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Bank of America Reiterates Neutral Rating on Martin Midstream Partners LP Following 2Q13 DCF Report

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In a report published Friday, Bank of America analyst Gabe Moreen reiterated a Neutral rating and $47.00 price target on Martin Midstream Partners LP (NASDAQ: MMLP).

In the report, Bank of America noted, “Yesterday after market close, MMLP reported 2Q13 distributable cash flow (DCF) of $21mn, in-line with the BofAML estimate of $22mn. We note 2Q/3Q are typically lower quarters than 1Q/4Q due to some seasonality in the Sulfur Services and Natural Gas Services segments. 2Q13 reported EBITDA of $34mn was slightly below the BofAML and consensus estimates of $36mn due to higher than expected opex from drydocking and unplanned maintenance at the Smackover refinery. MMLP previously declared a 2Q13 cash distribution of $0.78/unit, representing a 0.6/1.3% increase QoQ/YoY, respectively, below the BofAML estimate $0.7825.”

Martin Midstream Partners LP closed on Thursday at $45.10.

Posted-In: Bank of America Gabe MoreenAnalyst Color Reiteration Analyst Ratings

 

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