilities and 14 specialty terminal facilities that provide storage, refining, blending, packaging, and handling services for producers and suppliers of petroleum products and by-products.
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