Global Partners LP (GLP) Upgraded to Buy at Zacks Investment Research
Global Partners LP (NYSE:GLP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The firm currently has a $20.00 price target on the energy company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.50% from the stock’s previous close.
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. “
Other research analysts have also recently issued research reports about the stock. Janney Montgomery Scott assumed coverage on shares of Global Partners in a research note on Friday, June 23rd. They issued a “neutral” rating and a $18.00 target price for the company. Stifel Nicolaus reiterated a “buy” rating and issued a $21.00 target price on shares of Global Partners in a research note on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $18.60.
Shares of Global Partners (NYSE:GLP) traded up 1.69% during trading on Monday, reaching $18.10. The company had a trading volume of 44,303 shares. The company’s market cap is $607.33 million. The firm has a 50-day moving average of $18.58 and a 200-day moving average of $19.06. Global Partners has a 12-month low of $13.00 and a 12-month high of $21.95.
Global Partners (NYSE:GLP) last posted its earnings results on Tuesday, May 9th. The energy company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.36. Global Partners had a negative net margin of 1.93% and a negative return on equity of 1.83%. The company had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.23 billion. During the same quarter in the previous year, the company posted ($0.21) earnings per share. Global Partners’s quarterly revenue was up 29.7% compared to the same quarter last year. On average, equities research analysts anticipate that Global Partners will post $1.17 EPS for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of GLP. Bank of Montreal Can bought a new position in Global Partners during the second quarter valued at $451,000. Goldman Sachs Group Inc. boosted its position in Global Partners by 9.8% in the first quarter. Goldman Sachs Group Inc. now owns 791,950 shares of the energy company’s stock valued at $15,443,000 after buying an additional 70,756 shares during the period. Morgan Stanley boosted its position in Global Partners by 13.6% in the first quarter. Morgan Stanley now owns 2,859,113 shares of the energy company’s stock valued at $55,754,000 after buying an additional 341,554 shares during the period. Global X Management Co. LLC boosted its position in 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. Finally, OppenheimerFunds Inc. boosted its position in Global Partners by 5.2% in the first quarter. OppenheimerFunds Inc. now owns 4,062,473 shares of the energy company’s stock valued at $79,218,000 after buying an additional 201,405 shares during the period. Hedge funds and other institutional investors own 47.60% 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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