Global Partners (NYSE:GLP) Rating Lowered to “Strong Sell” at Zacks Research

Global Partners (NYSE:GLP) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Tuesday,Zacks.com reports.

GLP has been the subject of a number of other reports. Stifel Nicolaus decreased their target price on Global Partners from $53.00 to $45.00 and set a “hold” rating for the company in a research note on Tuesday. Wall Street Zen downgraded Global Partners from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Weiss Ratings lowered Global Partners from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, November 7th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $45.00.

Global Partners Price Performance

Shares of GLP opened at $41.48 on Tuesday. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of 15.95 and a beta of 0.98. The stock has a 50 day moving average of $47.16 and a 200-day moving average of $50.16. The company has a current ratio of 1.18, a quick ratio of 0.70 and a debt-to-equity ratio of 2.74. Global Partners has a 52 week low of $39.70 and a 52 week high of $60.00.

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

Insider Activity at Global Partners

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 shares were sold at an average price of $51.44, for a total transaction of $462,960.00. Following the completion of the sale, the chief operating officer directly owned 130,531 shares in the company, valued at approximately $6,714,514.64. This trade represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 41.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Global Partners

Hedge funds have recently modified their holdings of the stock. Alps Advisors Inc. lifted its holdings in shares of Global Partners by 5.1% during the third quarter. Alps Advisors Inc. now owns 5,721,969 shares of the energy company’s stock valued at $274,655,000 after purchasing an additional 275,906 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in Global Partners in the 2nd quarter worth about $178,723,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Global Partners by 14.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,849,454 shares of the energy company’s stock worth $98,724,000 after buying an additional 240,342 shares during the period. Pallas Capital Advisors LLC lifted its stake in Global Partners by 1.6% during the second quarter. Pallas Capital Advisors LLC now owns 1,627,973 shares of the energy company’s stock valued at $85,843,000 after buying an additional 26,069 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Global Partners by 16.6% during the third quarter. JPMorgan Chase & Co. now owns 389,277 shares of the energy company’s stock valued at $18,685,000 after buying an additional 55,304 shares in the last quarter. 38.12% of the stock is currently owned by institutional investors and hedge funds.

Global Partners Company Profile

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.