Global Partners LP (NYSE:GLP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, October 24th. The brokerage presently has a $20.00 price objective on the energy company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 14.61% from the company’s current price.
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 research firms have also issued reports on GLP. BidaskClub raised shares of Global Partners from a “strong sell” rating to a “sell” rating in a research note on Friday, August 4th. Stifel Nicolaus reaffirmed a “buy” rating and set a $21.00 price objective on shares of Global Partners in a research note on Friday, July 28th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $19.00.
Shares of Global Partners (NYSE GLP) opened at $17.45 on Tuesday. The firm has a market capitalization of $593.23, a PE ratio of 37.93 and a beta of 1.11. Global Partners has a 52 week low of $15.20 and a 52 week high of $21.95. The company has a debt-to-equity ratio of 2.95, a quick ratio of 0.78 and a current ratio of 1.52.
Global Partners (NYSE:GLP) last announced its earnings results on Wednesday, November 8th. The energy company reported $0.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.19. Global Partners had a positive return on equity of 3.95% and a negative net margin of 0.28%. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter in the previous year, the company earned ($3.54) earnings per share. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. sell-side analysts predict that Global Partners will post 1.11 EPS for the current fiscal year.
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A number of institutional investors have recently modified their holdings of the business. Wells Fargo & Company MN raised its stake in Global Partners by 0.9% in the 2nd quarter. Wells Fargo & Company MN now owns 17,412 shares of the energy company’s stock worth $314,000 after purchasing an additional 154 shares in the last quarter. Global X Management Co. LLC lifted its holdings in Global Partners by 5.5% during the first quarter. Global X Management Co. LLC now owns 10,351 shares of the energy company’s stock valued at $202,000 after purchasing an additional 535 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Global Partners by 4.8% in the first quarter. Bank of New York Mellon Corp now owns 22,001 shares of the energy company’s stock worth $429,000 after buying an additional 1,000 shares in the last quarter. Commonwealth Equity Services Inc increased its position in shares of Global Partners by 28.9% in the third quarter. Commonwealth Equity Services Inc now owns 16,171 shares of the energy company’s stock worth $281,000 after purchasing an additional 3,624 shares during the last quarter. Finally, Arrow Investment Advisors LLC lifted its stake in Global Partners by 14.9% in the third quarter. Arrow Investment Advisors LLC now owns 40,807 shares of the energy company’s stock worth $710,000 after acquiring an additional 5,301 shares during the period. Institutional investors and hedge funds 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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