Global Partners (NYSE:GLP) Rating Lowered to Hold at Wall Street Zen

Global Partners (NYSE:GLP) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

Other equities research analysts have also recently issued reports about the company. Zacks Research cut Global Partners from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Weiss Ratings reissued a “buy (b-)” rating on shares of Global Partners in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $56.00.

Global Partners Stock Down 5.1%

GLP traded down $2.27 during trading on Friday, reaching $42.24. The stock had a trading volume of 85,305 shares, compared to its average volume of 65,442. The company has a current ratio of 1.18, a quick ratio of 0.70 and a debt-to-equity ratio of 2.74. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of 16.25 and a beta of 0.98. The stock’s 50 day moving average is $47.85 and its two-hundred day moving average is $50.38. Global Partners has a one year low of $39.70 and a one year high of $60.00.

Global Partners (NYSE:GLP) last released its earnings results on Friday, November 7th. The energy company reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.43). The business had revenue of $4.69 billion during the quarter, compared to analysts’ expectations of $7.21 billion. Global Partners had a return on equity of 17.95% and a net margin of 0.64%. As a group, analysts expect that Global Partners will post 2.13 earnings per share for the current year.

Insider Transactions at Global Partners

In other Global Partners news, COO Mark Romaine sold 9,000 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $51.44, for a total transaction of $462,960.00. Following the completion of the sale, the chief operating officer directly owned 130,531 shares of the company’s stock, valued at approximately $6,714,514.64. This represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 41.50% of the company’s stock.

Institutional Investors Weigh In On Global Partners

Hedge funds and other institutional investors have recently modified their holdings of the stock. Kingstone Capital Partners Texas LLC bought a new stake in Global Partners during the second quarter valued at about $178,723,000. Alps Advisors Inc. raised its stake in Global Partners by 5.1% during the 3rd quarter. Alps Advisors Inc. now owns 5,721,969 shares of the energy company’s stock worth $274,655,000 after acquiring an additional 275,906 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Global Partners by 14.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,849,454 shares of the energy company’s stock worth $98,724,000 after purchasing an additional 240,342 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Global Partners by 37.0% in the second quarter. JPMorgan Chase & Co. now owns 333,973 shares of the energy company’s stock worth $17,610,000 after purchasing an additional 90,169 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its position in shares of Global Partners by 56,296.0% during the 1st quarter. Jones Financial Companies Lllp now owns 28,198 shares of the energy company’s stock valued at $1,505,000 after purchasing an additional 28,148 shares during the period. 38.12% of the stock is currently owned by hedge funds and other institutional investors.

About Global Partners

Global Partners LP engages in the purchasing, selling, gathering, blending, storing, and logistics of transporting gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, and propane to wholesalers, retailers, and commercial customers. The company operates through three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.