Martin Midstream Partners L.P. (NASDAQ:MMLP) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday. The brokerage currently has a $23.00 price objective on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 14.14% from the company’s current price.
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. “
MMLP has been the subject of a number of other reports. FBR & Co started coverage on shares of Martin Midstream Partners L.P. in a report on Friday, September 9th. They issued an “outperform” rating and a $27.00 price target for the company. Janney Montgomery Scott started coverage on shares of Martin Midstream Partners L.P. in a report on Friday, September 16th. They issued a “neutral” rating and a $22.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $21.29.
Shares of Martin Midstream Partners L.P. (NASDAQ:MMLP) opened at 20.15 on Thursday. Martin Midstream Partners L.P. has a 12 month low of $13.27 and a 12 month high of $29.90. The stock has a 50 day moving average price of $20.19 and a 200 day moving average price of $21.59. The firm has a market capitalization of $714.40 million, a P/E ratio of 81.58 and a beta of 1.31.
Martin Midstream Partners L.P. (NASDAQ:MMLP) last posted its quarterly earnings results on Wednesday, July 27th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of $0.24 by $0.38. The business had revenue of $190.35 million for the quarter, compared to analyst estimates of $225.13 million. The company’s revenue for the quarter was down 24.2% on a year-over-year basis. During the same period last year, the firm earned $0.19 EPS. On average, analysts expect that Martin Midstream Partners L.P. will post $0.56 earnings per share for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MMLP. State Street Corp raised its position in Martin Midstream Partners L.P. by 3.9% in the first quarter. State Street Corp now owns 24,665 shares of the company’s stock worth $496,000 after buying an additional 924 shares during the last quarter. Rafferty Asset Management LLC raised its position in Martin Midstream Partners L.P. by 31.3% in the first quarter. Rafferty Asset Management LLC now owns 106,790 shares of the company’s stock worth $2,144,000 after buying an additional 25,442 shares during the last quarter. Geode Capital Management LLC raised its position in Martin Midstream Partners L.P. by 30.4% in the first quarter. Geode Capital Management LLC now owns 18,938 shares of the company’s stock worth $379,000 after buying an additional 4,420 shares during the last quarter. Pinnacle Holdings LLC raised its position in Martin Midstream Partners L.P. by 3.4% in the first quarter. Pinnacle Holdings LLC now owns 66,141 shares of the company’s stock worth $1,328,000 after buying an additional 2,145 shares during the last quarter. Finally, Babson Capital Management LLC purchased a new position in Martin Midstream Partners L.P. during the first quarter worth $2,165,000.
About Martin Midstream Partners L.P.
Martin Midstream Partners L.P. is a limited partnership company with operations focused in the United States Gulf Coast region. The Company’s segments include Terminalling and Storage, Natural Gas Services, Sulfur Services and Marine Transportation. The Company owns or operates approximately 30 marine shore-based terminal facilities and over 20 specialty terminal facilities located in the United States.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Martin Midstream Partners L.P. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Martin Midstream Partners L.P. and related companies with MarketBeat.com's FREE daily email newsletter.