NasdaqGS:MMLP

Stock Analysis Report

Martin Midstream Partners

Executive Summary

Martin Midstream Partners L.P. engages in the terminalling, processing, storage, and packaging of petroleum products and by-products in the United States Gulf Coast region.

Rewards


Snowflake Analysis


Similar Companies

Share Price & News

How has Martin Midstream Partners's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: MMLP's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

3.8%

MMLP

-0.3%

US Oil and Gas

0.5%

US Market


1 Year Return

-77.9%

MMLP

-17.7%

US Oil and Gas

20.3%

US Market

Return vs Industry: MMLP underperformed the US Oil and Gas industry which returned -17.7% over the past year.

Return vs Market: MMLP underperformed the US Market which returned 20.3% over the past year.


Shareholder returns

MMLPIndustryMarket
7 Day3.8%-0.3%0.5%
30 Day-40.3%-7.5%2.0%
90 Day-40.2%-6.4%9.4%
1 Year-74.3%-77.9%-14.4%-17.7%22.8%20.3%
3 Year-79.3%-86.3%-11.8%-20.1%50.1%40.4%
5 Year-82.9%-91.2%-21.0%-32.6%73.1%54.1%

Price Volatility Vs. Market

How volatile is Martin Midstream Partners's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Martin Midstream Partners undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: MMLP ($2.7) is trading below our estimate of fair value ($8.9)

Significantly Below Fair Value: MMLP is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: MMLP is poor value based on its PE Ratio (13.1x) compared to the Oil and Gas industry average (9.3x).

PE vs Market: MMLP is good value based on its PE Ratio (13.1x) compared to the US market (18.3x).


Price to Earnings Growth Ratio

PEG Ratio: MMLP's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: MMLP has negative assets, so we can't compare its PB Ratio to the US Oil and Gas industry average.

Future Growth

How is Martin Midstream Partners forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

-80.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MMLP's earnings are forecast to decline over the next 3 years (-80% per year).

Earnings vs Market: MMLP's earnings are forecast to decline over the next 3 years (-80% per year).

High Growth Earnings: MMLP's earnings are forecast to decline over the next 3 years.

Revenue vs Market: MMLP's revenue (2.5% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: MMLP's revenue (2.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if MMLP's Return on Equity is forecast to be high in 3 years time

Past Performance

How has Martin Midstream Partners performed over the past 5 years?

-18.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MMLP has a large one-off gain of $14.6M impacting its December 31 2019 financial results.

Growing Profit Margin: MMLP became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: MMLP has become profitable over the past 5 years, growing earnings by -18.3% per year.

Accelerating Growth: MMLP has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: MMLP has become profitable in the last year, making it difficult to compare its past year earnings growth to the Oil and Gas industry (-13.3%).


Return on Equity

High ROE: MMLP's liabilities exceed its assets, so it is difficult to calculate its Return on Equity.


Return on Assets


Return on Capital Employed

Financial Health

How is Martin Midstream Partners's financial position?


Financial Position Analysis

Short Term Liabilities: MMLP has negative shareholder equity, which is a more serious situation than short term assets not covering short term liabilities.

Long Term Liabilities: MMLP has negative shareholder equity, which is a more serious situation than short term assets not covering long term liabilities.


Debt to Equity History and Analysis

Debt Level: MMLP has negative shareholder equity, which is a more serious situation than a high debt level.

Reducing Debt: MMLP's has negative shareholder equity, so we do not need to check if its debt has reduced over time.

Debt Coverage: MMLP's debt is not well covered by operating cash flow (13.3%).

Interest Coverage: MMLP's interest payments on its debt are not well covered by EBIT (0.8x coverage).


Balance Sheet

Inventory Level: MMLP has a high level of physical assets or inventory.

Debt Coverage by Assets: MMLP has negative shareholder equity (liabilities exceed assets) therefore debt is not covered by short term assets.

Dividend

What is Martin Midstream Partners's current dividend yield, its reliability and sustainability?

9.26%

Current Dividend Yield


Dividend Yield vs Market

company9.3%marketbottom25%1.4%markettop25%3.7%industryaverage4.5%forecastin3Years9.3%

Current dividend yield vs market & industry

Notable Dividend: MMLP's dividend (9.26%) is higher than the bottom 25% of dividend payers in the US market (1.44%).

High Dividend: MMLP's dividend (9.26%) is in the top 25% of dividend payers in the US market (3.73%)


Stability and Growth of Payments

Stable Dividend: MMLP's dividend payments have been volatile in the past 10 years.

