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Summary

  • Recently, 7 insiders transacted a total of 5416 shares at an average price of $40.09.
  • Overall, 19,507 shares were bought and 600 shares were sold in the last twelve months.
  • Together, insiders hold 0.62% of the shares outstanding.

Description

According to management, "Martin Midstream Partners L.P. (NASDAQ:MMLP) is a limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The partnership engages in the storage, transportation and distribution of petroleum products and by-products. The partnership operates in four business segments: Terminaling and Storage, Natural Gas Services, Marine Transportation, and Sulfur Services. Closely held, Martin Resource Management Corporation owns and controls the Company's general partner. In addition, it owns approximately 19% of the Company's limited partnership interests. The partnership was founded in 2002 and is based in Kilgore, Texas."

History

MMLP Chart

MMLP data by YCharts

Currently, Martin Midstream Partners is trading near its 52-week low of $39.80.

Recent Transactions

NamePositionShares TransactedTransaction PriceDate
BONDURANT ROBERT DOfficer107$40.445/19/2014
MARTIN RUBEN SOfficer281$40.445/19/2014
TAUSCHER RANDALL LOfficer96$40.445/19/2014
BOOTH CHRIS HOfficer2$40.445/19/2014
MASSEY C SCOTTDirector500$39.945/15/2014
MASSEY C SCOTTDirector250$39.885/15/2014
FOSTER FORESTRYOther1,000$39.975/15/2014
SKELTON WESLEY MOfficer180$39.895/14/2014
BONDURANT ROBERT DOfficer1,000$39.655/14/2014
MARTIN RUBEN SOfficer2,000$39.795/14/2014

Recently, 7 insiders transacted a total of 5416 shares at an average price of $40.09.

Insider Transactions in the Last Twelve Months

DateNet # of TransactionsShares BoughtShares SoldNet Shares TransactedPriceMonthly Volume
Jun-14 $40.23758,215
May-1494,416 4,416$40.645,101,000
Apr-144606 606$42.371,168,000
Mar-14-1 -600-600$43.051,300,000
Feb-14107,341 7,341$42.071,973,000
Jan-144554 554$43.421,458,000
Dec-1324,500 4,500$42.801,729,000
Nov-136898 898$44.91942,783
Oct-133521 521$47.001,224,000
Sep-13 $46.94845,687
Aug-13181 81$45.492,567,000
Jul-134590 590$45.531,550,000

Overall, 19,507 shares were bought and 600 shares were sold in the last twelve months.

Current Insider Holdings

Holder NameAmount Held% Shares OutstandingLatest ChgFiling Date
MARTIN RUBEN S77,8820.25%2815/19/2014
BONDURANT ROBERT D20,0870.07%1075/19/2014
MASSEY C SCOTT19,3500.06%7505/15/2014
MARTIN SCOTT D13,5480.04%398/26/2010
TAUSCHER RANDALL L13,0210.04%965/19/2014
AVERETT JR JOE N12,1000.04%1,6002/25/2014
STILL JR CHARLES HENRY9,6000.03%1,6002/25/2014
HACKNEY HOWARD R7,5000.02%1,2504/30/2012
SKELTON WESLEY M6,3510.02%05/14/2014
KELLEY BYRON R5,6000.02%1,6002/25/2014
NEUMEYER DONALD R5,0950.02%438/20/2012
BOOTH CHRIS H4,2170.01%25/19/2014

Source: Form 4

Together, insiders hold 0.62% of the shares outstanding.

From the comparables table below, you can see that MMLP has above average EBITDA growth relative to peers. Meanwhile, the firm trades below the average EV/EBITDA multiple.

