MMLP Stock Overview
Martin Midstream Partners L.P., together with its subsidiaries, engages in terminalling, processing, storage, and packaging of petroleum products and by-products primarily in the United States Gulf Coast region.
Martin Midstream Partners Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||US$3.93|
|52 Week High||US$5.98|
|52 Week Low||US$2.52|
|1 Month Change||-4.38%|
|3 Month Change||-2.48%|
|1 Year Change||36.46%|
|3 Year Change||-42.71%|
|5 Year Change||-78.58%|
|Change since IPO||-77.80%|
Recent News & Updates
Martin Midstream Partners: Improving Finances But Debt Still A Concern
Martin Midstream showed substantial improvements in nearly every area of its business compared to the prior-year quarter. The majority of the improvement was driven by the sulfur services business as opposed to its transportation or terminals businesses. The company has finally managed to get its leverage ratio down to a fairly reasonable level, but management wants to get it down further. The company has a substantial amount of debt maturing in the next three years, which is a very real risk. The company can easily carry its distribution, but the significant debt maturities mean that it probably will not raise its payout for a while.
Martin Midstream Partners: Don't Follow The Leader
Martin Midstream has begun to de-lever its balance sheet, but a lot of work remains to be done. The financial covenants under MMLP's credit agreement will continue to tighten over the next two years, providing little breathing room and almost no chance whatsoever of an increase in distributions. In the last two weeks, the Chairman of the Board of the General Partner of Martin Midstream has purchased more than 205,000 common units in the open market. Open market purchases by executive officers may seem like a bullish signal. However, in evaluating whether to factor such purchases into an investment decision, it is important to dig deeper. In the case of recent open market purchases by the Chairman of the GP of Martin Midstream, there is reason to believe that such purchases are neither bullish nor informative.
Martin Midstream Partners: Continuing To Chip Away At Its Debt
Martin's 2021 performance was strong as it exceeded the high-end of its adjusted EBITDA guidance by 12%. Changes to Martin's working capital led to a relatively modest reduction in net debt despite the strong adjusted EBITDA performance. It is guiding for $22 million to $32 million in adjusted free cash flow after distributions in 2022. The upside for the common units will largely depend on it being able to refinance its notes (maturing in 2024 and 2025) at lower interest rates.
Martin Midstream Partners: Solid Recent Performance, But Distribution Increase Remains Unlikely Until 2024
Martin's operational performance has been good in 2021 and it mentioned that it was on track to potentially exceed the high-end ($102 million) of its guidance range for adjusted EBITDA. However, due to credit facility covenants, Martin might not be able to increase its distribution until 2024 (when I project it could reduce its leverage sufficiently). Martin also has debt maturing between 2023 and 2025 that it will need to address before being able to increase its distribution.
|MMLP||US Oil and Gas||US Market|
Return vs Industry: MMLP exceeded the US Oil and Gas industry which returned 34.2% over the past year.
Return vs Market: MMLP exceeded the US Market which returned -18.8% over the past year.
|MMLP Average Weekly Movement||11.0%|
|Oil and Gas Industry Average Movement||8.8%|
|Market Average Movement||8.0%|
|10% most volatile stocks in US Market||16.8%|
|10% least volatile stocks in US Market||3.2%|
Stable Share Price: MMLP is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 11% a week.
Volatility Over Time: MMLP's weekly volatility (11%) has been stable over the past year.
About the Company
Martin Midstream Partners L.P., together with its subsidiaries, engages in terminalling, processing, storage, and packaging of petroleum products and by-products primarily in the United States Gulf Coast region. The company’s Terminalling and Storage segment owns or operates 15 marine shore-based terminal facilities and 13 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.
Martin Midstream Partners Fundamentals Summary
|MMLP fundamental statistics|
Is MMLP overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|MMLP income statement (TTM)|
|Cost of Revenue||US$795.64m|
Last Reported Earnings
Mar 31, 2022
Next Earnings Date
|Earnings per share (EPS)||0.22|
|Net Profit Margin||0.89%|
How did MMLP perform over the long term?See historical performance and comparison
0.5%Current Dividend Yield
Is MMLP undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 0/6
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for MMLP?
