Bank of America Reiterates Neutral Rating, $47 PT on Martin Midstream Partners LP Following 2Q13 DCF Report

In a report published Friday, Bank of America analyst Gabe Moreen reiterated a Neutral rating and $47.00 price target on

. 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.