Global Partners (GLP) Issues Quarterly Earnings Results

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Global Partners (NYSE:GLP) issued its quarterly earnings results on Thursday. The energy company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.71), MarketWatch Earnings reports. The business had revenue of $3.47 billion during the quarter, compared to analyst estimates of $2.73 billion. Global Partners had a return on equity of 8.83% and a net margin of 0.94%.

Shares of Global Partners stock traded down $0.31 on Friday, reaching $19.32. 161,324 shares of the stock were exchanged, compared to its average volume of 118,727. The company has a quick ratio of 0.89, a current ratio of 1.44 and a debt-to-equity ratio of 2.67. Global Partners has a twelve month low of $15.16 and a twelve month high of $21.05. The company has a market capitalization of $691.47 million, a price-to-earnings ratio of 13.90 and a beta of 0.76.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Investors of record on Friday, November 9th will be issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 9.83%. The ex-dividend date of this dividend is Thursday, November 8th. Global Partners’s dividend payout ratio (DPR) is 136.69%.

Several institutional investors have recently added to or reduced their stakes in the stock. Kayne Anderson Capital Advisors LP lifted its holdings in shares of Global Partners by 1.5% during the third quarter. Kayne Anderson Capital Advisors LP now owns 2,414,859 shares of the energy company’s stock worth $43,941,000 after purchasing an additional 35,600 shares during the period. Albert D Mason Inc. lifted its holdings in shares of Global Partners by 57.6% during the third quarter. Albert D Mason Inc. now owns 29,105 shares of the energy company’s stock worth $530,000 after purchasing an additional 10,635 shares during the period. First Hawaiian Bank acquired a new stake in shares of Global Partners during the third quarter worth about $1,081,000. OppenheimerFunds Inc. lifted its holdings in shares of Global Partners by 9.1% during the second quarter. OppenheimerFunds Inc. now owns 4,372,944 shares of the energy company’s stock worth $74,558,000 after purchasing an additional 365,331 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in shares of Global Partners by 10.9% during the second quarter. Van ECK Associates Corp now owns 188,755 shares of the energy company’s stock worth $3,218,000 after purchasing an additional 18,515 shares during the period. 41.32% of the stock is owned by hedge funds and other institutional investors.

Several equities research analysts have weighed in on GLP shares. Mitsubishi UFJ Financial Group raised their price target on Global Partners and gave the stock an “underweight” rating in a report on Friday, August 10th. Wells Fargo & Co raised their price target on Global Partners from $19.00 to $20.00 and gave the stock a “market perform” rating in a report on Thursday, September 13th. Zacks Investment Research downgraded Global Partners from a “buy” rating to a “hold” rating in a report on Tuesday, August 14th. Stifel Nicolaus reissued a “hold” rating and issued a $20.00 price target (up previously from $17.00) on shares of Global Partners in a report on Friday, August 10th. Finally, ValuEngine raised Global Partners from a “hold” rating to a “buy” rating in a report on Saturday. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $19.75.

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Global Partners Company Profile

Global Partners LP, a midstream logistics and marketing company, distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers in the New England states and New York. It operates in three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.

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Earnings History for Global Partners (NYSE:GLP)

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