Global Partners LP (NYSE:GLP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

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 analysts also recently issued research reports about the stock. Stifel Nicolaus reiterated a “buy” rating and issued a $21.00 target price on shares of Global Partners in a report on Friday, June 23rd. Janney Montgomery Scott initiated coverage on shares of Global Partners in a report on Friday, June 23rd. They issued a “neutral” rating and a $18.00 target price for the company. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. Global Partners has an average rating of “Hold” and an average target price of $18.60.

Global Partners (NYSE:GLP) traded down 1.12% on Wednesday, hitting $17.60. The stock had a trading volume of 74,592 shares. Global Partners has a 12 month low of $13.03 and a 12 month high of $21.95. The stock’s market cap is $590.55 million. The firm’s 50 day moving average price is $17.98 and its 200-day moving average price is $19.17.

Global Partners (NYSE:GLP) last announced its quarterly earnings results on Tuesday, May 9th. The energy company reported $0.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.36. The business had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.23 billion. Global Partners had a negative net margin of 1.93% and a negative return on equity of 1.83%. The business’s revenue was up 29.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.21) EPS. On average, analysts forecast that Global Partners will post $1.11 EPS for the current year.

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Hedge funds have recently bought and sold shares of the stock. Solaris Asset Management LLC increased its stake in 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 increased its stake 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. Creative Planning increased its stake in 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 increased its stake in 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, Bank of Montreal Can bought a new stake in Global Partners during the second quarter valued at $451,000. Hedge funds and other institutional investors own 47.60% of the company’s stock.

About Global Partners

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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