Zacks Investment Research Lowers Global Partners LP (GLP) to Sell
Global Partners LP (NYSE:GLP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday.
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. “
Separately, Barclays PLC boosted their target price on shares of Global Partners from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Tuesday, August 16th. Two research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. The company presently has an average rating of “Hold” and an average target price of $20.33.
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Shares of Global Partners (NYSE:GLP) traded up 2.04% on Monday, hitting $16.00. The stock had a trading volume of 70,841 shares. The firm has a 50 day moving average price of $15.54 and a 200 day moving average price of $14.04. Global Partners has a one year low of $12.28 and a one year high of $35.00. The company’s market capitalization is $536.30 million.
Global Partners (NYSE:GLP) last issued its quarterly earnings data on Monday, August 8th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.18) by $0.04. The company had revenue of $2.10 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter last year, the company posted $0.15 earnings per share. The firm’s revenue was down 19.9% compared to the same quarter last year. On average, equities research analysts predict that Global Partners will post ($0.55) earnings per share for the current fiscal year.
Institutional investors have recently made changes to their positions in the stock. ING Groep NV acquired a new stake in Global Partners during the first quarter worth $4,210,000. JPMorgan Chase & Co. raised its stake in Global Partners by 0.3% in the first quarter. JPMorgan Chase & Co. now owns 425,867 shares of the company’s stock worth $5,749,000 after buying an additional 1,338 shares in the last quarter. Global X Management Co. LLC raised its stake in Global Partners by 3.1% in the second quarter. Global X Management Co. LLC now owns 8,338 shares of the company’s stock worth $114,000 after buying an additional 254 shares in the last quarter. Rafferty Asset Management LLC raised its stake in Global Partners by 61.0% in the first quarter. Rafferty Asset Management LLC now owns 115,739 shares of the company’s stock worth $1,562,000 after buying an additional 43,853 shares in the last quarter. Finally, State Street Corp raised its stake in Global Partners by 3.9% in the first quarter. State Street Corp now owns 25,573 shares of the company’s stock worth $345,000 after buying an additional 958 shares in the last quarter.
Global Partners Company Profile
Global Partners LP is a midstream logistics and marketing company. The Company is engaged in the purchasing, selling and logistics of transporting petroleum and related products, including domestic and Canadian crude oil, gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, natural gas and propane.
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