Global Partners LP (GLP) Receives Consensus Rating of “Hold” from Brokerages
Global Partners LP (NYSE:GLP) has earned an average recommendation of “Hold” from the seven brokerages that are currently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $18.00.
Several equities analysts recently commented on GLP shares. Zacks Investment Research lowered shares of Global Partners from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 9th. Janney Montgomery Scott started coverage on shares of Global Partners in a research report on Friday, June 23rd. They issued a “neutral” rating and a $18.00 price objective for the company. Stifel Nicolaus reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Global Partners in a research report on Friday, June 23rd. Finally, BidaskClub lowered shares of Global Partners from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 25th.
Shares of Global Partners (NYSE:GLP) traded up 0.87% during mid-day trading on Friday, reaching $17.35. 37,422 shares of the company traded hands. Global Partners has a 52 week low of $14.51 and a 52 week high of $21.95. The firm has a 50-day moving average price of $17.78 and a 200 day moving average price of $18.91. The firm’s market capitalization is $582.16 million.
Global Partners (NYSE:GLP) last announced its quarterly earnings data on Wednesday, August 9th. The energy company reported $0.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.02. The firm had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.15 billion. Global Partners had a negative net margin of 1.83% and a positive return on equity of 0.21%. Global Partners’s revenue was down 2.6% on a year-over-year basis. During the same period last year, the firm posted ($0.22) EPS. On average, analysts anticipate that Global Partners will post $1.01 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Wednesday, August 9th will be issued a $0.463 dividend. The ex-dividend date of this dividend is Monday, August 7th. This represents a $1.85 annualized dividend and a yield of 10.67%. Global Partners’s dividend payout ratio (DPR) is presently -39.11%.
A number of institutional investors have recently modified their holdings of the company. Virtu KCG Holdings LLC acquired a new position in shares of Global Partners during the second quarter valued at $187,000. JPMorgan Chase & Co. increased its position in shares of Global Partners by 448.7% in the second quarter. JPMorgan Chase & Co. now owns 10,436 shares of the energy company’s stock valued at $188,000 after buying an additional 8,534 shares during the period. 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 during the period. Acadian Asset Management LLC acquired a new position in shares of Global Partners during the second quarter valued at $199,000. Finally, 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 during the period. Institutional investors own 47.27% 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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