Martin Midstream Partners (NASDAQ:MMLP) Share Price Breaks Above 50 Day Moving Average – Here’s Why

Martin Midstream Partners L.P. (NASDAQ:MMLP)’s share price passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $2.10 and traded as high as $2.24. Martin Midstream Partners shares last traded at $2.24, with a volume of 58,074 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Martin Midstream Partners in a research report on Wednesday, August 26th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $3.00.

Martin Midstream Partners Stock Performance

The firm’s 50 day moving average price is $2.10 and its two-hundred day moving average price is $2.45.

Martin Midstream Partners (NASDAQ:MMLP) last announced its quarterly earnings data on Wednesday, October 21st. The pipeline company reported ($0.10) EPS for the quarter, hitting analysts’ consensus estimates of ($0.10). The business had revenue of $231.73 million during the quarter, compared to the consensus estimate of $207.80 million.

Martin Midstream Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, November 6th will be paid a $0.0050 dividend. This represents a $0.02 annualized dividend and a yield of 0.9%. The ex-dividend date is Friday, November 6th. Martin Midstream Partners’s payout ratio is presently -7.41%.

Hedge Funds Weigh In On Martin Midstream Partners

An institutional investor recently raised its stake in Martin Midstream Partners stock. Bank of America Corp DE lifted its stake in Martin Midstream Partners L.P. (NASDAQ:MMLP) by 0.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 547,270 shares of the pipeline company’s stock after acquiring an additional 4,547 shares during the quarter. Bank of America Corp DE owned approximately 1.40% of Martin Midstream Partners worth $1,510,000 as of its most recent SEC filing. 34.90% of the stock is currently owned by institutional investors.

Martin Midstream Partners Company Profile

Martin Midstream Partners L.P. is a master limited partnership focused on energy-related businesses, including the gathering, storage, transportation and marketing of petroleum products and other commodities. Its operations include terminaling and storage, natural gas liquids, sulfur services and marine transportation. The partnership’s assets and services support customers across the U.S. Gulf Coast, where its terminals, pipelines, trucks, rail facilities and vessels connect energy producers, processors and end users.