Global Partners LP (GLP) Expected to Post Quarterly Sales of $2.35 Billion

Wall Street brokerages expect Global Partners LP (NYSE:GLP) to report $2.35 billion in sales for the current quarter, Zacks reports. Two analysts have provided estimates for Global Partners’ earnings. The highest sales estimate is $2.54 billion and the lowest is $2.17 billion. Global Partners reported sales of $2.31 billion in the same quarter last year, which would suggest a positive year over year growth rate of 1.7%. The business is scheduled to announce its next earnings report on Thursday, March 8th.

On average, analysts expect that Global Partners will report full-year sales of $2.35 billion for the current year, with estimates ranging from $8.44 billion to $9.06 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $8.88 billion per share, with estimates ranging from $7.82 billion to $9.82 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Global Partners.

Global Partners (NYSE:GLP) last released its earnings results on Wednesday, November 8th. The energy company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.19. Global Partners had a positive return on equity of 3.95% and a negative net margin of 0.28%. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.29 billion. During the same quarter in the prior year, the company posted ($3.54) earnings per share. Global Partners’s revenue was up 6.4% on a year-over-year basis.

Several analysts recently issued reports on GLP shares. Zacks Investment Research upgraded Global Partners from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a report on Tuesday, October 24th. TheStreet upgraded Global Partners from a “d+” rating to a “c” rating in a report on Thursday, November 30th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Global Partners in a report on Tuesday, November 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $19.00.

Shares of Global Partners (GLP) opened at $17.95 on Tuesday. Global Partners has a twelve month low of $15.80 and a twelve month high of $21.95. The stock has a market capitalization of $610.23, a PE ratio of -23.93 and a beta of 1.09. The company has a current ratio of 1.52, a quick ratio of 0.93 and a debt-to-equity ratio of 2.95.

Large investors have recently added to or reduced their stakes in the business. GSA Capital Partners LLP raised its stake in Global Partners by 34.4% in the third quarter. GSA Capital Partners LLP now owns 65,276 shares of the energy company’s stock valued at $1,136,000 after buying an additional 16,720 shares during the period. Kayne Anderson Capital Advisors LP raised its stake in Global Partners by 6.1% in the third quarter. Kayne Anderson Capital Advisors LP now owns 1,931,015 shares of the energy company’s stock valued at $33,589,000 after buying an additional 110,792 shares during the period. Goldman Sachs Group Inc. raised its stake in Global Partners by 20.2% in the second quarter. Goldman Sachs Group Inc. now owns 951,845 shares of the energy company’s stock valued at $17,181,000 after buying an additional 159,895 shares during the period. HITE Hedge Asset Management LLC raised its stake in Global Partners by 2.8% in the third quarter. HITE Hedge Asset Management LLC now owns 671,242 shares of the energy company’s stock valued at $11,680,000 after buying an additional 18,022 shares during the period. Finally, California Public Employees Retirement System raised its stake in Global Partners by 3.9% in the second quarter. California Public Employees Retirement System now owns 146,900 shares of the energy company’s stock valued at $2,652,000 after buying an additional 5,500 shares during the period. Hedge funds and other institutional investors own 39.92% of the company’s stock.

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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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