Global Partners LP (GLP) Sees Strong Trading Volume
Shares of Global Partners LP (NYSE:GLP) saw an uptick in trading volume on Tuesday . 500,168 shares were traded during trading, an increase of 205% from the previous session’s volume of 163,758 shares.The stock last traded at $13.12 and had previously closed at $13.24.
Several research firms have recently weighed in on GLP. Barclays PLC reiterated a “hold” rating on shares of Global Partners in a research report on Saturday, May 14th. Zacks Investment Research downgraded Global Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, May 3rd. Finally, JPMorgan Chase & Co. decreased their target price on Global Partners from $37.00 to $16.00 and set a “neutral” rating for the company in a research report on Tuesday, April 19th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $24.00.
The company’s 50-day moving average is $13.32 and its 200 day moving average is $13.73. The stock has a market cap of $439.74 million and a PE ratio of 728.89.
Global Partners (NYSE:GLP) last issued its 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. The business earned $1.75 billion during the quarter, compared to the consensus estimate of $2.30 billion. The firm’s quarterly revenue was down 41.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.92 EPS. Equities research analysts forecast that Global Partners LP will post ($0.55) EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 12th. Shareholders of record on Monday, August 8th will be issued a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 14.10%. The ex-dividend date is Thursday, August 4th.
A number of hedge funds recently modified their holdings of the stock. GSA Capital Partners LLP boosted 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 during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of Global Partners during the fourth quarter valued at about $1,025,000. Finally, Morgan Stanley boosted 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 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.
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