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KILGORE, TX—Scot A. Shoup, Senior Vice President of Operations at Martin Midstream Partners L.P. (NASDAQ:MMLP), recently acquired additional common units in the company. According to a recent SEC Form 4 filing, Shoup purchased 39.4491 common units at a price of $3.5261 per unit, totaling approximately $139. The transaction comes as MMLP, currently valued at $145 million, has seen its stock surge over 50% in the past year, according to InvestingPro data.
These units were allocated to Mr. Shoup on February 18, 2025, as part of a reinvestment of cash distributions related to units issued under a benefit plan administered by Martin Resource Management Corporation. Following this transaction, Shoup now holds 28,113.1244 common units directly. The company has maintained dividend payments for 23 consecutive years, though InvestingPro analysis suggests the stock is currently trading slightly above its Fair Value.
Martin Midstream Partners L.P., based in Kilgore, Texas, operates in the wholesale petroleum bulk stations and terminals industry. The company maintains a solid current ratio of 1.13, though its stock price movements have been notably volatile, according to InvestingPro data, which offers comprehensive analysis through its Pro Research Report covering 1,400+ US equities.
In other recent news, Martin Midstream Partners L.P. announced the mutual termination of its merger agreement with Martin Resource Management Corporation. The merger, originally scheduled to result in MRMC acquiring all outstanding common units of MMLP, was canceled with the approval of the Conflicts Committee of the Board of Directors. This decision means that MMLP will continue operating as an independent publicly traded entity. The special meeting of unitholders, initially planned for December 30, 2024, has been canceled, and related proposals have been withdrawn. Previously, Institutional Shareholder Services Inc. had recommended that MMLP unitholders vote in favor of the proposed transaction, highlighting the immediate liquidity and significant premium it offered. The MMLP board had also unanimously recommended the transaction, asserting that it maximized value for all involved. Despite the backing from ISS and the board, the merger will not proceed, allowing MMLP to focus on internal growth and operational improvements.
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