Global Partners LP (GLP) Upgraded 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 report issued to clients and investors on Tuesday. The brokerage presently has a $20.00 target price on the energy company’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.99% from the company’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. “
Several other equities research analysts have also issued reports on GLP. Stifel Nicolaus reissued a “buy” rating and set a $20.00 target price on shares of Global Partners in a research note on Thursday, August 10th. BidaskClub raised shares of Global Partners from a “strong sell” rating to a “sell” rating in a research note on Friday, August 4th. Three analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $18.40.
Shares of Global Partners (NYSE:GLP) traded up 1.14% during trading on Tuesday, hitting $17.70. The stock had a trading volume of 19,686 shares. The firm has a 50 day moving average price of $17.44 and a 200 day moving average price of $17.98. The firm’s market cap is $593.91 million. Global Partners has a 12-month low of $14.85 and a 12-month high of $21.95.
Global Partners (NYSE:GLP) last posted its earnings results on Wednesday, August 9th. The energy company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.15 billion. During the same period in the prior year, the company posted ($0.22) EPS. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. On average, equities analysts expect that Global Partners will post $1.01 earnings per share for the current fiscal year.
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A number of institutional investors have recently modified their holdings of GLP. Bank of New York Mellon Corp lifted its stake in Global Partners by 4.8% in the 1st 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 in the last quarter. Global X Management Co. LLC lifted its stake in Global Partners by 5.5% in the 1st 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 in the last quarter. Goldman Sachs Group Inc. lifted its stake in Global Partners by 9.8% in the 1st 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 in the last quarter. Bank of Montreal Can purchased a new position in Global Partners in the 2nd quarter valued at about $451,000. Finally, Winslow Evans & Crocker Inc. lifted its stake in Global Partners by 81.6% in the 2nd quarter. Winslow Evans & Crocker Inc. now owns 57,165 shares of the energy company’s stock valued at $1,052,000 after buying an additional 25,691 shares in the last quarter. 39.85% of the stock is currently owned by hedge funds and other institutional investors.
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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