Global Partners LP Upgraded by Zacks to “Outperform” (GLP)
Global Partners LP (NYSE:GLP) was upgraded by Zacks from an “underperform” rating to an “outperform” rating in a research note issued on Wednesday, AmericanBankingNews.com reports. The firm currently has a $41.20 price target on the stock. Zacks‘ price target indicates a potential upside of 4.89% from the company’s current price.
A number of other firms have also recently commented on GLP. Analysts at Bank of America Corp. upgraded shares of Global Partners LP to a “buy” rating in a research note to investors on Friday, January 3rd. 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. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Global Partners LP currently has an average rating of “Buy” and a consensus target price of $39.07.
Shares of Global Partners LP (NYSE:GLP) traded up 0.25% during mid-day trading on Wednesday, hitting $39.38. The stock had a trading volume of 16,991 shares. Global Partners LP has a 1-year low of $30.01 and a 1-year high of $40.99. The stock’s 50-day moving average is $37.07 and its 200-day moving average is $35.26. The company has a market cap of $1.074 billion and a price-to-earnings ratio of 23.19.
Global Partners LP (NYSE:GLP) last announced its earnings results on Thursday, November 7th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the 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 in the previous year, the company posted $0.24 earnings per share. The company’s revenue for the quarter was down 4.0% on a year-over-year basis. Analysts expect that Global Partners LP will post $1.46 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, February 14th. Investors of record on Wednesday, February 5th will be paid a dividend of 0.6125 per share. This represents a $2.45 annualized dividend and a dividend yield of 6.24%. The ex-dividend date is Monday, February 3rd. This is an increase from Global Partners LP’s previous quarterly dividend of $0.60.
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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