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

Shares of Martin Midstream Partners L.P. (NASDAQ:MMLP) crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty 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 traded.

Analysts Set New Price Targets

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

Martin Midstream Partners Stock Performance

The firm’s 50 day moving average is $2.10 and its two-hundred 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 issued its quarterly earnings results on Wednesday, October 21st. The pipeline company reported ($0.10) EPS for the quarter, meeting the consensus estimate 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 business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, November 6th will be given a dividend of $0.0050 per share. The ex-dividend date of this dividend is Friday, November 6th. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.9%. Martin Midstream Partners’s payout ratio is currently -7.41%.

Hedge Funds Weigh In On Martin Midstream Partners

A hedge fund recently raised its stake in Martin Midstream Partners stock. Bank of America Corp DE grew its stake in shares of Martin Midstream Partners L.P. (NASDAQ:MMLP) by 0.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 547,270 shares of the pipeline company’s stock after purchasing 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 filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 34.90% of the company’s stock.

Martin Midstream Partners Company Profile

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.