Global Partners LP (GLP) Expected to Announce Earnings of $0.05 Per Share
Wall Street analysts expect Global Partners LP (NYSE:GLP) to post earnings per share of $0.05 for the current quarter, according to Zacks. Two analysts have issued estimates for Global Partners’ earnings, with estimates ranging from ($0.09) to $0.19. Global Partners reported earnings per share of ($0.22) during the same quarter last year, which would indicate a positive year over year growth rate of 122.7%. The business is scheduled to issue its next earnings report on Monday, August 14th.
According to Zacks, analysts expect that Global Partners will report full year earnings of $1.02 per share for the current year, with EPS estimates ranging from $0.51 to $1.47. For the next fiscal year, analysts expect that the company will post earnings of $0.48 per share, with EPS estimates ranging from $0.21 to $0.64. Zacks’ EPS calculations are a mean average based on a survey of sell-side analysts that follow Global Partners.
Global Partners (NYSE:GLP) last announced its quarterly earnings data on Tuesday, May 9th. The energy company reported $0.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.36. Global Partners had a negative return on equity of 1.83% and a negative net margin of 1.93%. The firm had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.23 billion. During the same quarter in the prior year, the company posted ($0.21) earnings per share. Global Partners’s quarterly revenue was up 29.7% on a year-over-year basis.
Several analysts have weighed in on GLP shares. Zacks Investment Research raised Global Partners from a “hold” rating to a “strong-buy” rating and set a $22.00 target price on the stock in a research note on Tuesday, March 14th. Stifel Nicolaus reaffirmed a “buy” rating and set a $21.00 target price on shares of Global Partners in a research note on Friday, June 23rd. Finally, Janney Montgomery Scott started coverage on Global Partners in a research note on Friday, June 23rd. They set a “neutral” rating and a $18.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $19.00.
Shares of Global Partners (NYSE:GLP) traded up 3.16% on Tuesday, reaching $17.95. The company had a trading volume of 65,678 shares. Global Partners has a 12 month low of $12.96 and a 12 month high of $21.95. The stock has a 50 day moving average price of $18.58 and a 200-day moving average price of $19.06. The company’s market capitalization is $602.29 million.
Several institutional investors have recently modified their holdings of GLP. Solaris Asset Management LLC boosted its position in shares of Global Partners by 1.5% in the first quarter. Solaris Asset Management LLC now owns 10,150 shares of the energy company’s stock valued at $198,000 after buying an additional 150 shares during the period. Global X Management Co. LLC boosted its position in shares of Global Partners by 5.5% in the first quarter. Global X Management Co. LLC now owns 10,351 shares of the energy company’s stock valued at $202,000 after buying an additional 535 shares during the period. Creative Planning boosted its position in shares of Global Partners by 54.3% in the first quarter. Creative Planning now owns 15,297 shares of the energy company’s stock valued at $298,000 after buying an additional 5,383 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Global Partners by 4.8% in the first quarter. Bank of New York Mellon Corp now owns 22,001 shares of the energy company’s stock valued at $429,000 after buying an additional 1,000 shares during the period. Finally, Texas Yale Capital Corp. boosted its position in shares of Global Partners by 51.8% in the first quarter. Texas Yale Capital Corp. now owns 25,060 shares of the energy company’s stock valued at $489,000 after buying an additional 8,550 shares during the period. Institutional investors own 47.53% of the company’s stock.
Global Partners Company Profile
Global Partners LP is a midstream logistics and marketing company. It is engaged in the purchasing, selling, storing and logistics of transporting petroleum and related products, including gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, natural gas and propane.
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