Global Partners LP (NYSE:GLP) has been given an average recommendation of “Hold” by the eight brokerages that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation and six have given a hold recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $19.00.
A number of research firms have issued reports on GLP. Mitsubishi UFJ Financial Group increased their price target on Global Partners and gave the stock an “underweight” rating in a report on Friday, August 10th. Stifel Nicolaus restated a “hold” rating and set a $20.00 price target (up from $17.00) on shares of Global Partners in a report on Friday, August 10th. Zacks Investment Research upgraded Global Partners from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a report on Monday, August 13th. Finally, Wells Fargo & Co increased their price target on Global Partners from $19.00 to $20.00 and gave the stock a “market perform” rating in a report on Thursday, September 13th.
Several institutional investors have recently bought and sold shares of the business. OppenheimerFunds Inc. raised its position in shares of Global Partners by 9.1% during the second quarter. OppenheimerFunds Inc. now owns 4,372,944 shares of the energy company’s stock worth $74,558,000 after purchasing an additional 365,331 shares during the period. UBS Group AG raised its position in shares of Global Partners by 44.5% during the first quarter. UBS Group AG now owns 164,118 shares of the energy company’s stock worth $2,519,000 after purchasing an additional 50,527 shares during the period. First Hawaiian Bank acquired a new position in shares of Global Partners during the third quarter worth approximately $1,081,000. Wells Fargo & Company MN raised its position in shares of Global Partners by 18.8% during the first quarter. Wells Fargo & Company MN now owns 27,931 shares of the energy company’s stock worth $429,000 after purchasing an additional 4,414 shares during the period. Finally, Van ECK Associates Corp raised its position in shares of Global Partners by 10.9% during the second quarter. Van ECK Associates Corp now owns 188,755 shares of the energy company’s stock worth $3,218,000 after purchasing an additional 18,515 shares during the period. Hedge funds and other institutional investors own 41.32% of the company’s stock.
Shares of GLP stock opened at $20.72 on Tuesday. Global Partners has a one year low of $15.16 and a one year high of $21.05. The company has a market capitalization of $686.71 million, a P/E ratio of 19.06 and a beta of 0.76. The company has a current ratio of 1.44, a quick ratio of 0.89 and a debt-to-equity ratio of 2.67.
Global Partners (NYSE:GLP) last announced its earnings results on Thursday, August 9th. The energy company reported $0.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.07. Global Partners had a return on equity of 8.83% and a net margin of 0.94%. The business had revenue of $3.13 billion for the quarter, compared to analysts’ expectations of $2.66 billion. As a group, sell-side analysts anticipate that Global Partners will post 0.62 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Friday, November 9th will be issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 9.17%. The ex-dividend date of this dividend is Thursday, November 8th. Global Partners’s payout ratio is 136.69%.
About Global Partners
Global Partners LP, a midstream logistics and marketing company, distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers in the New England states and New York. It operates in three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.
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