Wells Fargo & Company MN Has $337,000 Position in Global Partners LP (NYSE:GLP)
Wells Fargo & Company MN lowered its position in Global Partners LP (NYSE:GLP) by 55.9% during the first quarter, Holdings Channel reports. The fund owned 17,258 shares of the energy company’s stock after selling 21,849 shares during the period. Wells Fargo & Company MN’s holdings in Global Partners were worth $337,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. HITE Hedge Asset Management LLC boosted its stake in shares of Global Partners by 3.5% in the fourth quarter. HITE Hedge Asset Management LLC now owns 599,216 shares of the energy company’s stock worth $11,655,000 after buying an additional 20,200 shares during the last quarter. Spirit of America Management Corp NY raised its position in Global Partners by 63.2% in the first quarter. Spirit of America Management Corp NY now owns 118,012 shares of the energy company’s stock worth $2,302,000 after buying an additional 45,700 shares in the last quarter. Winslow Evans & Crocker Inc. raised its position in Global Partners by 55.0% in the first quarter. Winslow Evans & Crocker Inc. now owns 31,474 shares of the energy company’s stock worth $614,000 after buying an additional 11,172 shares in the last quarter. Finally, Creative Planning raised its position in Global Partners by 54.3% in the first quarter. Creative Planning now owns 15,297 shares of the energy company’s stock worth $298,000 after buying an additional 5,383 shares in the last quarter. Hedge funds and other institutional investors own 47.60% of the company’s stock.
Shares of Global Partners LP (NYSE:GLP) opened at 18.10 on Tuesday. The firm’s market cap is $607.33 million. Global Partners LP has a 52 week low of $13.00 and a 52 week high of $21.95. The firm’s 50 day moving average is $18.58 and its 200-day moving average is $19.06.
Global Partners (NYSE:GLP) last issued its earnings results on Tuesday, May 9th. The energy company reported $0.33 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.36. Global Partners had a negative net margin of 1.93% and a negative return on equity of 1.83%. The firm had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.23 billion. During the same quarter in the prior year, the firm earned ($0.21) earnings per share. The business’s quarterly revenue was up 29.7% on a year-over-year basis. Equities research analysts predict that Global Partners LP will post $1.17 EPS for the current year.
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A number of equities analysts recently commented on GLP shares. Zacks Investment Research lowered shares of Global Partners from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 9th. Janney Montgomery Scott started coverage on shares of Global Partners in a research note on Friday, June 23rd. They issued a “neutral” rating and a $18.00 price objective for the company. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Global Partners in a research note on Friday, June 23rd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $18.60.
Global Partners Company Profile
Global Partners LP is a midstream logistics and marketing company. It is engaged in the purchasing, selling, storing and logistics of transporting petroleum and related products, including gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, natural gas and propane.
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