Global Partners (NYSE:GLP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.
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. “
Other research analysts have also recently issued research reports about the stock. TheStreet raised shares of Global Partners from a “d+” rating to a “c” rating in a report on Thursday, November 30th. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Global Partners in a report on Tuesday, November 21st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $19.00.
Shares of Global Partners (GLP) traded down $0.10 during trading on Friday, hitting $17.95. 27,550 shares of the company traded hands, compared to its average volume of 57,211. The company has a current ratio of 1.52, a quick ratio of 0.93 and a debt-to-equity ratio of 2.95. Global Partners has a 12-month low of $15.80 and a 12-month high of $21.95. The stock has a market capitalization of $610.22, a PE ratio of -23.62 and a beta of 1.09.
Global Partners (NYSE:GLP) last issued its earnings results on Wednesday, November 8th. The energy company reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.19. Global Partners had a negative net margin of 0.28% and a positive return on equity of 3.95%. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter last year, the company posted ($3.54) earnings per share. The firm’s revenue was up 6.4% compared to the same quarter last year. analysts predict that Global Partners will post 1.27 earnings per share for the current fiscal year.
Several institutional investors have recently modified their holdings of GLP. Virtu KCG Holdings LLC purchased a new position in Global Partners in the second quarter valued at $187,000. JPMorgan Chase & Co. increased its holdings in Global Partners by 448.7% in the second quarter. JPMorgan Chase & Co. now owns 10,436 shares of the energy company’s stock valued at $188,000 after buying an additional 8,534 shares in the last quarter. Commonwealth Equity Services Inc increased its holdings in Global Partners by 28.9% in the third quarter. Commonwealth Equity Services Inc now owns 16,171 shares of the energy company’s stock valued at $281,000 after buying an additional 3,624 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Global Partners by 0.9% in the second quarter. Wells Fargo & Company MN now owns 17,412 shares of the energy company’s stock valued at $314,000 after buying an additional 154 shares in the last quarter. Finally, Arrow Investment Advisors LLC increased its holdings 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 valued at $710,000 after buying an additional 5,301 shares in the last quarter. 39.92% of the stock is owned by hedge funds and other institutional investors.
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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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