Global Partners LP (GLP) Lowered to “Sell” at Zacks Investment Research
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. “
Separately, Barclays PLC upped their price objective on Global Partners from $14.00 to $16.00 and gave the stock an equal weight rating in a research report on Tuesday, August 16th. Two investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $20.33.
Global Partners (NYSE:GLP) traded up 0.0825% during trading on Monday, hitting $16.0132. The stock had a trading volume of 10,064 shares. Global Partners has a 52 week low of $12.28 and a 52 week high of $35.00. The company has a 50-day moving average of $15.54 and a 200 day moving average of $14.04. The company’s market cap is $536.75 million.
Global Partners (NYSE:GLP) last released its earnings results on Monday, August 8th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by $0.04. The firm earned $2.10 billion during the quarter, compared to the consensus estimate of $2.18 billion. The business’s quarterly revenue was down 19.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.15 earnings per share. On average, equities research analysts anticipate that Global Partners will post ($0.55) EPS for the current year.
A number of large investors have recently added to or reduced their stakes in the company. ING Groep NV acquired a new stake in Global Partners during the first quarter valued at approximately $4,210,000. JPMorgan Chase & Co. boosted its stake in Global Partners by 0.3% in the first quarter. JPMorgan Chase & Co. now owns 425,867 shares of the company’s stock valued at $5,749,000 after buying an additional 1,338 shares in the last quarter. Global X Management Co. LLC boosted its stake in Global Partners by 3.1% in the second quarter. Global X Management Co. LLC now owns 8,338 shares of the company’s stock valued at $114,000 after buying an additional 254 shares in the last quarter. Rafferty Asset Management LLC boosted its stake in Global Partners by 61.0% in the first quarter. Rafferty Asset Management LLC now owns 115,739 shares of the company’s stock valued at $1,562,000 after buying an additional 43,853 shares in the last quarter. Finally, State Street Corp boosted its stake in Global Partners by 3.9% in the first quarter. State Street Corp now owns 25,573 shares of the company’s stock valued at $345,000 after buying an additional 958 shares in the last quarter.
About Global Partners
Global Partners LP is a midstream logistics and marketing company. The Company is engaged in the purchasing, selling and logistics of transporting petroleum and related products, including domestic and Canadian crude oil, gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, natural gas and propane.
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