Marlin Midstream Partners Coverage Initiated by Analysts at Oppenheimer (FISH)
Investment analysts at Oppenheimer began coverage on shares of Marlin Midstream Partners (NASDAQ:FISH) in a note issued to investors on Thursday. The firm set a “buy” rating and a $24.00 price target on the stock. Oppenheimer’s price objective would suggest a potential upside of 21.21% from the stock’s previous close.
The analysts wrote, “Marlin Midstream Partners LP (FISH) announced that it has entered into a definitive agreement with its sponsor NuDevco Midstream Development for the purchase of the East New Mexico Transloading Facility for ~$7.4mm. Based on our analysis, the transaction is accretive by $0.07/unit with an implied EBITDA multiple of 5.3x. FISH also reported 2Q14 Adj. EBITDA of $9.0mm, in line with the consensus but marginally beating our estimate of $8.8mm. DCF for the quarter was at $8.6mm, implying a strong coverage ratio of 1.3x. With increased distribution outlook and solid coverage, FISH appears to be well positioned for the next level of growth but is still trading at a steep discount to its peer group. Updating the valuation model, we are raising the target price to $24.”
Shares of Marlin Midstream Partners (NASDAQ:FISH) traded up 1.28% during mid-day trading on Thursday, hitting $19.79. 8,324 shares of the company’s stock traded hands. Marlin Midstream Partners has a 1-year low of $15.93 and a 1-year high of $21.12. The stock’s 50-day moving average is $20.32 and its 200-day moving average is $18.65. The company has a market cap of $355.4 million and a P/E ratio of 21.74.
Marlin Midstream Partners (NASDAQ:FISH) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.06. The company had revenue of $22.45 million for the quarter, compared to the consensus estimate of $22.34 million. The company’s revenue for the quarter was up 117.5% on a year-over-year basis. Analysts expect that Marlin Midstream Partners will post $1.19 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, August 5th. Stockholders of record on Thursday, July 31st will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 7.27%. The ex-dividend date of this dividend is Tuesday, July 29th. This is a boost from Marlin Midstream Partners’s previous quarterly dividend of $0.36.
Marlin Midstream Partners, LP develops, owns, operates and acquires midstream energy assets. The Company provides natural gas gathering, transportation, treating and processing services and One million cubic feet (NASDAQ:FISH) transportation services, which it refer to as its midstream natural gas business, and crude oil transloading services, which it refer to as its crude oil logistics business.
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