Global Partners LP (GLP) Sees Unusually-High Trading Volume
Global Partners LP (NYSE:GLP) saw unusually-high trading volume on Tuesday . Approximately 124,942 shares changed hands during trading, an increase of 6% from the previous session’s volume of 117,603 shares.The stock last traded at $13.25 and had previously closed at $13.24.
GLP has been the subject of several analyst reports. JPMorgan Chase & Co. decreased their price objective on Global Partners from $37.00 to $16.00 and set a “neutral” rating for the company in a report on Tuesday, April 19th. Zacks Investment Research upgraded Global Partners from a “sell” rating to a “hold” rating in a report on Tuesday, March 29th. Finally, Barclays PLC initiated coverage on Global Partners in a report on Wednesday, April 13th. They set an “equal weight” rating and a $17.00 price objective for the company. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $24.00.
The stock has a market capitalization of $439.74 million and a P/E ratio of 728.89. The stock has a 50-day moving average price of $13.33 and a 200 day moving average price of $13.86.
Global Partners (NYSE:GLP) last released its quarterly earnings results on Monday, May 9th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by $0.08. During the same quarter last year, the business earned $0.92 EPS. The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $2.30 billion. The company’s quarterly revenue was down 41.2% compared to the same quarter last year. Equities research analysts forecast that Global Partners LP will post ($0.53) earnings per share for the current fiscal year.
Other hedge funds recently added to or reduced their stakes in the company. GSA Capital Partners LLP increased its stake in Global Partners by 92.0% in the fourth quarter. GSA Capital Partners LLP now owns 96,600 shares of the company’s stock worth $1,697,000 after buying an additional 46,300 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in Global Partners during the fourth quarter worth approximately $1,025,000. Finally, Morgan Stanley increased its stake in Global Partners by 44.8% in the fourth quarter. Morgan Stanley now owns 806,868 shares of the company’s stock worth $14,177,000 after buying an additional 249,586 shares during the period.
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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