Global Partners LP (GLP) Shares Up 1.9%
Shares of Global Partners LP (NYSE:GLP) shot up 1.9% during mid-day trading on Monday . The stock traded as high as $13.43 and last traded at $13.31, with a volume of 153,215 shares trading hands. The stock had previously closed at $13.06.
Several brokerages have issued reports on GLP. Zacks Investment Research cut Global Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, May 3rd. Barclays PLC restated a “hold” rating on shares of Global Partners in a research note on Saturday, May 14th. Finally, JPMorgan Chase & Co. cut their price objective on Global Partners from $37.00 to $16.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 19th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. Global Partners presently has an average rating of “Hold” and an average price target of $24.00.
The firm has a market capitalization of $444.10 million and a price-to-earnings ratio of 736.11. The stock has a 50-day moving average price of $13.38 and a 200 day moving average price of $14.02.
Global Partners (NYSE:GLP) last issued its quarterly earnings results on Monday, May 9th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.13) by $0.08. During the same quarter in the prior year, the company posted $0.92 earnings per share. The firm earned $1.75 billion during the quarter, compared to the consensus estimate of $2.30 billion. The business’s revenue was down 41.2% compared to the same quarter last year. On average, equities research analysts anticipate that Global Partners LP will post ($0.53) earnings per share for the current fiscal year.
Several large investors have modified their holdings of the stock. Morgan Stanley increased its stake in shares of Global Partners by 44.8% in the fourth quarter. Morgan Stanley now owns 806,868 shares of the company’s stock valued at $14,177,000 after buying an additional 249,586 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Global Partners during the fourth quarter valued at about $1,025,000. GSA Capital Partners LLP increased its stake in shares of Global Partners by 92.0% in the fourth quarter. GSA Capital Partners LLP now owns 96,600 shares of the company’s stock valued at $1,697,000 after buying an additional 46,300 shares in the last quarter. Finally, Penserra Capital Management LLC acquired a new stake in shares of Global Partners during the fourth quarter valued at about $3,464,000.
Global Partners LP is a midstream logistics and marketing company. The Company is engaged in the purchasing, selling and logistics of transporting petroleum and related products, including domestic and Canadian crude oil, gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, natural gas and propane.
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