Zacks: Brokerages Expect Global Partners LP (NYSE:GLP) Will Announce Quarterly Sales of $2.22 Billion
Equities research analysts forecast that Global Partners LP (NYSE:GLP) will report sales of $2.22 billion for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Global Partners’ earnings, with the highest sales estimate coming in at $2.23 billion and the lowest estimate coming in at $2.21 billion. Global Partners reported sales of $2.15 billion during the same quarter last year, which would suggest a positive year over year growth rate of 3.3%. The business is scheduled to report its next quarterly earnings results on Monday, August 14th.
According to Zacks, analysts expect that Global Partners will report full year sales of $2.22 billion for the current financial year, with estimates ranging from $8.25 billion to $9.73 billion. For the next year, analysts forecast that the firm will report sales of $9.28 billion per share, with estimates ranging from $8.19 billion to $10.45 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Global Partners.
Global Partners (NYSE:GLP) last released its quarterly earnings results on Tuesday, May 9th. The energy company reported $0.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.36. The firm had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.23 billion. Global Partners had a negative net margin of 1.93% and a negative return on equity of 1.83%. The firm’s quarterly revenue was up 29.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.21) EPS.
Several research firms recently commented on GLP. Zacks Investment Research cut shares of Global Partners from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 9th. Stifel Nicolaus restated a “buy” rating and issued a $21.00 price objective on shares of Global Partners in a research note on Friday, June 23rd. Finally, Janney Montgomery Scott started coverage on shares of Global Partners in a research note on Friday, June 23rd. They issued a “neutral” rating and a $18.00 price objective for the company. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $19.00.
Global Partners (NYSE GLP) traded down 0.84% during midday trading on Thursday, hitting $17.80. 78,006 shares of the stock traded hands. The stock’s market cap is $597.26 million. The company has a 50-day moving average of $18.58 and a 200-day moving average of $19.06. Global Partners has a 1-year low of $13.00 and a 1-year high of $21.95.
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Several institutional investors have recently made changes to their positions in GLP. Solaris Asset Management LLC boosted its position in shares of Global Partners by 1.5% in the first quarter. Solaris Asset Management LLC now owns 10,150 shares of the energy company’s stock worth $198,000 after buying an additional 150 shares in the last quarter. Global X Management Co. LLC boosted its position in shares of Global Partners by 5.5% in the first quarter. Global X Management Co. LLC now owns 10,351 shares of the energy company’s stock worth $202,000 after buying an additional 535 shares in the last quarter. Creative Planning boosted its position in shares of Global Partners by 54.3% in the first quarter. Creative Planning now owns 15,297 shares of the energy company’s stock worth $298,000 after buying an additional 5,383 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Global Partners by 4.8% in the first quarter. Bank of New York Mellon Corp now owns 22,001 shares of the energy company’s stock worth $429,000 after buying an additional 1,000 shares in the last quarter. Finally, Bank of Montreal Can acquired a new position in shares of Global Partners during the second quarter worth about $451,000. Institutional investors own 47.53% of the company’s stock.
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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