Global Partners LP (NYSE:GLP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The brokerage presently has a $20.00 target price on the energy company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.50% from the stock’s current price.
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 analysts have also commented on GLP. Janney Montgomery Scott began coverage on Global Partners in a research note on Friday, June 23rd. They issued a “neutral” rating and a $18.00 target price for the company. Stifel Nicolaus reiterated a “buy” rating and issued a $21.00 target price on shares of Global Partners in a research note on Friday, June 23rd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. Global Partners currently has an average rating of “Hold” and a consensus price target of $18.60.
Global Partners (NYSE:GLP) traded up 1.69% during trading on Monday, hitting $18.10. The stock had a trading volume of 44,303 shares. The stock’s 50-day moving average is $18.58 and its 200 day moving average is $19.06. Global Partners has a one year low of $13.00 and a one year high of $21.95. The firm’s market cap is $607.33 million.
Global Partners (NYSE:GLP) last released its quarterly earnings results on Tuesday, May 9th. The energy company reported $0.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.36. Global Partners had a negative return on equity of 1.83% and a negative net margin of 1.93%. The company had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.23 billion. During the same period in the previous year, the firm posted ($0.21) earnings per share. The business’s revenue for the quarter was up 29.7% compared to the same quarter last year. Equities analysts anticipate that Global Partners will post $1.17 earnings per share for the current year.
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A number of large investors have recently bought and sold shares of the stock. Solaris Asset Management LLC increased its position in Global Partners by 1.5% in the first quarter. Solaris Asset Management LLC now owns 10,150 shares of the energy company’s stock valued at $198,000 after buying an additional 150 shares in the last quarter. Global X Management Co. LLC increased 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 valued at $202,000 after buying an additional 535 shares in the last quarter. Creative Planning increased its position in Global Partners by 54.3% in the first quarter. Creative Planning now owns 15,297 shares of the energy company’s stock valued at $298,000 after buying an additional 5,383 shares in the last quarter. Bank of New York Mellon Corp increased its position in Global Partners by 4.8% in the first quarter. Bank of New York Mellon Corp now owns 22,001 shares of the energy company’s stock valued at $429,000 after buying an additional 1,000 shares in the last quarter. Finally, Bank of Montreal Can purchased a new position in Global Partners during the second quarter valued at approximately $451,000. 47.60% of the stock is owned by hedge funds and other institutional investors.
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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