Zacks Investment Research lowered shares of Global Partners (NYSE:GLP) from a buy rating to a hold rating in a report issued on Tuesday morning.
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 have also recently weighed in on GLP. Mitsubishi UFJ Financial Group lifted their price target on Global Partners and gave the company an underweight rating in a report on Friday, August 10th. Stifel Nicolaus reaffirmed a hold rating and set a $20.00 price target (up previously from $17.00) on shares of Global Partners in a report on Friday, August 10th. Wells Fargo & Co raised their price objective on shares of Global Partners from $19.00 to $20.00 and gave the company a market perform rating in a research note on Thursday, September 13th. Finally, ValuEngine upgraded shares of Global Partners from a hold rating to a buy rating in a research note on Saturday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $19.75.
GLP opened at $19.91 on Tuesday. The company has a market cap of $674.13 million, a PE ratio of 14.32 and a beta of 0.76. The company has a current ratio of 1.28, a quick ratio of 0.67 and a debt-to-equity ratio of 3.05. Global Partners has a twelve month low of $15.16 and a twelve month high of $21.05.
Global Partners (NYSE:GLP) last released its quarterly earnings results on Thursday, November 8th. The energy company reported ($0.44) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.71). The business had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $2.73 billion. Global Partners had a net margin of 0.59% and a return on equity of 1.82%. As a group, analysts anticipate that Global Partners will post 0.47 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 14th. Investors of record on Friday, November 9th will be paid a dividend of $0.475 per share. The ex-dividend date is Thursday, November 8th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 9.54%. Global Partners’s dividend payout ratio is presently 136.69%.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Janney Montgomery Scott LLC acquired a new position in shares of Global Partners during the second quarter valued at approximately $181,000. Wells Fargo & Company MN increased its stake 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 valued at $429,000 after acquiring an additional 4,414 shares during the period. Albert D Mason Inc. increased its stake in shares of Global Partners by 57.6% during the third quarter. Albert D Mason Inc. now owns 29,105 shares of the energy company’s stock valued at $530,000 after acquiring an additional 10,635 shares during the period. GSA Capital Partners LLP increased its stake in shares of Global Partners by 132.1% during the third quarter. GSA Capital Partners LLP now owns 29,186 shares of the energy company’s stock valued at $531,000 after acquiring an additional 16,610 shares during the period. Finally, First Hawaiian Bank acquired a new position in shares of Global Partners during the third quarter valued at approximately $1,081,000. Institutional investors and hedge funds own 41.33% of the company’s stock.
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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