Global Partners (GLP) Given New $17.00 Price Target at Barclays

Global Partners (NYSE:GLP) had its target price reduced by equities researchers at Barclays from $18.00 to $17.00 in a research report issued to clients and investors on Tuesday. The brokerage presently has an “equal weight” rating on the energy company’s stock. Barclays’ price target points to a potential downside of 0.58% from the company’s current price.

Several other research analysts have also recently issued reports on GLP. ValuEngine cut Global Partners from a “hold” rating to a “sell” rating in a research report on Monday, April 2nd. Stifel Nicolaus cut Global Partners from a “buy” rating to a “hold” rating and set a $18.00 target price on the stock. in a research report on Tuesday, March 13th. Finally, Zacks Investment Research raised Global Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, March 13th. Two analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $18.25.

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NYSE:GLP traded up $0.55 on Tuesday, hitting $17.10. The stock had a trading volume of 57,640 shares, compared to its average volume of 78,225. The stock has a market capitalization of $542.23, a price-to-earnings ratio of 12.22 and a beta of 0.86. The company has a debt-to-equity ratio of 2.94, a quick ratio of 0.79 and a current ratio of 1.31. Global Partners has a 52-week low of $15.16 and a 52-week high of $20.86.

Global Partners (NYSE:GLP) last announced its earnings results on Thursday, March 8th. The energy company reported $0.20 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.20. The business had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.35 billion. Global Partners had a return on equity of 8.89% and a net margin of 0.66%. equities analysts forecast that Global Partners will post 0.49 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of GLP. Fort Point Capital Partners LLC bought a new stake in Global Partners during the 4th quarter valued at approximately $225,000. Wells Fargo & Company MN raised its stake in Global Partners by 28.7% during the 4th quarter. Wells Fargo & Company MN now owns 23,517 shares of the energy company’s stock valued at $393,000 after purchasing an additional 5,245 shares during the period. Penbrook Management LLC bought a new stake in Global Partners during the 4th quarter valued at approximately $451,000. Acadian Asset Management LLC raised its stake in Global Partners by 263.2% during the 4th quarter. Acadian Asset Management LLC now owns 41,437 shares of the energy company’s stock valued at $693,000 after purchasing an additional 30,029 shares during the period. Finally, Geode Capital Management LLC bought a new stake in Global Partners during the 4th quarter valued at approximately $973,000. 41.53% of the stock is currently owned by hedge funds and other institutional investors.

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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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