Comparables Table

Ticker (MMLP)(NYSE:EPD)(NYSE:MMP)(NYSE:WMB)(NASDAQ:BKEP)(NYSE:SD)(NYSE:TLP)(NYSE:GEL)(NYSE:APL)(NYSE:GLP)
Company Name:MARTIN MIDSTREAMENTERPRISE PRODUCTMAGELLAN MIDSTREAMWILLIAMS COS INCBLUEKNIGHT ENERGYSANDRIDGE ENERGYTRANSMONTAIGNEGENESIS ENERGYATLAS PIPELINEGLOBAL PARTNERS
Latest Fiscal Year:12/201312/201312/201312/201312/201312/201312/201312/201312/201312/2013
Latest Available Period Date:3/31/20143/31/20143/31/20143/31/201412/31/20133/31/20143/31/20143/31/20143/31/20143/31/2014
52-Week High48.9076.5084.4148.009.507.1050.0057.4740.0643.41
52-Week High Date10/23/20136/3/20146/6/20146/9/20144/21/20144/23/20146/5/20146/5/20147/11/20136/9/2014
52-Week Low39.2256.1148.9031.258.004.6838.7045.3728.8830.01
52-Week Low Date5/14/20146/24/20136/24/20136/24/201310/7/20136/13/20138/14/20136/24/20133/11/20148/8/2013
Daily Volume104,520613,613422,6352,594,66231,0929,531,122106,923113,629471,95616,510
Current Price: 40.2374.1382.8446.859.306.8744.2756.2232.3642.43
52-Week High % Change-17.7%-3.1%-1.9%-2.4%-2.1%-3.2%-11.5%-2.2%-19.2%-2.3%
52-Week Low % Change2.6%32.1%69.4%49.9%16.3%47.1%14.4%23.9%12.0%41.4%
Total Common Shares (NYSE:M)26.63935.7226.7683.022.8490.316.188.780.627.3
Market Capitalization1,232.669,260.018,810.332,116.5213.23,396.3713.84,986.22,609.61,163.9
Total Debt643.818,367.82,941.312,850.0273.23,195.0234.01,341.21,704.9893.6
Preferred Stock0.0---204.6765.0--594.6-
Minority Interest0.0223.1-4,101.0-1,308.0--68.348.1
- Cash and Equivalents4.4988.4196.61,064.03.21,179.64.711.79.813.1
Current Enterprise Value1,872.086,862.521,555.048,003.5687.87,484.7943.26,315.84,967.72,092.5
ValuationAverageMedian
Total RevenueLFY1,633.547,727.01,897.66,860.0194.71,983.4158.94,134.82,106.819,589.68,628.62,045.1
LTM1,696.949,253.82,083.86,799.0196.91,914.8155.34,454.22,398.919,117.38,807.12,241.4
FY+12,007.254,085.92,161.07,808.1201.51,673.5153.34,644.32,829.720,787.39,635.22,495.4
FY+22,009.056,806.52,278.19,525.3210.01,841.0157.35,409.13,268.120,875.010,237.92,773.1
EV/Total RevenueLFY1.09x1.67x8.96x6.02x3.43x3.77x5.63x1.44x2.39x0.10x3.4x2.9x
LTM1.06x1.68x8.92x6.43x3.39x3.72x5.95x1.38x2.06x0.10x3.5x2.7x
FY+10.93x1.61x9.97x6.15x3.41x4.47x6.15x1.36x1.76x0.10x3.6x2.6x
FY+20.93x1.53x9.46x5.04x3.28x4.07x5.99x1.17x1.52x0.10x3.3x2.4x
EBITDALFY134.94,517.6841.02,190.067.8933.469.6175.6241.1162.5933.3208.3
LTM134.54,608.5976.42,069.069.0944.967.5186.0276.3224.7955.7250.5
FY+1154.35,191.11,030.93,104.764.0951.772.1291.6384.9192.31,143.8338.2
FY+2174.95,480.91,085.43,960.268.51,101.479.3355.3463.4195.31,296.5409.3
EV/EBITDALFY13.21x17.61x20.22x18.86x9.86x8.00x12.84x33.82x20.89x11.79x16.7x15.4x
LTM13.91x18.85x22.08x23.20x9.97x7.92x13.97x33.96x17.98x9.31x17.1x16.0x
FY+112.14x16.73x20.91x15.46x10.75x7.86x13.08x21.66x12.91x10.88x14.2x13.0x
FY+210.70x15.85x19.86x12.12x10.05x6.80x11.89x17.78x10.72x10.71x12.6x11.3x
EPSLFY0.802.832.590.820.37-0.461.961.00-1.021.421.030.91
LTM0.642.823.140.820.16-0.131.751.08-1.203.611.270.95
FY+11.623.143.301.100.230.192.081.490.202.361.571.56
FY+21.943.293.381.470.270.182.511.900.962.131.801.92
P/ELFY53.50x23.46x24.46x47.04x22.75x-21.73x52.57x-24.92x33.8x24.7x
LTM62.76x26.27x26.40x57.32x57.76x-25.36x52.06x-11.75x40.0x39.2x
FY+124.77x23.63x25.13x42.79x39.91x35.78x21.28x37.68x164.26x17.99x43.3x30.5x
FY+220.74x22.51x24.54x31.81x34.83x39.26x17.62x29.53x33.64x19.95x27.4x27.0x
Revenue Growth1 Year9.6%12.1%7.1%-8.4%8.8%-27.4%1.7%22.8%69.1%11.1%10.7%9.2%
5 Year25.5%23.8%26.3%0.2%2.3%24.7%2.2%35.5%33.9%29.0%20.4%25.1%
EBITDA Growth1 Year16.4%8.9%24.2%-7.5%14.1%-9.5%-0.3%-0.2%24.5%19.7%9.0%11.5%
5 Year9.1%13.0%13.9%-10.6%0.4%7.3%3.8%9.9%-23.2%7.8%9.1%
EBITDA MarginLTM7.93%9.4%46.9%30.4%35.0%49.3%43.5%4.2%11.5%1.2%23.9%21.0%
FY+17.68%9.6%47.7%39.8%31.8%56.9%47.0%6.3%13.6%0.9%26.1%22.7%
FY+28.70%9.6%47.6%41.6%32.6%59.8%50.4%6.6%14.2%0.9%27.2%23.4%

Source: Bloomberg

Conclusions

MMLP supports its dividend yield of close to 8% with cash flow generated from fee-based contracts, which are mostly reservation charges or minimum fee arrangements. The customer base is diversified and stable, composed of major oil and gas companies, independent refiners, larger chemical companies, and fertilizer manufacturers. The four complementary business units helps MMLP become a diversified and integrated service provider. In addition, near term growth could come from the completion of Corpus Christi Crude Terminal by 2Q/2014.

Overall, I would go long the stock around the $40 level due to favorable trading levels.

Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. The author wrote this article themselves, and it expresses their own opinions. The author is not receiving compensation for it (other than from Seeking Alpha). The author has no business relationship with any company whose stock is mentioned in this article.

Source: 7 Insiders Are Buying Martin Midstream Stock