BidaskClub Lowers Global Partners LP (GLP) to Strong Sell
Global Partners LP (NYSE:GLP) was downgraded by BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued on Saturday.
Several other equities analysts have also recently commented on the stock. Zacks Investment Research cut shares of Global Partners from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Janney Montgomery Scott initiated coverage on shares of Global Partners in a research note on Friday, June 23rd. They set a “neutral” rating and a $18.00 price objective for the company. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $21.00 price objective on shares of Global Partners in a research note on Friday, July 28th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $18.40.
Global Partners (NYSE:GLP) remained flat at $16.20 during mid-day trading on Friday. The company had a trading volume of 99,216 shares. Global Partners has a 12 month low of $14.51 and a 12 month high of $21.95. The firm’s 50 day moving average is $17.62 and its 200 day moving average is $18.75. The firm’s market cap is $543.57 million.
Global Partners (NYSE:GLP) last issued its quarterly earnings data on Wednesday, August 9th. The energy company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.05 by $0.02. The company had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.15 billion. Global Partners had a negative net margin of 1.83% and a positive return on equity of 0.21%. Global Partners’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.22) earnings per share. Equities analysts forecast that Global Partners will post $0.98 earnings per share for the current year.
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A number of institutional investors have recently added to or reduced their stakes in the company. Creative Planning boosted its position in Global Partners by 54.3% in the first quarter. Creative Planning now owns 15,297 shares of the energy company’s stock worth $298,000 after buying an additional 5,383 shares in the last quarter. 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 worth $15,443,000 after buying an additional 70,756 shares in the last quarter. Winslow Evans & Crocker Inc. boosted its position in Global Partners by 81.6% in the second quarter. Winslow Evans & Crocker Inc. now owns 57,165 shares of the energy company’s stock worth $1,052,000 after buying an additional 25,691 shares in the last quarter. Texas Yale Capital Corp. boosted its position in Global Partners by 51.8% in the first quarter. Texas Yale Capital Corp. now owns 25,060 shares of the energy company’s stock worth $489,000 after buying an additional 8,550 shares in the last quarter. 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 worth $79,218,000 after buying an additional 201,405 shares in the last quarter. 47.52% of the stock is owned by institutional investors and hedge funds.
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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