Martin Midstream Partners LP (MMLP)

[Timothy Smith]

The company owns or operates 27 marine shore based terminal facilities and 12 specialty terminal facilities among other assets. I first wrote about this limited partnership in November when it was trading some $15 a share lower.

The company continues to enjoy the solid revenue growth that attracted me to the shares in the first place. Revenues are expected to increase in the mid-teens both for FY2013 and FY2014.

The shares yield just under seven percent (6.9%) and Martin has incrementally and consistently raised its distribution payouts over the last decade, including right through the financial crisis. Insiders have been small but frequent buyers of MMLP in recent months.

Infrastructure investment firm Alinda Capital recently agreed to acquire a 50% economic interest and 49% voting interest in the company's general partner, Martin Resource Management. This caused Raymond James to upgrade MMLP to Outperform from Market Perform as it expects cash flow could improve materially as the result of asset dropdowns, potential acquisitions and other opportunities.