Global Partners LP (NYSE:GLP) has received an average recommendation of “Hold” from the seven analysts that are presently covering the stock. Two equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and one has given a buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $17.40.
GLP has been the topic of several recent analyst reports. Zacks Investment Research cut Global Partners from a “hold” rating to a “sell” rating in a report on Monday, October 10th. Mitsubishi UFJ Financial Group reiterated an “underweight” rating and set a $16.00 price objective on shares of Global Partners in a research report on Wednesday, November 9th. Finally, Stifel Nicolaus upgraded Global Partners from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a research report on Thursday, December 22nd.
Several institutional investors have recently made changes to their positions in the stock. Winslow Evans & Crocker Inc. raised its position in shares of Global Partners by 9.7% in the second quarter. Winslow Evans & Crocker Inc. now owns 20,528 shares of the company’s stock valued at $281,000 after buying an additional 1,822 shares during the period. HITE Hedge Asset Management LLC raised its position in shares of Global Partners by 919.3% in the second quarter. HITE Hedge Asset Management LLC now owns 611,153 shares of the company’s stock valued at $8,379,000 after buying an additional 551,193 shares during the period. Arrow Investment Advisors LLC raised its position in shares of Global Partners by 39.9% in the second quarter. Arrow Investment Advisors LLC now owns 50,566 shares of the company’s stock valued at $693,000 after buying an additional 14,411 shares during the period. JPMorgan Chase & Co. raised its position in shares of Global Partners by 8.5% in the second quarter. JPMorgan Chase & Co. now owns 461,942 shares of the company’s stock valued at $6,333,000 after buying an additional 36,075 shares during the period. Finally, Global X Management Co. LLC raised its position in Global Partners by 3.1% in the second quarter. Global X Management Co. LLC now owns 8,338 shares of the company’s stock valued at $114,000 after buying an additional 254 shares during the last quarter. Hedge funds and other institutional investors own 38.01% of the company’s stock.
Shares of Global Partners (NYSE:GLP) traded up 7.2487% during trading on Wednesday, reaching $20.0555. The company’s stock had a trading volume of 60,832 shares. The stock’s 50 day moving average price is $16.95 and its 200-day moving average price is $15.53. Global Partners has a 52-week low of $12.28 and a 52-week high of $21.25. The stock’s market cap is $672.52 million.
Global Partners (NYSE:GLP) last released its quarterly earnings results on Monday, November 7th. The company reported ($3.54) earnings per share for the quarter, missing the consensus estimate of $0.01 by $3.55. Global Partners had a negative net margin of 1.68% and a negative return on equity of 2.65%. The business earned $2.03 billion during the quarter, compared to analysts’ expectations of $2.45 billion. During the same period in the previous year, the business earned $0.16 EPS. The business’s revenue was down 18.3% on a year-over-year basis. Equities analysts anticipate that Global Partners will post ($4.95) EPS for the current year.
Global Partners Company Profile
Global Partners LP is a midstream logistics and marketing company. The Company is engaged in the purchasing, selling and logistics of transporting petroleum and related products, including domestic and Canadian crude oil, gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, natural gas and propane.
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