Martin Midstream Partners L.P. (NASDAQ:MMLP) Sees Large Increase in Short Interest

Martin Midstream Partners L.P. (NASDAQ:MMLP) was the recipient of a significant growth in short interest in October. As of October 31st, there was short interest totalling 875,800 shares, a growth of 35.2% from the September 30th total of 647,900 shares. Currently, 2.8% of the shares of the stock are short sold. Based on an average trading volume of 220,000 shares, the days-to-cover ratio is presently 4.0 days.

MMLP has been the topic of several recent analyst reports. BidaskClub upgraded shares of Martin Midstream Partners from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. ValuEngine upgraded shares of Martin Midstream Partners from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Finally, Zacks Investment Research upgraded shares of Martin Midstream Partners from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th.

Shares of Martin Midstream Partners stock opened at $4.39 on Thursday. The company has a debt-to-equity ratio of 2.31, a quick ratio of 1.14 and a current ratio of 2.22. Martin Midstream Partners has a 52-week low of $3.39 and a 52-week high of $14.32. The stock has a market capitalization of $172.55 million, a price-to-earnings ratio of -23.11, a P/E/G ratio of 222.00 and a beta of 1.28. The company’s 50 day moving average price is $4.49 and its 200-day moving average price is $5.64.

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, November 7th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 22.78%. The ex-dividend date is Wednesday, November 6th. Martin Midstream Partners’s dividend payout ratio is -526.32%.

In other Martin Midstream Partners news, major shareholder Robert D. Bondurant purchased 470,106 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were purchased at an average cost of $9.86 per share, with a total value of $4,635,245.16. Insiders have acquired 476,021 shares of company stock worth $4,662,144 over the last three months. Insiders own 17.00% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Huntington National Bank purchased a new position in shares of Martin Midstream Partners during the 2nd quarter valued at about $129,000. BNP Paribas Arbitrage SA lifted its position in shares of Martin Midstream Partners by 55,900.0% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,840 shares of the pipeline company’s stock valued at $56,000 after buying an additional 7,826 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of Martin Midstream Partners during the 2nd quarter valued at about $651,000. Wells Fargo & Company MN lifted its position in shares of Martin Midstream Partners by 25.4% during the 2nd quarter. Wells Fargo & Company MN now owns 24,716 shares of the pipeline company’s stock valued at $176,000 after buying an additional 5,001 shares in the last quarter. Finally, Invesco Ltd. purchased a new position in shares of Martin Midstream Partners during the 2nd quarter valued at about $58,885,000. Hedge funds and other institutional investors own 27.81% of the company’s stock.

Martin Midstream Partners Company Profile

Martin Midstream Partners L.P. collects, transports, stores, and markets petroleum products and by-products in the United States Gulf Coast region. The company's Terminalling and Storage segment owns or operates 19 marine shore-based terminal facilities and 14 specialty terminal facilities that provide storage, refining, blending, packaging, and handling services for producers and suppliers of petroleum products and by-products.

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