Global Partners (NYSE:GLP) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday. The firm presently has a $20.00 price target on the energy company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.04% from the stock’s current price.
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. “
A number of other analysts have also weighed in on GLP. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Global Partners in a research note on Tuesday, November 21st. TheStreet raised Global Partners from a “d+” rating to a “c” rating in a research note on Thursday, November 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Global Partners currently has a consensus rating of “Hold” and an average target price of $19.00.
Global Partners (NYSE:GLP) last issued its earnings results on Wednesday, November 8th. The energy company reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.19. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.29 billion. Global Partners had a positive return on equity of 3.95% and a negative net margin of 0.28%. Global Partners’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($3.54) earnings per share. equities analysts expect that Global Partners will post 1.27 EPS for the current year.
Several large investors have recently added to or reduced their stakes in the company. Kayne Anderson Capital Advisors LP boosted its stake in shares of Global Partners by 6.1% during the third quarter. Kayne Anderson Capital Advisors LP now owns 1,931,015 shares of the energy company’s stock valued at $33,589,000 after purchasing an additional 110,792 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of 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 period. HITE Hedge Asset Management LLC boosted its stake in shares of Global Partners by 2.8% during the third quarter. HITE Hedge Asset Management LLC now owns 671,242 shares of the energy company’s stock valued at $11,680,000 after purchasing an additional 18,022 shares during the period. California Public Employees Retirement System boosted its stake in shares of Global Partners by 3.9% during 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 purchasing an additional 5,500 shares during the period. Finally, GSA Capital Partners LLP boosted its stake in shares of Global Partners by 34.4% during the third quarter. GSA Capital Partners LLP now owns 65,276 shares of the energy company’s stock valued at $1,136,000 after purchasing an additional 16,720 shares during the period. 39.92% of the stock is owned by hedge funds and other institutional investors.
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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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