Global Partners Stock Price Down 6.5% After Earnings Miss (GLP)
Global Partners (NYSE:GLP) shares fell 6.5% during trading on Thursday following a dissappointing earnings announcement, AnalystRatings.NET reports. The company traded as low as $37.50 and last traded at $38.06, with a volume of 80,261 shares trading hands. The stock had previously closed at $40.70.
The company reported ($0.50) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.13) by $0.37. The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.91 billion. During the same quarter last year, the company posted $0.29 earnings per share. Global Partners’s revenue was down 4.2% compared to the same quarter last year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, August 14th. Shareholders of record on Tuesday, August 5th will be given a dividend of $0.6375 per share. This represents a $2.55 dividend on an annualized basis and a yield of 6.27%. The ex-dividend date of this dividend is Friday, August 1st. This is a positive change from Global Partners’s previous quarterly dividend of $0.63.
Several analysts have recently commented on the stock. Analysts at Zacks downgraded shares of Global Partners from an “outperform” rating to a “neutral” rating in a research note on Monday, July 21st. They now have a $45.20 price target on the stock. Separately, analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Global Partners in a research note on Monday, June 2nd. They now have a $41.00 price target on the stock, up previously from $35.00. Finally, analysts at Barclays raised their price target on shares of Global Partners from $37.00 to $40.00 in a research note on Monday, May 12th. They now have an “equal weight” rating on the stock. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Global Partners presently has an average rating of “Hold” and an average price target of $42.30.
The stock has a 50-day moving average of $41.81 and a 200-day moving average of $39.72. The company has a market cap of $1.039 billion and a P/E ratio of 9.57.
Global Partners LP is engaged in purchasing, storing, terminalling, transporting and selling refined petroleum products, renewable fuels and crude oil.
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