Zacks Investment Research upgraded shares of Global Partners (NYSE:GLP) from a hold rating to a buy rating in a research note published on Monday morning. The firm currently has $22.00 price target on the energy company’s stock.

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 brokerages also recently issued reports on GLP. Barclays cut their target price on shares of Global Partners from $18.00 to $17.00 and set an equal weight rating on the stock in a research note on Tuesday, April 17th. Mitsubishi UFJ Financial Group boosted their target price on shares of Global Partners and gave the company an underweight rating in a research note on Friday, August 10th. Stifel Nicolaus reaffirmed a hold rating and issued a $20.00 price target (up from $17.00) on shares of Global Partners in a research note on Friday, August 10th. Finally, ValuEngine raised shares of Global Partners from a sell rating to a hold rating in a research note on Thursday, July 5th. Two equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $19.67.

Shares of NYSE:GLP traded up $0.30 on Monday, reaching $20.40. 600 shares of the company traded hands, compared to its average volume of 70,032. Global Partners has a fifty-two week low of $15.16 and a fifty-two week high of $20.80. The company has a market capitalization of $676.51 million, a PE ratio of 14.68 and a beta of 1.11. The company has a debt-to-equity ratio of 2.67, a quick ratio of 0.89 and a current ratio of 1.44.

Global Partners (NYSE:GLP) last announced its earnings results on Thursday, August 9th. The energy company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.07. Global Partners had a net margin of 0.94% and a return on equity of 8.83%. The company had revenue of $3.13 billion for the quarter, compared to the consensus estimate of $2.66 billion. research analysts forecast that Global Partners will post 0.86 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 8th. Stockholders of record on Wednesday, August 8th were paid a $0.475 dividend. The ex-dividend date was Wednesday, August 8th. This is an increase from Global Partners’s previous quarterly dividend of $0.46. This represents a $1.90 dividend on an annualized basis and a dividend yield of 9.31%. Global Partners’s dividend payout ratio is 136.69%.

Hedge funds and other institutional investors have recently bought and sold shares of the company. UBS Group AG increased its stake in shares of Global Partners by 44.5% in the first quarter. UBS Group AG now owns 164,118 shares of the energy company’s stock worth $2,519,000 after acquiring an additional 50,527 shares during the last quarter. Van ECK Associates Corp increased its position in Global Partners by 51.9% during the first quarter. Van ECK Associates Corp now owns 170,240 shares of the energy company’s stock worth $2,613,000 after buying an additional 58,155 shares during the last quarter. Wells Fargo & Company MN increased its position in Global Partners by 18.8% during the first quarter. Wells Fargo & Company MN now owns 27,931 shares of the energy company’s stock worth $429,000 after buying an additional 4,414 shares during the last quarter. Deutsche Bank AG increased its position in Global Partners by 1,107.7% during the fourth quarter. Deutsche Bank AG now owns 159,410 shares of the energy company’s stock worth $2,662,000 after buying an additional 146,210 shares during the last quarter. Finally, Kayne Anderson Capital Advisors LP increased its position in Global Partners by 6.3% during the first quarter. Kayne Anderson Capital Advisors LP now owns 2,303,259 shares of the energy company’s stock worth $35,343,000 after buying an additional 136,649 shares during the last quarter. 41.60% of the stock is currently owned by institutional investors and hedge funds.

Global Partners Company Profile

Global Partners LP, a midstream logistics and marketing company, distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers in the New England states and New York. It operates in three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.

See Also: Trading Strategy Methods and Types

Get a free copy of the Zacks research report on Global Partners (GLP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Global Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Global Partners and related companies with MarketBeat.com's FREE daily email newsletter.