Zacks Investment Research upgraded shares of Global Partners LP (NYSE:GLP) from a hold rating to a buy rating in a research note published on Monday, July 17th. The brokerage currently has $20.00 price target on the energy company’s stock.
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. “
A number of other research firms also recently issued reports on GLP. Janney Montgomery Scott initiated coverage on shares of Global Partners in a research report on Friday, June 23rd. They issued a neutral rating and a $18.00 price target on the stock. Stifel Nicolaus restated a buy rating and issued a $21.00 price target on shares of Global Partners in a research report on Friday, June 23rd. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $18.40.
Global Partners (NYSE GLP) opened at 17.35 on Monday. The company’s market cap is $582.16 million. Global Partners has a 52 week low of $14.51 and a 52 week high of $21.95. The company has a 50-day moving average price of $17.78 and a 200 day moving average price of $18.91.
Global Partners (NYSE:GLP) last posted its quarterly earnings results on Wednesday, August 9th. The energy company reported $0.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.02. Global Partners had a negative net margin of 1.83% and a positive return on equity of 0.21%. The company had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.15 billion. During the same period last year, the firm posted ($0.22) EPS. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. On average, equities research analysts forecast that Global Partners will post $1.01 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Wednesday, August 9th will be given a $0.463 dividend. The ex-dividend date of this dividend is Monday, August 7th. This represents a $1.85 annualized dividend and a yield of 10.67%. Global Partners’s dividend payout ratio is presently -39.11%.
Hedge funds have recently added to or reduced their stakes in the company. Solaris Asset Management LLC increased its stake 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 worth $198,000 after buying an additional 150 shares during the period. Wells Fargo & Company MN increased its stake in Global Partners by 0.9% in the second quarter. Wells Fargo & Company MN now owns 17,412 shares of the energy company’s stock worth $314,000 after buying an additional 154 shares during the period. Global X Management Co. LLC increased its stake 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 period. Bank of New York Mellon Corp increased its stake 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 worth $429,000 after buying an additional 1,000 shares during the period. Finally, Creative Planning increased its stake in Global Partners by 54.3% in the first quarter. Creative Planning now owns 15,297 shares of the energy company’s stock worth $298,000 after buying an additional 5,383 shares during the period. Institutional investors own 47.27% of the company’s stock.
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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