Martin Midstream Partners L.P. (NASDAQ:MMLP) Short Interest Down 38.3% in August

Martin Midstream Partners L.P. (NASDAQ:MMLP) saw a large decrease in short interest in the month of August. As of August 31st, there was short interest totaling 69,483 shares, a decrease of 38.3% from the August 15th total of 112,558 shares. Based on an average daily trading volume, of 9,715 shares, the days-to-cover ratio is currently 7.2 days. Approximately 0.2% of the shares of the company are short sold.

Institutional Inflows and Outflows

An institutional investor recently raised its stake in Martin Midstream Partners stock. Bank of America Corp DE grew its stake in Martin Midstream Partners L.P. (NASDAQ:MMLP) by 0.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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 SEC filing. 34.90% of the stock is currently owned by hedge funds and other institutional investors.

Martin Midstream Partners Stock Performance

Martin Midstream Partners stock traded down $0.06 during midday trading on Thursday, hitting $2.21. 8,286 shares of the company were exchanged, compared to its average volume of 20,922. The firm has a market capitalization of $86.46 million, a PE ratio of -5.82 and a beta of 0.47. Martin Midstream Partners has a fifty-two week low of $1.89 and a fifty-two week high of $3.31. The business has a fifty day simple moving average of $2.34 and a two-hundred day simple moving average of $2.50.

Martin Midstream Partners (NASDAQ:MMLP) last announced its quarterly earnings results on Wednesday, July 22nd. The pipeline company reported $0.07 earnings per share (EPS) for the quarter. The company had revenue of $213.60 million during the quarter.

Martin Midstream Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were given a dividend of $0.005 per share. This represents a $0.02 annualized dividend and a yield of 0.9%. The ex-dividend date was Friday, August 7th. Martin Midstream Partners’s dividend payout ratio (DPR) is currently -5.26%.

Analyst Upgrades and Downgrades

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

About Martin Midstream Partners

Martin Midstream Partners L.P. was a master limited partnership that provided energy-related services primarily in the United States. The partnership operated businesses involved in the gathering, processing, transportation, storage and marketing of natural gas liquids, specialty products and other hydrocarbon-based materials.

Its operations included terminaling and storage facilities, marine transportation and sulfur services. The partnership’s assets and services supported producers, refiners, chemical companies and other industrial customers, with activities concentrated largely in the Gulf Coast and other energy-producing regions of the United States.

Martin Midstream Partners was formed in 2002 and was sponsored by Martin Resource Management Corporation, an energy-services company based in Kilgore, Texas.