Global Partners LP (GLP) Shares Up 7.3%
Shares of Global Partners LP (NYSE:GLP) shot up 7.3% on Monday . The company traded as high as $15.19 and last traded at $15.06, with a volume of 146,928 shares trading hands. The stock had previously closed at $14.03.
A number of brokerages have weighed in on GLP. Barclays PLC began coverage on Global Partners in a research report on Wednesday, April 13th. They issued an “equal weight” rating and a $17.00 price target on the stock. Zacks Investment Research cut Global Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, May 3rd. Finally, JPMorgan Chase & Co. lowered their price target on Global Partners from $37.00 to $16.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 19th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $24.00.
The firm’s market cap is $522.21 million. The company has a 50 day moving average of $13.47 and a 200 day moving average of $13.66.
Global Partners (NYSE:GLP) last released its quarterly earnings results on Monday, August 8th. The company reported ($0.22) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by $0.04. The company earned $2.10 billion during the quarter, compared to analyst estimates of $2.18 billion. During the same period in the prior year, the firm posted $0.15 earnings per share. The company’s revenue was down 19.9% compared to the same quarter last year. On average, equities analysts expect that Global Partners LP will post ($0.54) EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 12th. Investors of record on Monday, August 8th will be issued a dividend of $0.4625 per share. The ex-dividend date is Thursday, August 4th. This represents a $1.85 annualized dividend and a yield of 12.04%.
A hedge fund recently bought a new stake in Global Partners stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in Global Partners LP (NYSE:GLP) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 58,346 shares of the company’s stock, valued at approximately $1,025,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS owned approximately 0.17% of Global Partners at the end of the most recent reporting 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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