Global Partners LP Downgraded by Zacks to Underperform (GLP)
Global Partners LP (NYSE:GLP) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a report released on Tuesday, Analyst Ratings News reports. They currently have a $34.50 target price on the stock. Zacks‘ price target would suggest a potential downside of 4.22% from the company’s current price.
Shares of Global Partners LP (NYSE:GLP) traded down 0.88% on Tuesday, hitting $36.02. The stock had a trading volume of 23,474 shares. Global Partners LP has a 52-week low of $25.95 and a 52-week high of $40.99. The stock has a 50-day moving average of $34.98 and a 200-day moving average of $35.38. The company has a market cap of $982.2 million and a P/E ratio of 21.45.
Global Partners LP (NYSE:GLP) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.09 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.38 by $0.29. The company had revenue of $4.43 billion for the quarter, compared to the consensus estimate of $4.93 billion. During the same quarter last year, the company posted $0.24 earnings per share. Global Partners LP’s revenue was down 4.0% compared to the same quarter last year. Analysts expect that Global Partners LP will post $1.46 EPS for the current fiscal year.
GLP has been the subject of a number of other recent research reports. Analysts at Merrill Lynch upgraded shares of Global Partners LP to a “buy” rating in a research note to investors on Friday. Separately, analysts at Bank of America Corp. upgraded shares of Global Partners LP from a “neutral” rating to a “buy” rating in a research note to investors on Friday. Finally, analysts at MLV Capital initiated coverage on shares of Global Partners LP in a research note to investors on Monday, December 2nd. They set a “hold” rating on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $36.83.
Global Partners LP (NYSE:GLP) is a master limited partnership engaged in the wholesale and commercial distribution of refined petroleum products and, natural gas and provides ancillary services to companies.
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