Zacks: Brokerages Expect Global Partners LP (GLP) Will Announce Quarterly Sales of $2.28 Billion
Equities analysts expect Global Partners LP (NYSE:GLP) to report $2.28 billion in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Global Partners’ earnings. The lowest sales estimate is $2.21 billion and the highest is $2.34 billion. Global Partners posted sales of $2.03 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 12.3%. The company is expected to issue its next quarterly earnings report on Monday, November 6th.
On average, analysts expect that Global Partners will report full-year sales of $2.28 billion for the current year, with estimates ranging from $8.36 billion to $9.31 billion. For the next fiscal year, analysts anticipate that the company will report sales of $9.19 billion per share, with estimates ranging from $8.15 billion to $10.29 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Global Partners.
Global Partners (NYSE:GLP) last announced its quarterly earnings data on Wednesday, August 9th. The energy company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.02. Global Partners had a negative net margin of 1.83% and a positive return on equity of 0.21%. The company had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.15 billion. During the same quarter last year, the business posted ($0.22) EPS. The firm’s revenue for the quarter was down 2.6% on a year-over-year basis.
Several research analysts have recently commented on the stock. BidaskClub raised shares of Global Partners from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Zacks Investment Research lowered shares of Global Partners from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 11th. Stifel Nicolaus reissued a “buy” rating and issued a $20.00 price objective on shares of Global Partners in a research note on Thursday, August 10th. Finally, 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 price objective for the company. Three equities 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. The stock has a consensus rating of “Hold” and a consensus price target of $18.40.
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Shares of Global Partners (GLP) opened at 16.70 on Friday. The company’s 50-day moving average is $17.26 and its 200-day moving average is $18.38. The company’s market cap is $560.35 million. Global Partners has a one year low of $14.53 and a one year high of $21.95.
The company also recently announced a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Wednesday, August 9th were issued a $0.463 dividend. The ex-dividend date was Monday, August 7th. This represents a $1.85 annualized dividend and a yield of 11.09%. Global Partners’s dividend payout ratio (DPR) is -39.11%.
Large investors have recently modified their holdings of the stock. Virtu KCG Holdings LLC acquired a new stake in Global Partners in the second quarter valued at approximately $187,000. JPMorgan Chase & Co. raised its holdings in Global Partners by 448.7% in the second quarter. JPMorgan Chase & Co. now owns 10,436 shares of the energy company’s stock valued at $188,000 after acquiring an additional 8,534 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in Global Partners in the second quarter valued at approximately $199,000. Global X Management Co. LLC raised its holdings 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 acquiring an additional 535 shares in the last quarter. Finally, Cutler Capital Management LLC acquired a new stake in Global Partners in the second quarter valued at approximately $254,000. 39.85% of the stock is currently owned by hedge funds and other institutional investors.
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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