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

Martin Midstream Partners L.P. (NASDAQ:MMLP) 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 trading hands.

Analysts Set New Price Targets

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

Martin Midstream Partners Stock Up 9.8%

The firm’s fifty day moving average is $2.10 and its 200-day moving average is $2.45. The stock has a market capitalization of $87.63 million, a PE ratio of -8.30 and a beta of 0.54.

Martin Midstream Partners (NASDAQ:MMLP) last posted its quarterly earnings results on Wednesday, October 21st. The pipeline company reported ($0.10) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.10). The business had revenue of $231.73 million during the quarter, compared to analysts’ expectations of $207.80 million.

Martin Midstream Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Investors 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 of this dividend is Friday, November 6th. Martin Midstream Partners’s dividend payout ratio (DPR) is presently -7.41%.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Martin Midstream Partners stock. Bank of America Corp DE grew its position in shares of Martin Midstream Partners L.P. (NASDAQ:MMLP) by 0.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 547,270 shares of the pipeline company’s stock after purchasing an additional 4,547 shares during the period. Bank of America Corp DE owned 1.40% of Martin Midstream Partners worth $1,510,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 34.90% of the company’s stock.

About Martin Midstream Partners

Martin Midstream Partners L.P. was a publicly traded master limited partnership that owned and operated midstream energy assets and provided related services in the United States. The partnership was sponsored by Martin Resource Management Corporation, an energy services company with operations focused primarily on the Gulf Coast and other major energy-producing regions. Its business activities included the transportation, storage and terminalling of natural gas liquids, crude oil, refined products and other hydrocarbon-based materials.