Global Partners (NYSE:GLP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

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 research reports. ValuEngine raised shares of Global Partners from a “sell” rating to a “hold” rating in a research report on Thursday, July 5th. Mitsubishi UFJ Financial Group increased their price objective on shares of Global Partners and gave the stock an “underweight” rating in a research report on Friday. Stifel Nicolaus reissued a “hold” rating and issued a $20.00 price objective (up previously from $17.00) on shares of Global Partners in a research report on Friday. Finally, Barclays dropped their price objective on shares of Global Partners from $18.00 to $17.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 17th. Two research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. The stock currently has an average rating of “Hold” and an average price target of $19.67.

NYSE:GLP traded up $0.40 during trading hours on Tuesday, reaching $20.40. 147,600 shares of the company were exchanged, compared to its average volume of 69,375. Global Partners has a 52-week low of $15.16 and a 52-week high of $20.50. The company has a market cap of $676.51 million, a P/E ratio of 14.68 and a beta of 1.11. The company has a quick ratio of 0.89, a current ratio of 1.44 and a debt-to-equity ratio of 2.67.

Global Partners (NYSE:GLP) last released its quarterly earnings data on Thursday, August 9th. The energy company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.07. Global Partners had a net margin of 0.94% and a return on equity of 8.83%. The company had revenue of $3.13 billion during the quarter, compared to analyst estimates of $2.66 billion. research analysts forecast that Global Partners will post 0.86 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN grew its holdings in Global Partners by 18.8% during the 1st quarter. Wells Fargo & Company MN now owns 27,931 shares of the energy company’s stock valued at $429,000 after purchasing an additional 4,414 shares in the last quarter. California Public Employees Retirement System grew its holdings in Global Partners by 3.3% during the 1st quarter. California Public Employees Retirement System now owns 149,199 shares of the energy company’s stock valued at $2,290,000 after purchasing an additional 4,699 shares in the last quarter. Janney Montgomery Scott LLC acquired a new stake in Global Partners during the 2nd quarter valued at $181,000. Van ECK Associates Corp grew its holdings in Global Partners by 10.9% during the 2nd quarter. Van ECK Associates Corp now owns 188,755 shares of the energy company’s stock valued at $3,218,000 after purchasing an additional 18,515 shares in the last quarter. Finally, UBS Group AG grew its holdings in Global Partners by 44.5% during the 1st quarter. UBS Group AG now owns 164,118 shares of the energy company’s stock valued at $2,519,000 after purchasing an additional 50,527 shares in the last quarter. 41.60% of the stock is owned by institutional investors and hedge funds.

About Global Partners

Global Partners LP, a midstream logistics and marketing company, distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers in the New England states and New York. It operates in three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.

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