Global Partners (NYSE:GLP) Lowered to Hold Rating by Wall Street Zen

Global Partners (NYSE:GLP) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

Several other research analysts have also recently weighed in on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of Global Partners in a research report on Wednesday, October 8th. Zacks Research lowered shares of Global Partners from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $56.00.

Global Partners Price Performance

GLP stock traded down $2.27 during mid-day trading on Friday, reaching $42.24. 85,305 shares of the company traded hands, compared to its average volume of 65,442. The company has a fifty day moving average price of $47.85 and a 200-day moving average price of $50.38. Global Partners has a 52-week low of $39.70 and a 52-week high of $60.00. The company has a market capitalization of $1.44 billion, a P/E ratio of 16.25 and a beta of 0.98. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.18 and a quick ratio of 0.70.

Global Partners (NYSE:GLP) last released its quarterly earnings data on Friday, November 7th. The energy company reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.43). The firm had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $7.21 billion. Global Partners had a net margin of 0.64% and a return on equity of 17.95%. As a group, analysts anticipate that Global Partners will post 2.13 earnings per share for the current year.

Insiders Place Their Bets

In related news, COO Mark Romaine sold 9,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $51.44, for a total transaction of $462,960.00. Following the transaction, the chief operating officer directly owned 130,531 shares in the company, valued at $6,714,514.64. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 41.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GLP. PNC Financial Services Group Inc. bought a new stake in shares of Global Partners in the third quarter worth about $48,000. US Bancorp DE lifted its holdings in Global Partners by 42.9% in the 1st quarter. US Bancorp DE now owns 2,037 shares of the energy company’s stock worth $109,000 after buying an additional 612 shares during the period. State of Wyoming grew its position in shares of Global Partners by 110.2% in the 3rd quarter. State of Wyoming now owns 2,304 shares of the energy company’s stock worth $111,000 after buying an additional 1,208 shares during the last quarter. First Horizon Corp purchased a new position in shares of Global Partners during the third quarter valued at approximately $120,000. Finally, Traub Capital Management LLC bought a new position in shares of Global Partners during the second quarter valued at approximately $192,000. Institutional investors own 38.12% of the company’s stock.

About Global Partners

Global Partners LP engages in the purchasing, selling, gathering, blending, storing, and logistics of transporting gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, and propane to wholesalers, retailers, and commercial customers. The company operates through three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.