Global Partners LP (GLP) Sees Unusually-High Trading Volume
Global Partners LP (NYSE:GLP) shares saw an uptick in trading volume on Wednesday . 145,612 shares changed hands during mid-day trading, an increase of 29% from the previous session’s volume of 113,202 shares.The stock last traded at $13.33 and had previously closed at $13.50.
Several research firms have recently commented on GLP. Barclays PLC reaffirmed a “hold” rating on shares of Global Partners in a report on Saturday, May 14th. Zacks Investment Research raised shares of Global Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 10th. JPMorgan Chase & Co. decreased their price target on shares of Global Partners from $37.00 to $16.00 and set a “neutral” rating for the company in a report on Tuesday, April 19th. Finally, TheStreet lowered shares of Global Partners from a “hold” rating to a “sell” rating in a report on Friday, March 18th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $24.00.
The stock has a market capitalization of $449.13 million and a PE ratio of 744.44. The stock’s 50-day moving average price is $13.42 and its 200-day moving average price is $14.14.
Global Partners (NYSE:GLP) last posted its quarterly earnings data 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. The company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $2.30 billion. The company’s revenue for the quarter was down 41.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.92 earnings per share. On average, equities research analysts predict that Global Partners LP will post ($0.53) earnings per share for the current fiscal year.
A number of institutional investors recently added to or reduced their stakes in GLP. Penserra Capital Management LLC bought a new position in Global Partners during the fourth quarter valued at approximately $3,464,000. GSA Capital Partners LLP boosted its position in 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 during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in Global Partners during the fourth quarter valued at approximately $1,025,000. Finally, Morgan Stanley boosted its position in 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 during the last quarter.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.