Global Partners LP (GLP) Lowered to “Hold” at Zacks Investment Research

Global Partners LP (NYSE:GLP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday, May 9th.

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 brokerages have also recently weighed in on GLP. Barclays PLC reiterated an “equal weight” rating and issued a $18.00 price target (up from $17.00) on shares of Global Partners in a research report on Saturday, March 11th. Stifel Nicolaus reduced their target price on Global Partners from $25.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, March 10th.

Global Partners (NYSE GLP) traded down 2.46% during mid-day trading on Tuesday, hitting $17.41. 51,647 shares of the stock were exchanged. The firm has a 50-day moving average price of $18.91 and a 200-day moving average price of $18.94. Global Partners has a 12-month low of $12.82 and a 12-month high of $21.95. The stock’s market capitalization is $584.18 million.

Global Partners (NYSE:GLP) last issued its earnings results on Tuesday, May 9th. The energy company reported $0.33 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.36. The firm had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.23 billion. Global Partners had a negative return on equity of 1.83% and a negative net margin of 1.93%. The business’s revenue was up 29.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.21) earnings per share. Equities analysts predict that Global Partners will post $1.15 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 15th. Stockholders of record on Wednesday, May 10th were issued a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 10.36%. The ex-dividend date of this dividend was Monday, May 8th. Global Partners’s payout ratio is currently -36.85%.

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Several institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its stake in Global Partners by 9.8% in the first quarter. Goldman Sachs Group Inc. now owns 791,950 shares of the energy company’s stock worth $15,443,000 after buying an additional 70,756 shares during the period. Morgan Stanley raised its stake in Global Partners by 13.6% in the first quarter. Morgan Stanley now owns 2,859,113 shares of the energy company’s stock worth $55,754,000 after buying an additional 341,554 shares during the period. Global X Management Co. LLC raised its position in Global Partners by 5.5% in the first quarter. Global X Management Co. LLC now owns 10,351 shares of the energy company’s stock worth $202,000 after buying an additional 535 shares during the last quarter. OppenheimerFunds Inc. raised its position in Global Partners by 5.2% in the first quarter. OppenheimerFunds Inc. now owns 4,062,473 shares of the energy company’s stock worth $79,218,000 after buying an additional 201,405 shares during the last quarter. Finally, HITE Hedge Asset Management LLC raised its position in Global Partners by 3.7% in the first quarter. HITE Hedge Asset Management LLC now owns 621,220 shares of the energy company’s stock worth $12,114,000 after buying an additional 22,004 shares during the last quarter. Hedge funds and other institutional investors own 47.53% of the company’s stock.

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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