Global Partners LP (NYSE:GLP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, October 17th. The firm currently has a $20.00 price objective on the energy company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 13.31% from the company’s previous close.
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. “
Several other equities analysts have also weighed in on GLP. Janney Montgomery Scott started coverage on shares of Global Partners in a research report on Friday, June 23rd. They issued a “neutral” rating and a $18.00 price objective on the stock. Stifel Nicolaus reaffirmed a “buy” rating and set a $21.00 price target on shares of Global Partners in a research report on Friday, June 23rd. Finally, BidaskClub lowered shares of Global Partners from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 25th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. Global Partners currently has an average rating of “Hold” and a consensus target price of $18.40.
Shares of Global Partners (GLP) traded up $0.05 on Tuesday, reaching $17.65. 24,879 shares of the company traded hands, compared to its average volume of 36,187. The firm has a market capitalization of $598.33, a PE ratio of 352.00 and a beta of 1.11. The company has a debt-to-equity ratio of 3.10, a current ratio of 1.59 and a quick ratio of 0.78. Global Partners has a fifty-two week low of $14.85 and a fifty-two week high of $21.95.
Global Partners (NYSE:GLP) last announced its quarterly earnings results on Wednesday, August 9th. The energy company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.02. The firm had revenue of $2.09 billion during 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 company’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.22) earnings per share. equities research analysts predict that Global Partners will post 0.89 EPS for the current year.
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Several hedge funds have recently bought and sold shares of the stock. Morgan Stanley increased its position in shares of Global Partners by 13.6% in the first quarter. Morgan Stanley now owns 2,859,113 shares of the energy company’s stock worth $55,754,000 after purchasing an additional 341,554 shares during the last quarter. Kayne Anderson Capital Advisors LP increased its position in shares of Global Partners by 3.0% in the second quarter. Kayne Anderson Capital Advisors LP now owns 1,820,223 shares of the energy company’s stock worth $32,851,000 after purchasing an additional 53,700 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Global Partners by 20.2% in the second quarter. Goldman Sachs Group Inc. now owns 951,845 shares of the energy company’s stock worth $17,181,000 after purchasing an additional 159,895 shares during the last quarter. HITE Hedge Asset Management LLC increased its position in shares of Global Partners by 5.2% in the second quarter. HITE Hedge Asset Management LLC now owns 653,220 shares of the energy company’s stock worth $11,791,000 after purchasing an additional 32,000 shares during the last quarter. Finally, California Public Employees Retirement System increased its position in shares of 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 worth $2,652,000 after purchasing an additional 5,500 shares during the last quarter. Institutional investors own 39.79% of the company’s stock.
About Global Partners
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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