Martin Midstream Partners L.P. (MMLP) Rating Increased to Strong-Buy at Zacks Investment Research
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 presently has a $23.00 price objective on the stock. Zacks Investment Research’s price target would indicate a potential upside of 14.14% from the stock’s previous close.
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 also recently commented on the company. Janney Montgomery Scott assumed coverage on 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. FBR & Co assumed coverage on 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $21.29.
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Martin Midstream Partners L.P. (NASDAQ:MMLP) opened at 20.15 on Thursday. The stock has a 50 day moving average price of $20.19 and a 200-day moving average price of $21.59. Martin Midstream Partners L.P. has a 12-month low of $13.27 and a 12-month high of $29.90. The firm has a market cap of $714.40 million, a price-to-earnings ratio of 81.58 and a beta of 1.31.
Martin Midstream Partners L.P. (NASDAQ:MMLP) last issued 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 company earned $190.35 million during the quarter, compared to analysts’ expectations of $225.13 million. The business’s revenue was down 24.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.19 earnings per share. Equities analysts forecast that Martin Midstream Partners L.P. will post $0.56 earnings per share for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. IFP Advisors Inc increased its position in Martin Midstream Partners L.P. by 559.8% in the second quarter. IFP Advisors Inc now owns 4,777 shares of the company’s stock worth $110,000 after buying an additional 4,053 shares in the last quarter. Acrospire Investment Management LLC increased its stake in shares of Martin Midstream Partners L.P. by 4.1% in the second quarter. Acrospire Investment Management LLC now owns 5,096 shares of the company’s stock valued at $118,000 after buying an additional 200 shares during the period. Global X Management Co. LLC increased its stake in shares of Martin Midstream Partners L.P. by 9.0% in the second quarter. Global X Management Co. LLC now owns 8,567 shares of the company’s stock valued at $198,000 after buying an additional 704 shares during the period. Ausdal Financial Partners Inc. bought a new stake in shares of Martin Midstream Partners L.P. during the second quarter valued at about $214,000. Finally, Winslow Evans & Crocker Inc. increased its stake in shares of Martin Midstream Partners L.P. by 10.6% in the second quarter. Winslow Evans & Crocker Inc. now owns 9,422 shares of the company’s stock valued at $218,000 after buying an additional 904 shares during the period.
Martin Midstream Partners L.P. Company Profile
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.
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