Zacks Investment Research downgraded shares of Global Partners (NYSE:GLP) from a strong-buy rating to a hold rating in a research report released on Friday, January 12th.
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 research analysts have also recently issued reports on GLP. JPMorgan Chase & Co. reissued a neutral rating on shares of Global Partners in a research note on Tuesday, November 21st. TheStreet raised Global Partners from a d+ rating to a c rating in a research note on Thursday, November 30th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $19.00.
Shares of Global Partners (NYSE GLP) traded down $0.40 during mid-day trading on Friday, reaching $17.60. The company’s stock had a trading volume of 38,030 shares, compared to its average volume of 46,615. The stock has a market capitalization of $598.33, a P/E ratio of -23.47 and a beta of 0.86. Global Partners has a 52 week low of $15.80 and a 52 week high of $21.65. The company has a quick ratio of 0.93, a current ratio of 1.52 and a debt-to-equity ratio of 2.95.
Global Partners (NYSE:GLP) last released its earnings results on Wednesday, November 8th. The energy company reported $0.44 earnings per share for the quarter, beating the 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 business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.29 billion. During the same quarter last year, the business 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 business also recently declared a quarterly dividend, which will be paid on Wednesday, February 14th. Investors of record on Friday, February 9th will be given a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 10.51%. The ex-dividend date of this dividend is Thursday, February 8th. Global Partners’s dividend payout ratio (DPR) is presently -246.67%.
Hedge funds have recently modified their holdings of the stock. GSA Capital Partners LLP increased its position in Global Partners by 34.4% in the 3rd quarter. GSA Capital Partners LLP now owns 65,276 shares of the energy company’s stock valued at $1,136,000 after acquiring an additional 16,720 shares during the period. Kayne Anderson Capital Advisors LP increased its position in Global Partners by 6.1% during the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 1,931,015 shares of the energy company’s stock worth $33,589,000 after purchasing an additional 110,792 shares during the period. Goldman Sachs Group Inc. increased its position in Global Partners by 20.2% during the 2nd 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 period. HITE Hedge Asset Management LLC increased its position in Global Partners by 2.8% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 671,242 shares of the energy company’s stock worth $11,680,000 after purchasing an additional 18,022 shares during the period. Finally, California Public Employees Retirement System increased its position in Global Partners by 3.9% during the 2nd 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 period. Hedge funds and other institutional investors own 39.98% of the company’s stock.
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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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