Global Partners LP (NYSE:GLP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $20.00 target price on the energy company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 10.80% from the stock’s previous close.
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. “
GLP has been the subject of several other reports. BidaskClub cut Global Partners from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 25th. Stifel Nicolaus reissued a “buy” rating and set a $21.00 price target on shares of Global Partners in a research report on Friday, June 23rd. Finally, Janney Montgomery Scott started coverage on Global Partners in a research report on Friday, June 23rd. They set a “neutral” rating and a $18.00 price target for the company. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $18.40.
Shares of Global Partners (NYSE:GLP) traded down 1.10% on Tuesday, hitting $18.05. The company had a trading volume of 50,780 shares. The firm has a 50 day moving average of $17.32 and a 200-day moving average of $18.06. Global Partners has a 12-month low of $14.85 and a 12-month high of $21.95. The firm’s market capitalization is $605.65 million.
Global Partners (NYSE:GLP) last issued its quarterly earnings results on Wednesday, August 9th. The energy company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.05 by $0.02. Global Partners had a return on equity of 2.38% and a net margin of 0.10%. The firm had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.15 billion. During the same period in the prior year, the firm posted ($0.22) earnings per share. The business’s quarterly revenue was down 2.6% compared to the same quarter last year. On average, equities analysts predict that Global Partners will post $0.99 EPS for the current year.
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A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. boosted its position in Global Partners by 20.2% during the second quarter. Goldman Sachs Group Inc. now owns 951,845 shares of the energy company’s stock valued at $17,181,000 after purchasing an additional 159,895 shares during the last quarter. Virtu KCG Holdings LLC bought a new stake in Global Partners in the second quarter valued at approximately $187,000. California Public Employees Retirement System raised its stake in Global Partners by 3.9% in the second quarter. California Public Employees Retirement System now owns 146,900 shares of the energy company’s stock valued at $2,652,000 after buying an additional 5,500 shares during the period. GSA Capital Partners LLP raised its stake in Global Partners by 267.8% in the second quarter. GSA Capital Partners LLP now owns 48,556 shares of the energy company’s stock valued at $876,000 after buying an additional 35,356 shares during the period. Finally, Wells Fargo & Company MN raised its stake in Global Partners by 0.9% in the second quarter. Wells Fargo & Company MN now owns 17,412 shares of the energy company’s stock valued at $314,000 after buying an additional 154 shares during the period. 39.85% of the stock is owned by hedge funds and other institutional investors.
Global Partners Company Profile
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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