Global Partners (GLP) Lifted to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Global Partners (NYSE:GLP) from a hold rating to a strong-buy rating in a research report report published on Tuesday. Zacks Investment Research 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. “

Several other research analysts have also weighed in on the stock. TheStreet raised shares of Global Partners from a d+ rating to a c rating in a research note on Thursday, November 30th. JPMorgan Chase & Co. reaffirmed a neutral rating on shares of Global Partners in a research note on Tuesday, November 21st. One analyst has rated the stock with a sell rating, three have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $19.00.

Shares of Global Partners (NYSE:GLP) traded up $0.10 during mid-day trading on Tuesday, reaching $17.85. 37,412 shares of the company’s stock traded hands, compared to its average volume of 60,783. The company has a current ratio of 1.52, a quick ratio of 0.93 and a debt-to-equity ratio of 2.95. The stock has a market capitalization of $598.32, a price-to-earnings ratio of -23.49 and a beta of 1.09. Global Partners has a one year low of $15.80 and a one year high of $21.95.

Global Partners (NYSE:GLP) last announced its earnings results on Wednesday, November 8th. The energy company reported $0.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.19. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.29 billion. Global Partners had a negative net margin of 0.28% and a positive return on equity of 3.95%. Global Partners’s revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the firm posted ($3.54) earnings per share. sell-side analysts anticipate that Global Partners will post 1.27 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of GLP. Virtu KCG Holdings LLC purchased a new position in shares of Global Partners in the second quarter valued at approximately $187,000. JPMorgan Chase & Co. boosted its stake in shares of Global Partners by 448.7% in the second quarter. JPMorgan Chase & Co. now owns 10,436 shares of the energy company’s stock valued at $188,000 after purchasing an additional 8,534 shares during the period. Commonwealth Equity Services Inc boosted its stake in shares of Global Partners by 28.9% in the third quarter. Commonwealth Equity Services Inc now owns 16,171 shares of the energy company’s stock valued at $281,000 after purchasing an additional 3,624 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Global Partners by 0.9% in the second quarter. Wells Fargo & Company MN now owns 17,412 shares of the energy company’s stock valued at $314,000 after purchasing an additional 154 shares during the period. Finally, Arrow Investment Advisors LLC boosted its stake in shares of Global Partners by 14.9% in the third quarter. Arrow Investment Advisors LLC now owns 40,807 shares of the energy company’s stock valued at $710,000 after purchasing an additional 5,301 shares during the period. 39.92% of the stock is owned by institutional investors and hedge funds.

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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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