Global Partners (NYSE:GLP) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Global Partners (NYSE:GLP) from a hold rating to a buy rating in a research report report published on Saturday morning.

A number of other brokerages have also weighed in on GLP. Zacks Research upgraded shares of Global Partners from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 6th. Stifel Nicolaus upped their price target on shares of Global Partners from $45.00 to $46.00 and gave the stock a “hold” rating in a report on Monday, March 2nd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Global Partners in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Global Partners has a consensus rating of “Hold” and an average target price of $46.00.

Global Partners Stock Up 0.7%

GLP stock opened at $47.93 on Friday. The stock has a market capitalization of $1.63 billion, a P/E ratio of 22.72 and a beta of 1.00. The company has a current ratio of 1.14, a quick ratio of 0.63 and a debt-to-equity ratio of 2.74. Global Partners has a 12 month low of $39.58 and a 12 month high of $56.59. The firm has a 50-day moving average price of $45.98 and a 200-day moving average price of $46.17.

Global Partners (NYSE:GLP) last announced its quarterly earnings results on Friday, February 27th. The energy company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.06). The company had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $6.94 billion. Global Partners had a net margin of 0.53% and a return on equity of 15.99%. As a group, equities research analysts anticipate that Global Partners will post 2.13 EPS for the current fiscal year.

Global Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Monday, February 9th were given a dividend of $0.76 per share. The ex-dividend date was Monday, February 9th. This represents a $3.04 annualized dividend and a yield of 6.3%. This is a boost from Global Partners’s previous quarterly dividend of $0.76. Global Partners’s dividend payout ratio is 144.08%.

Hedge Funds Weigh In On Global Partners

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Spinnaker Trust raised its position in Global Partners by 6.6% during the 3rd quarter. Spinnaker Trust now owns 4,850 shares of the energy company’s stock worth $233,000 after purchasing an additional 300 shares during the last quarter. Exchange Traded Concepts LLC grew its position in shares of Global Partners by 1.3% in the 3rd quarter. Exchange Traded Concepts LLC now owns 30,094 shares of the energy company’s stock valued at $1,445,000 after buying an additional 375 shares during the last quarter. Apollon Wealth Management LLC grew its position in shares of Global Partners by 4.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 11,330 shares of the energy company’s stock valued at $544,000 after buying an additional 501 shares during the last quarter. Susquehanna Portfolio Strategies LLC increased its stake in shares of Global Partners by 14.6% in the fourth quarter. Susquehanna Portfolio Strategies LLC now owns 4,898 shares of the energy company’s stock valued at $205,000 after buying an additional 625 shares during the period. Finally, McMillan Office Inc. acquired a new stake in shares of Global Partners in the fourth quarter valued at about $29,000. 38.12% of the stock is currently owned by institutional investors and hedge funds.

About Global Partners

Global Partners LP is a publicly traded master limited partnership engaged in the wholesale distribution and retail marketing of petroleum products. The company sources refined petroleum products from major refineries and suppliers and transports them through an integrated network of pipelines, terminals and storage facilities. Global Partners focuses on delivering fuel and related services to commercial, industrial and residential customers, positioning itself as a key midstream and downstream energy operator in its core markets.

Through its extensive terminal network in the northeastern United States and eastern Canada, Global Partners supplies gasoline, diesel, home heating oil, kerosene, propane and biofuels to a broad customer base.