Zacks Investment Research Lowers Global Partners LP (GLP) to Hold
Global Partners LP (NYSE:GLP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Friday.
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. “
Other analysts have also recently issued research reports about the stock. Stifel Nicolaus restated a “buy” rating and set a $20.00 price objective on shares of Global Partners in a research report on Thursday. Janney Montgomery Scott began coverage on shares of Global Partners in a research report on Friday, June 23rd. They set a “neutral” rating and a $18.00 price objective on the stock. Finally, BidaskClub upgraded shares of Global Partners from a “strong sell” rating to a “sell” rating in a research report on Friday, August 4th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. Global Partners presently has an average rating of “Hold” and a consensus target price of $18.40.
Global Partners (NYSE GLP) traded up 0.87% during mid-day trading on Friday, hitting $17.35. 37,422 shares of the company’s stock were exchanged. The stock’s market cap is $582.16 million. The stock’s 50 day moving average price is $17.78 and its 200-day moving average price is $18.91. Global Partners has a 12 month low of $14.51 and a 12 month high of $21.95.
Global Partners (NYSE:GLP) last posted its quarterly earnings data on Wednesday, August 9th. The energy company reported $0.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.02. The firm had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.15 billion. Global Partners had a negative net margin of 1.83% and a positive return on equity of 0.21%. The business’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.22) EPS. Equities analysts expect that Global Partners will post $1.01 EPS for the current fiscal year.
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Several institutional investors have recently added to or reduced their stakes in the stock. Virtu KCG Holdings LLC acquired a new position in Global Partners during the second quarter valued at approximately $187,000. California Public Employees Retirement System raised its position in Global Partners by 3.9% in the second quarter. California Public Employees Retirement System now owns 146,900 shares of the energy company’s stock valued at $2,652,000 after buying an additional 5,500 shares in the last quarter. GSA Capital Partners LLP raised its position in Global Partners by 267.8% in the second quarter. GSA Capital Partners LLP now owns 48,556 shares of the energy company’s stock valued at $876,000 after buying an additional 35,356 shares in the last quarter. Wells Fargo & Company MN raised its position in Global Partners by 0.9% in the second quarter. Wells Fargo & Company MN now owns 17,412 shares of the energy company’s stock valued at $314,000 after buying an additional 154 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Global Partners by 448.7% in the second quarter. JPMorgan Chase & Co. now owns 10,436 shares of the energy company’s stock valued at $188,000 after buying an additional 8,534 shares in the last quarter. 47.27% of the stock is currently owned by institutional investors.
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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