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Martin Midstream (MMLP) Divests Mega Assets to Stone Oil
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Martin Midstream Partners L.P. (MMLP - Free Report) announced the divestment of some of the assets related to its Mega Lubricants (or Mega) onshore terminals business to John W. Stone Oil Distributor, LLC, (“Stone Oil”) in a $22.4-million deal.
As an integrated manufacturing and delivery business, Mega Lubricants is actively engaged in blending, producing and offering a variety of marine application lubricants, sub-sea specialty fluids, and privately-developed commercial as well as industrial products. Moreover, it has high flexibility to manage growing customer demand for tank storage and warehouse requirements.
Stone Oil has been involved in the marine fuel and the lubricant distribution business for almost 75 years, with trading operations along the lower Mississippi River and the Gulf of Mexico. Importantly, the acquisition of Houston-based Mega is expected to expand Stone Oil’s ongoing distribution and delivery operations as they both offer the same services and products to customers.
Notably, the divestiture highlights Martin Midstream’s consistent focus to lower the outstanding debts by selling non-core assets, while enabling the partnership to prioritize its commercial strengths and long-term relationships based on its refinery services’ assets.
Company Profile & Price Performance
Headquartered in Kilgore, TX, Martin Midstream is a publicly-traded limited partnership, which stores and transports hydrocarbon products and specialty chemicals, primarily in the U.S. Gulf Coast region.
Its shares have outperformed the industry in the past three months. Its stock has gained 31.6% compared with the industry’s 17.3% growth.
Zacks Rank & Stocks to Consider
Martin Midstream currently carries a Zacks Rank #3 (Hold).
Some better-ranked players in the energy space are China Petroleum & Chemical Corporation and DCP Midstream Partners, LP , each currently sporting a Zacks Rank #1 (Strong Buy), and Canadian Natural Resources Limited (CNQ - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, the Zacks Consensus Estimate for China Petroleum’s 2020 earnings has been raised by 248.7%.
DCP Midstream and Canadian Natural Resources are likely to see earnings growth of 202.4% and 560.7%, respectively, in 2021.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.
These 7 were selected because of their superior potential for immediate breakout.
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Martin Midstream (MMLP) Divests Mega Assets to Stone Oil
Martin Midstream Partners L.P. (MMLP - Free Report) announced the divestment of some of the assets related to its Mega Lubricants (or Mega) onshore terminals business to John W. Stone Oil Distributor, LLC, (“Stone Oil”) in a $22.4-million deal.
As an integrated manufacturing and delivery business, Mega Lubricants is actively engaged in blending, producing and offering a variety of marine application lubricants, sub-sea specialty fluids, and privately-developed commercial as well as industrial products. Moreover, it has high flexibility to manage growing customer demand for tank storage and warehouse requirements.
Stone Oil has been involved in the marine fuel and the lubricant distribution business for almost 75 years, with trading operations along the lower Mississippi River and the Gulf of Mexico. Importantly, the acquisition of Houston-based Mega is expected to expand Stone Oil’s ongoing distribution and delivery operations as they both offer the same services and products to customers.
Notably, the divestiture highlights Martin Midstream’s consistent focus to lower the outstanding debts by selling non-core assets, while enabling the partnership to prioritize its commercial strengths and long-term relationships based on its refinery services’ assets.
Company Profile & Price Performance
Headquartered in Kilgore, TX, Martin Midstream is a publicly-traded limited partnership, which stores and transports hydrocarbon products and specialty chemicals, primarily in the U.S. Gulf Coast region.
Its shares have outperformed the industry in the past three months. Its stock has gained 31.6% compared with the industry’s 17.3% growth.
Zacks Rank & Stocks to Consider
Martin Midstream currently carries a Zacks Rank #3 (Hold).
Some better-ranked players in the energy space are China Petroleum & Chemical Corporation and DCP Midstream Partners, LP , each currently sporting a Zacks Rank #1 (Strong Buy), and Canadian Natural Resources Limited (CNQ - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, the Zacks Consensus Estimate for China Petroleum’s 2020 earnings has been raised by 248.7%.
DCP Midstream and Canadian Natural Resources are likely to see earnings growth of 202.4% and 560.7%, respectively, in 2021.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>