Global Partners LP (GLP) Downgraded by Zacks Investment Research
Global Partners LP (NYSE:GLP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Monday.
According to Zacks, “Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. Global Partners owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. Global Partners is one of the largest wholesale distributors of distillates such as home heating oil, diesel and kerosene, gasoline, and residual oil and bunker fuel to wholesalers, retailers and commercial customers in New England. “
Separately, Barclays PLC raised their price objective on Global Partners from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 16th. Two equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $20.33.
Shares of Global Partners (NYSE:GLP) traded up 2.04% during trading on Monday, hitting $16.00. The company had a trading volume of 70,841 shares. Global Partners has a 12-month low of $12.28 and a 12-month high of $35.00. The stock’s market capitalization is $536.30 million. The stock has a 50-day moving average of $15.54 and a 200 day moving average of $14.04.
Global Partners (NYSE:GLP) last released its quarterly earnings data on Monday, August 8th. The company reported ($0.22) earnings per share for the quarter, missing the 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. The firm’s quarterly revenue was down 19.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.15 earnings per share. On average, analysts predict that Global Partners will post ($0.55) EPS for the current fiscal year.
Institutional investors have recently modified their holdings of the company. Global X Management Co. LLC increased its position in shares of Global Partners by 3.1% in the second quarter. Global X Management Co. LLC now owns 8,338 shares of the company’s stock worth $114,000 after buying an additional 254 shares during the period. Youngs Advisory Group Inc. increased its position in shares of Global Partners by 11.4% in the second quarter. Youngs Advisory Group Inc. now owns 13,335 shares of the company’s stock worth $183,000 after buying an additional 1,363 shares during the period. Creative Planning increased its position in shares of Global Partners by 110.5% in the second quarter. Creative Planning now owns 15,000 shares of the company’s stock worth $206,000 after buying an additional 7,875 shares during the period. Texas Yale Capital Corp. bought a new position in shares of Global Partners during the second quarter worth about $235,000. Finally, Winslow Evans & Crocker Inc. increased its position in shares of Global Partners by 9.7% in the second quarter. Winslow Evans & Crocker Inc. now owns 20,528 shares of the company’s stock worth $281,000 after buying an additional 1,822 shares during the period.
Global Partners Company Profile
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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