Global Partners LP (GLP) Given Consensus Recommendation of “Hold” by Brokerages
Global Partners LP (NYSE:GLP) has earned a consensus rating of “Hold” from the six research firms that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $18.67.
A number of equities research analysts have recently weighed in on GLP shares. Zacks Investment Research raised Global Partners from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Tuesday, October 24th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Global Partners in a research note on Friday, July 28th. J P Morgan Chase & Co reaffirmed a “neutral” rating on shares of Global Partners in a research note on Tuesday. Finally, BidaskClub raised Global Partners from a “strong sell” rating to a “sell” rating in a research note on Friday, August 4th.
Shares of Global Partners (GLP) remained flat at $$17.40 during midday trading on Tuesday. 22,700 shares of the company’s stock traded hands, compared to its average volume of 65,451. Global Partners has a 1 year low of $15.20 and a 1 year high of $21.95. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.52 and a quick ratio of 0.93. The firm has a market capitalization of $591.52, a price-to-earnings ratio of 37.83 and a beta of 1.10.
Global Partners (NYSE:GLP) last issued its quarterly earnings data on Wednesday, November 8th. The energy company reported $0.44 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.19. Global Partners had a positive return on equity of 3.95% and a negative net margin of 0.28%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same period in the previous year, the firm posted ($3.54) earnings per share. The company’s revenue was up 6.4% on a year-over-year basis. research analysts expect that Global Partners will post 1.15 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, November 14th. Investors of record on Thursday, November 9th were paid a dividend of $0.4625 per share. The ex-dividend date was Wednesday, November 8th. This represents a $1.85 annualized dividend and a yield of 10.63%. Global Partners’s payout ratio is -243.42%.
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A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLP. Bank of New York Mellon Corp grew its stake in Global Partners by 4.8% during the 1st quarter. Bank of New York Mellon Corp now owns 22,001 shares of the energy company’s stock worth $429,000 after purchasing an additional 1,000 shares in the last quarter. Bank of Montreal Can acquired a new position in Global Partners during the 2nd quarter worth $451,000. Acadian Asset Management LLC acquired a new position in Global Partners during the 2nd quarter worth $199,000. Cutler Capital Management LLC acquired a new position in Global Partners during the 2nd quarter worth $254,000. Finally, Kayne Anderson Capital Advisors LP grew its stake in Global Partners by 3.0% during the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 1,820,223 shares of the energy company’s stock worth $32,851,000 after purchasing an additional 53,700 shares in the last quarter. 40.02% of the stock is owned by hedge funds and other institutional investors.
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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