Global Partners (NYSE:GLP) Downgraded by ValuEngine to Sell

Global Partners (NYSE:GLP) was downgraded by investment analysts at ValuEngine from a “hold” rating to a “sell” rating in a report issued on Thursday, ValuEngine reports.

Several other analysts also recently commented on GLP. Barclays downgraded shares of Global Partners from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $19.00 to $18.00 in a research report on Tuesday, April 16th. Zacks Investment Research downgraded shares of Global Partners from a “buy” rating to a “hold” rating in a research report on Wednesday, July 24th. Three research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The company has a consensus rating of “Hold” and an average target price of $20.00.

GLP stock traded up $0.22 during trading on Thursday, hitting $20.13. 63,969 shares of the stock traded hands, compared to its average volume of 78,434. Global Partners has a 1 year low of $13.63 and a 1 year high of $21.62. The stock has a 50 day simple moving average of $20.07. The stock has a market capitalization of $686.03 million, a PE ratio of 11.64 and a beta of 0.87. The company has a current ratio of 1.29, a quick ratio of 0.70 and a debt-to-equity ratio of 3.53.

Global Partners (NYSE:GLP) last announced its quarterly earnings data on Thursday, May 9th. The energy company reported $0.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.04. Global Partners had a net margin of 0.40% and a return on equity of 12.35%. The company had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.08 billion. As a group, equities research analysts anticipate that Global Partners will post 0.43 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of GLP. OppenheimerFunds Inc. lifted its stake in Global Partners by 9.7% during the 1st quarter. OppenheimerFunds Inc. now owns 5,416,435 shares of the energy company’s stock valued at $106,487,000 after acquiring an additional 480,508 shares during the period. Kayne Anderson Capital Advisors LP lifted its stake in Global Partners by 7.5% during the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 2,343,759 shares of the energy company’s stock valued at $46,659,000 after acquiring an additional 164,000 shares during the period. Arrow Investment Advisors LLC bought a new position in Global Partners during the 2nd quarter valued at about $411,000. First Trust Advisors LP lifted its stake in Global Partners by 6.0% during the 2nd quarter. First Trust Advisors LP now owns 297,387 shares of the energy company’s stock valued at $5,921,000 after acquiring an additional 16,839 shares during the period. Finally, Albert D Mason Inc. lifted its stake in Global Partners by 45.3% during the 1st quarter. Albert D Mason Inc. now owns 49,915 shares of the energy company’s stock valued at $981,000 after acquiring an additional 15,555 shares during the period. Institutional investors and hedge funds own 39.51% of the company’s stock.

Global Partners Company Profile

Global Partners LP engages in the purchasing, selling, gathering, blending, storing, and logistics of transporting gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, and propane to wholesalers, retailers, and commercial customers in the New England states and New York.

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