Global Partners (NYSE:GLP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday, January 23rd.
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 also recently issued research reports about the stock. TheStreet raised shares of Global Partners from a “d+” rating to a “c” rating in a research report on Thursday, November 30th. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Global Partners in a research report on Tuesday, November 21st. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. Global Partners has a consensus rating of “Hold” and an average price target of $19.00.
Global Partners (NYSE GLP) remained flat at $$17.95 during trading on Tuesday. 55,064 shares of the company’s stock were exchanged, compared to its average volume of 63,544. The firm has a market cap of $593.76, a P/E ratio of -22.99 and a beta of 0.86. Global Partners has a twelve month low of $15.80 and a twelve month high of $21.20. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.52 and a quick ratio of 0.93.
Institutional investors and hedge funds have recently made changes to their positions in the company. GSA Capital Partners LLP grew its position in shares of 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 grew its position in shares of Global Partners by 6.1% in the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 1,931,015 shares of the energy company’s stock valued at $33,589,000 after acquiring an additional 110,792 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Global Partners by 20.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 951,845 shares of the energy company’s stock valued at $17,181,000 after acquiring an additional 159,895 shares during the period. HITE Hedge Asset Management LLC grew its position in shares of Global Partners by 2.8% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 671,242 shares of the energy company’s stock valued at $11,680,000 after acquiring an additional 18,022 shares during the period. Finally, Acadian Asset Management LLC grew its position in shares of Global Partners by 263.2% in the 4th quarter. Acadian Asset Management LLC now owns 41,437 shares of the energy company’s stock valued at $693,000 after acquiring an additional 30,029 shares during the period. 39.92% of the stock is owned by 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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