Other financial metrics that can be useful for relative valuation.
|What is MMLP's n/a Ratio?|
Price to Earnings Ratio vs Peers
How does MMLP's PE Ratio compare to its peers?
|MMLP PE Ratio vs Peers|
|Company||PE||Estimated Growth||Market Cap|
DLNG Dynagas LNG Partners
USDP USD Partners
GPP Green Plains Partners
KNOP KNOT Offshore Partners
MMLP Martin Midstream Partners
Price-To-Earnings vs Peers: MMLP is expensive based on its Price-To-Earnings Ratio (17.8x) compared to the peer average (7.6x).
Price to Earnings Ratio vs Industry
How does MMLP's PE Ratio compare vs other companies in the US Oil and Gas Industry?
Price-To-Earnings vs Industry: MMLP is expensive based on its Price-To-Earnings Ratio (17.8x) compared to the US Oil and Gas industry average (11.9x)
Price to Earnings Ratio vs Fair Ratio
What is MMLP's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PE Ratio||17.8x|
|Fair PE Ratio||n/a|
Price-To-Earnings vs Fair Ratio: Insufficient data to calculate MMLP's Price-To-Earnings Fair Ratio for valuation analysis.
Share Price vs Fair Value
What is the Fair Price of MMLP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: MMLP ($3.93) is trading above our estimate of fair value ($3.47)
Significantly Below Fair Value: MMLP is trading above our estimate of fair value.
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate MMLP's PEG Ratio to determine if it is good value.
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How is Martin Midstream Partners forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?
Future Growth Score0/6
Future Growth Score 0/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted Energy industry annual growth in earnings
In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Martin Midstream Partners has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.
This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.
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- Take a look at our analysis of MMLP’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.
How has Martin Midstream Partners performed over the past 5 years?
Past Performance Score2/6
Past Performance Score 2/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: MMLP has high quality earnings.
Growing Profit Margin: MMLP became profitable in the past.
Past Earnings Growth Analysis
Earnings Trend: MMLP's earnings have declined by 21.4% per year over the past 5 years.
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 (98.5%).
Return on Equity
High ROE: MMLP's liabilities exceed its assets, so it is difficult to calculate its Return on Equity.
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How is Martin Midstream Partners's financial position?
Financial Health Score0/6
Financial Health Score 0/6
Short Term Liabilities
Long Term Liabilities
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 (12.5%).
Interest Coverage: MMLP's interest payments on its debt are not well covered by EBIT (1.2x coverage).
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What is Martin Midstream Partners's current dividend yield, its reliability and sustainability?
Dividend Score 0/6
Future Dividend Coverage
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: MMLP's dividend (0.51%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.57%).
High Dividend: MMLP's dividend (0.51%) is low compared to the top 25% of dividend payers in the US market (4.25%).
Stability and Growth of Payments
Stable Dividend: MMLP is not paying a notable dividend for the US market, therefore no need to check if payments are stable.
Growing Dividend: MMLP is not paying a notable dividend for the US market, therefore no need to check if payments are increasing.
Earnings Payout to Shareholders
Earnings Coverage: MMLP is not paying a notable dividend for the US market.
Cash Payout to Shareholders
Cash Flow Coverage: MMLP is not paying a notable dividend for the US market.
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Bob Bondurant (62 yo)
Mr. Robert D. Bondurant, also known as Bob, serves as Deputy Chairman at American Steamship Owners Mutual Protection and Indemnity Association, Inc. since June 2018. He serves as the Chief Financial Office...
CEO Compensation Analysis
Compensation vs Market: Bob's total compensation ($USD1.41M) is about average for companies of similar size in the US market ($USD1.75M).
Compensation vs Earnings: Bob's compensation has been consistent with company performance over the past year.
Experienced Management: MMLP's management team is seasoned and experienced (6.8 years average tenure).
Experienced Board: MMLP's board of directors are considered experienced (9.8 years average tenure).
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
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Martin Midstream Partners L.P.'s employee growth, exchange listings and data sources
- Name: Martin Midstream Partners L.P.
- Ticker: MMLP
- Exchange: NasdaqGS
- Founded: 2002
- Industry: Oil and Gas Storage and Transportation
- Sector: Energy
- Implied Market Cap: US$152.683m
- Shares outstanding: 38.85m
- Website: https://mmlp.com
- Martin Midstream Partners L.P.
- 4200 Stone Road
- United States
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/06/28 00:00|
|End of Day Share Price||2022/06/28 00:00|
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.