Global Partners (GLP) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Global Partners (NYSE:GLP) from a strong-buy rating to a hold rating in a research report released on Friday morning.

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. “

Several other research firms also recently issued reports on GLP. TheStreet raised shares of Global Partners from a d+ rating to a c rating in a report on Thursday, November 30th. JPMorgan Chase & Co. reaffirmed a neutral rating on shares of Global Partners in a report on Tuesday, November 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $19.00.

Global Partners (NYSE:GLP) traded down $0.10 on Friday, reaching $17.95. 27,550 shares of the company’s stock traded hands, compared to its average volume of 78,487. The company has a current ratio of 1.52, a quick ratio of 0.93 and a debt-to-equity ratio of 2.95. The stock has a market capitalization of $613.63, a P/E ratio of -23.93 and a beta of 1.09. Global Partners has a fifty-two week low of $15.80 and a fifty-two week high of $21.95.

Global Partners (NYSE:GLP) last posted its quarterly earnings data on Wednesday, November 8th. The energy company reported $0.44 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.19. The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.29 billion. Global Partners had a negative net margin of 0.28% and a positive return on equity of 3.95%. The company’s revenue was up 6.4% compared to the same quarter last year. During the same period last year, the firm posted ($3.54) earnings per share. sell-side analysts expect that Global Partners will post 1.34 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Kayne Anderson Capital Advisors LP raised its position in shares of Global Partners by 6.1% in 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 buying an additional 110,792 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Global Partners by 20.2% in the second quarter. Goldman Sachs Group Inc. now owns 951,845 shares of the energy company’s stock valued at $17,181,000 after buying an additional 159,895 shares during the last quarter. HITE Hedge Asset Management LLC raised its position in shares of Global Partners by 2.8% in 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 buying an additional 18,022 shares during the last quarter. California Public Employees Retirement System raised its position in shares of 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 last quarter. Finally, GSA Capital Partners LLP raised its position in shares of Global Partners by 34.4% in the third quarter. GSA Capital Partners LLP now owns 65,276 shares of the energy company’s stock valued at $1,136,000 after buying an additional 16,720 shares during the last quarter. Institutional investors and hedge funds own 39.92% of the company’s stock.

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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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