Global Partners (GLP) Lifted to Strong-Buy at Zacks Investment Research
Global Partners (NYSE:GLP) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday. The brokerage presently has a $20.00 target price on the energy company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 12.68% from the stock’s current price.
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. “
A number of other brokerages have also recently issued reports on GLP. TheStreet upgraded shares of Global Partners from a “d+” rating to a “c” rating in a report on Thursday, November 30th. 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, three have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Global Partners has a consensus rating of “Hold” and an average target price of $19.00.
Global Partners (NYSE:GLP) traded up $0.25 during midday trading on Tuesday, hitting $17.75. 41,611 shares of the stock were exchanged, compared to its average volume of 60,783. Global Partners has a 1-year low of $15.80 and a 1-year high of $21.95. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.52 and a quick ratio of 0.93. The firm has a market capitalization of $603.42, a P/E ratio of -23.36 and a beta of 1.09.
Global Partners (NYSE:GLP) last issued its quarterly earnings data on Wednesday, November 8th. The energy company reported $0.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.19. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Global Partners had a negative net margin of 0.28% and a positive return on equity of 3.95%. Global Partners’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the prior year, the company posted ($3.54) earnings per share. analysts anticipate that Global Partners will post 1.27 EPS for the current fiscal year.
Large investors have recently modified their holdings of the stock. Virtu KCG Holdings LLC bought a new stake in Global Partners in the second quarter worth $187,000. JPMorgan Chase & Co. boosted 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 worth $188,000 after purchasing an additional 8,534 shares in the last quarter. Commonwealth Equity Services Inc boosted its holdings in Global Partners by 28.9% in the third quarter. Commonwealth Equity Services Inc now owns 16,171 shares of the energy company’s stock worth $281,000 after purchasing an additional 3,624 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Global Partners by 0.9% in the second quarter. Wells Fargo & Company MN now owns 17,412 shares of the energy company’s stock worth $314,000 after purchasing an additional 154 shares in the last quarter. Finally, Arrow Investment Advisors LLC boosted its holdings in Global Partners by 14.9% in the third quarter. Arrow Investment Advisors LLC now owns 40,807 shares of the energy company’s stock worth $710,000 after purchasing an additional 5,301 shares in the last quarter. 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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