Global Partners LP (GLP) Lifted to Strong-Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Global Partners LP (NYSE:GLP) from a hold rating to a strong-buy rating in a research note published on Tuesday morning. They currently have $22.00 price objective on the stock.
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 topic of a number of other research reports. Stifel Nicolaus raised their price target on Global Partners from $19.00 to $25.00 and gave the stock a buy rating in a research note on Tuesday, February 7th. Barclays PLC restated an equal weight rating and set a $18.00 price target (up previously from $17.00) on shares of Global Partners in a research note on Saturday, March 11th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Global Partners has an average rating of Hold and an average target price of $18.60.
Global Partners (NYSE:GLP) traded up 1.7915% during mid-day trading on Tuesday, hitting $19.1368. The stock had a trading volume of 4,397 shares. The firm’s market cap is $641.91 million. Global Partners has a 12-month low of $12.28 and a 12-month high of $21.95. The stock has a 50-day moving average price of $19.81 and a 200 day moving average price of $17.51.
Global Partners (NYSE:GLP) last released its quarterly earnings results on Thursday, March 9th. The company reported ($1.94) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.29) by $0.35. The firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.06 billion. Global Partners had a negative return on equity of 2.65% and a negative net margin of 1.68%. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.07) EPS. Equities analysts anticipate that Global Partners will post $0.45 EPS for the current fiscal year.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLP. NEXT Financial Group Inc increased its position in Global Partners by 29.2% in the third quarter. NEXT Financial Group Inc now owns 7,525 shares of the company’s stock worth $121,000 after buying an additional 1,700 shares in the last quarter. Moors & Cabot Inc. increased its position in Global Partners by 1.7% in the third quarter. Moors & Cabot Inc. now owns 11,888 shares of the company’s stock worth $191,000 after buying an additional 200 shares in the last quarter. Morgan Stanley increased its position in Global Partners by 44.0% in the third quarter. Morgan Stanley now owns 2,077,243 shares of the company’s stock worth $33,527,000 after buying an additional 635,046 shares in the last quarter. Albert D Mason Inc. increased its position in Global Partners by 80.7% in the third quarter. Albert D Mason Inc. now owns 102,942 shares of the company’s stock worth $1,661,000 after buying an additional 45,976 shares in the last quarter. Finally, Kayne Anderson Capital Advisors LP increased its position in Global Partners by 112.5% in the third quarter. Kayne Anderson Capital Advisors LP now owns 1,760,797 shares of the company’s stock worth $28,415,000 after buying an additional 932,310 shares in the last quarter. Hedge funds and other institutional investors own 37.76% of the company’s stock.
About Global Partners
Global Partners LP is a midstream logistics and marketing company. The Company is engaged in the purchasing, selling and logistics of transporting petroleum and related products, including domestic and Canadian crude oil, gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, natural gas and propane.
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