Growing Dividend: MMLP's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (393.7%), MMLP's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MMLP's dividends in 3 years are not forecast to be well covered by earnings (359.6% payout ratio).

Management

How experienced are the management team and are they aligned to shareholders interests?

14.0yrs

Average management tenure


CEO

Ruben Martin (67yo)

17.7yrs

Tenure

US$262,500

Compensation

Mr. Ruben S. Martin, III serves as the President and Chief Executive Officer of Martin Resource Management Corporation, an affiliate of Cross Oil Refining & Marketing, Inc. since 1981. Mr. Martin has been  ...


CEO Compensation Analysis

Compensation vs Market: Ruben's total compensation ($USD262.50K) is below average for companies of similar size in the US market ($USD521.92K).

Compensation vs Earnings: Ruben's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Ruben Martin
President17.7yrsUS$262.50k1.12% $1.2m
Robert Bondurant
Executive VP5.3yrsUS$240.00k0.22% $227.4k
Randall Tauscher
Executive VP & COO of Martin Midstream GP LLC8.8yrsUS$288.00k0.19% $198.9k
Chris Booth
Chief Legal Officer14yrsUS$192.50k0.12% $130.1k
Scot Shoup
Senior Vice President of Operations - Martin Midstream GP LLC0yrsUS$279.00k0.030% $32.0k
Sharon Taylor
Head of Investor Relations0yrsno datano data
Melanie Mathews
Vice President of Human Resources0yrsno datano data
Matt Yost
Senior Vice President of Terminalling and Engineering for Martin Midstream GP LLC9.8yrsno datano data
T. King
Senior Vice President of Shore Bases for Martin Midstream GP LLC0yrsno datano data

14.0yrs

Average Tenure

55.5yo

Average Age

Experienced Management: MMLP's management team is seasoned and experienced (14 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Ruben Martin
President17.7yrsUS$262.50k1.12% $1.2m
Robert Bondurant
Executive VP5.3yrsUS$240.00k0.22% $227.4k
Byron Kelley
Independent Director of Martin Midstream GP LLC7.5yrsUS$135.77k0.14% $145.5k
James Collingsworth
Independent Director of Martin Midstream GP LLC5.3yrsUS$135.77k0.13% $140.6k
C. Massey
Independent Director of Martin Midstream GP LLC17.7yrsUS$135.77k0.20% $215.5k
Sean Dolan
Director of Martin Midstream GP LLC6.5yrsno datano data
Zachary Stanton
Director of Martin Midstream GP LLC4yrsno datano data

6.5yrs

Average Tenure

64yo

Average Age

Experienced Board: MMLP's board of directors are considered experienced (6.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: MMLP insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Martin Midstream Partners L.P.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Martin Midstream Partners L.P.
  • Ticker: MMLP
  • Exchange: NasdaqGS
  • Founded: 2002
  • Industry: Oil and Gas Storage and Transportation
  • Sector: Energy
  • Market Cap: US$105.150m
  • Shares outstanding: 38.94m
  • Website: https://www.martinmidstream.com

Location

  • Martin Midstream Partners L.P.
  • 4200 Stone Road
  • Kilgore
  • Texas
  • 75662
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MMLPNasdaqGS (Nasdaq Global Select)YesCommon UnitsUSUSDNov 2002
0S2WLSE (London Stock Exchange)YesCommon UnitsGBUSDNov 2002

Biography

Martin Midstream Partners L.P. engages in the terminalling, processing, storage, and packaging of 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 12 specialty terminal facilities that provide storage, refining, blending, packaging, and handling services for producers and suppliers of petroleum products and by-products. This segment also offers land rental services to oil and gas companies, as well as storage and handling services for lubricants and fuels. Its Transportation Segment operates a fleet of 540 tank trucks and 1,275 trailers; and 33 inland marine tank barges, 19 inland push boats, and 1 articulated offshore tug and barge unit to transport petroleum products and by-products, petrochemicals, and chemicals. The company’s Sulfur Services segment processes molten sulfur into prilled or pelletized sulfur, which is used in the production of fertilizers and industrial chemicals. This segment also owns 23 railcars and leases 41 railcars to transport molten sulfur; and leases 132 railcars to transport fertilizer products. Its Natural Gas Liquids segment stores, distributes, and transports natural gas liquids for wholesale deliveries to refineries, industrial NGL users, and propane retailers, as well as owns approximately 2.1 million barrels of underground storage capacity for NGLs. Martin Midstream GP LLC serves as a general partner of the company. Martin Midstream Partners L.P. was founded in 2002 and is based in Kilgore, Texas. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/20 00:46
End of Day Share Price2020/02/19 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.