Mitsubishi UFJ Financial Group Reiterates Underweight Rating for Global Partners LP (GLP)
Global Partners LP (NYSE:GLP)‘s stock had its “underweight” rating reissued by stock analysts at Mitsubishi UFJ Financial Group in a research report issued on Wednesday. They currently have a $16.00 price objective on the stock. Mitsubishi UFJ Financial Group’s price objective would suggest a potential downside of 0.62% from the stock’s previous close.
Other equities analysts have also recently issued reports about the stock. Zacks Investment Research cut shares of Global Partners from a “buy” rating to a “hold” rating in a research note on Thursday, August 11th. Barclays PLC boosted their target price on shares of Global Partners from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 16th. Two investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Global Partners has a consensus rating of “Hold” and a consensus target price of $19.67.
Global Partners (NYSE:GLP) opened at 16.10 on Wednesday. The company’s market cap is $539.66 million. Global Partners has a 52-week low of $12.28 and a 52-week high of $27.53. The firm’s 50-day moving average is $15.97 and its 200 day moving average is $14.45.
Global Partners (NYSE:GLP) last announced its quarterly earnings data on Monday, November 7th. The company reported ($3.54) EPS for the quarter, missing the consensus estimate of $0.01 by $3.55. The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.45 billion. During the same period last year, the firm posted $0.16 EPS. The company’s revenue for the quarter was down 18.3% on a year-over-year basis. On average, equities research analysts predict that Global Partners will post ($0.46) EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 14th. Stockholders of record on Tuesday, November 8th will be issued a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 11.49%. The ex-dividend date is Friday, November 4th.
Several large investors have recently added to or reduced their stakes in GLP. JPMorgan Chase & Co. raised 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 worth $5,749,000 after buying an additional 1,338 shares during the last quarter. Creative Planning raised its stake in Global Partners by 110.5% in the second quarter. Creative Planning now owns 15,000 shares of the company’s stock worth $206,000 after buying an additional 7,875 shares during the last quarter. Youngs Advisory Group Inc. raised its stake in Global Partners by 11.4% in the second quarter. Youngs Advisory Group Inc. now owns 13,335 shares of the company’s stock worth $183,000 after buying an additional 1,363 shares during the last quarter. Albert D Mason Inc. raised its stake in Global Partners by 6.4% in the second quarter. Albert D Mason Inc. now owns 56,966 shares of the company’s stock worth $781,000 after buying an additional 3,430 shares during the last quarter. Finally, Winslow Evans & Crocker Inc. raised its stake in Global Partners by 9.7% in the second quarter. Winslow Evans & Crocker Inc. now owns 20,528 shares of the company’s stock worth $281,000 after buying an additional 1,822 shares during 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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