$2.28 Billion in Sales Expected for Global Partners LP (GLP) This Quarter
Wall Street brokerages forecast that Global Partners LP (NYSE:GLP) will post $2.28 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Global Partners’ earnings, with estimates ranging from $2.21 billion to $2.34 billion. Global Partners posted sales of $2.03 billion in the same quarter last year, which would indicate a positive year over year growth rate of 12.3%. The company is scheduled to report its next earnings results on Monday, November 6th.
According to Zacks, analysts expect that Global Partners will report full year sales of $2.28 billion for the current year, with estimates ranging from $8.25 billion to $9.31 billion. For the next year, analysts expect that the firm will report sales of $9.20 billion per share, with estimates ranging from $8.19 billion to $10.29 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Global Partners.
Global Partners (NYSE:GLP) last issued its quarterly earnings results on Wednesday, August 9th. The energy company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.02. The business had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.15 billion. Global Partners had a positive return on equity of 0.21% and a negative net margin of 1.83%. The business’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.22) earnings per share.
A number of research firms have recently issued reports on GLP. Zacks Investment Research upgraded shares of Global Partners from a “hold” rating to a “strong-buy” rating and set a $20.00 price target for the company in a research report on Tuesday, July 25th. Stifel Nicolaus reiterated a “buy” rating and set a $20.00 price target on shares of Global Partners in a research report on Thursday, August 10th. Janney Montgomery Scott began coverage on shares of Global Partners in a research report on Friday, June 23rd. They set a “neutral” rating and a $18.00 price target for the company. Finally, BidaskClub downgraded shares of Global Partners from a “sell” rating to a “strong sell” rating in a research report on Saturday. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $18.40.
Several large investors have recently bought and sold shares of GLP. Solaris Asset Management LLC increased its position in shares of Global Partners by 1.5% in the first quarter. Solaris Asset Management LLC now owns 10,150 shares of the energy company’s stock valued at $198,000 after buying an additional 150 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of 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 in the last quarter. Global X Management Co. LLC increased its position in shares of Global Partners by 5.5% in the first quarter. Global X Management Co. LLC now owns 10,351 shares of the energy company’s stock valued at $202,000 after buying an additional 535 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Global Partners by 4.8% in the first quarter. Bank of New York Mellon Corp now owns 22,001 shares of the energy company’s stock valued at $429,000 after buying an additional 1,000 shares in the last quarter. Finally, Creative Planning increased its position in shares of Global Partners by 54.3% in the first quarter. Creative Planning now owns 15,297 shares of the energy company’s stock valued at $298,000 after buying an additional 5,383 shares in the last quarter. Institutional investors own 47.52% of the company’s stock.
Shares of Global Partners (GLP) traded up 3.38% during mid-day trading on Wednesday, reaching $16.80. The company’s stock had a trading volume of 66,427 shares. The firm’s market cap is $563.71 million. The firm’s 50-day moving average price is $17.50 and its 200 day moving average price is $18.66. Global Partners has a 12-month low of $14.51 and a 12-month high of $21.95.
The business also recently declared a quarterly dividend, which was paid on Monday, August 14th. Stockholders of record on Wednesday, August 9th were given a dividend of $0.463 per share. The ex-dividend date of this dividend was Monday, August 7th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 11.02%. Global Partners’s payout ratio is -39.11%.
About Global Partners
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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