Global Partners (GLP) Rating Increased to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Global Partners (NYSE:GLP) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday, January 9th. The brokerage currently has $20.00 price objective on the energy company’s stock.

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. “

A number of other equities analysts also recently issued reports on GLP. JPMorgan Chase & Co. reiterated a neutral rating on shares of Global Partners in a report on Tuesday, November 21st. TheStreet upgraded Global Partners from a d+ rating to a c rating in a report on Thursday, November 30th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. Global Partners has an average rating of Hold and an average price target of $19.00.

Shares of Global Partners (NYSE GLP) traded up $0.40 on Tuesday, reaching $18.05. The company’s stock had a trading volume of 12,849 shares, compared to its average volume of 50,211. The stock has a market capitalization of $594.92, a price-to-earnings ratio of -23.53 and a beta of 1.09. Global Partners has a 1-year low of $15.80 and a 1-year high of $21.65. The company has a debt-to-equity ratio of 2.95, a quick ratio of 0.93 and a current ratio of 1.52.

Global Partners (NYSE:GLP) last released its quarterly earnings data on Wednesday, November 8th. The energy company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $2.29 billion. During the same quarter in the prior year, the firm posted ($3.54) earnings per share. The business’s quarterly revenue was up 6.4% compared to the same quarter last year. equities research analysts anticipate that Global Partners will post 1.34 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 14th. Shareholders of record on Friday, February 9th will be given a $0.4625 dividend. The ex-dividend date of this dividend is Thursday, February 8th. This represents a $1.85 annualized dividend and a yield of 10.25%. Global Partners’s payout ratio is -246.67%.

Hedge funds have recently bought and sold shares of the company. Virtu KCG Holdings LLC purchased a new position in shares of Global Partners during the 2nd quarter valued at about $187,000. JPMorgan Chase & Co. raised its stake in Global Partners by 448.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 10,436 shares of the energy company’s stock valued at $188,000 after purchasing an additional 8,534 shares during the period. Commonwealth Equity Services Inc raised its stake in Global Partners by 28.9% during the 3rd quarter. Commonwealth Equity Services Inc now owns 16,171 shares of the energy company’s stock valued at $281,000 after purchasing an additional 3,624 shares during the period. Wells Fargo & Company MN raised its stake in Global Partners by 0.9% during the 2nd quarter. Wells Fargo & Company MN now owns 17,412 shares of the energy company’s stock valued at $314,000 after purchasing an additional 154 shares during the period. Finally, Acadian Asset Management LLC raised its stake in Global Partners by 263.2% during the 4th quarter. Acadian Asset Management LLC now owns 41,437 shares of the energy company’s stock valued at $693,000 after purchasing an additional 30,029 shares during the period. 39.98% of the stock is currently owned by hedge funds and other institutional investors.

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Global Partners Company Profile

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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