Stifel Nicolaus Reiterates Buy Rating for Global Partners LP (NYSE:GLP)
Stifel Nicolaus restated their buy rating on shares of Global Partners LP (NYSE:GLP) in a research report sent to investors on Friday. They currently have a $21.00 price objective on the energy company’s stock.
GLP has been the subject of several other research reports. BidaskClub cut Global Partners from a sell rating to a strong sell rating in a report on Tuesday, July 25th. Zacks Investment Research lowered Global Partners from a buy rating to a hold rating in a research report on Wednesday, July 19th. Finally, Janney Montgomery Scott began coverage on Global Partners in a research report on Friday, June 23rd. They issued a neutral rating and a $18.00 target price for the company. Three investment analysts have rated the stock with a sell rating, two have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Global Partners presently has an average rating of Hold and an average price target of $18.60.
Shares of Global Partners (NYSE GLP) opened at 17.95 on Friday. The firm has a 50-day moving average price of $17.78 and a 200-day moving average price of $19.05. Global Partners has a one year low of $13.03 and a one year high of $21.95. The company’s market capitalization is $602.29 million.
Global Partners (NYSE:GLP) last released its quarterly earnings data on Tuesday, May 9th. The energy company reported $0.33 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.36. Global Partners had a negative return on equity of 1.83% and a negative net margin of 1.93%. The business had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.23 billion. During the same quarter last year, the business posted ($0.21) EPS. The business’s revenue was up 29.7% on a year-over-year basis. Equities analysts forecast that Global Partners will post $1.11 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Wednesday, August 9th will be given a dividend of $0.463 per share. This represents a $1.85 dividend on an annualized basis and a yield of 10.32%. The ex-dividend date of this dividend is Monday, August 7th. Global Partners’s dividend payout ratio (DPR) is presently -36.85%.
A number of hedge funds and other institutional investors have recently bought and sold shares of GLP. Cutler Capital Management LLC bought a new position in Global Partners during the second quarter worth $254,000. Acadian Asset Management LLC bought a new position in Global Partners during the second quarter worth $199,000. Winslow Evans & Crocker Inc. raised its position in Global Partners by 81.6% in the second quarter. Winslow Evans & Crocker Inc. now owns 57,165 shares of the energy company’s stock worth $1,052,000 after buying an additional 25,691 shares during the period. Bank of Montreal Can bought a new position in Global Partners during the second quarter worth $451,000. Finally, Goldman Sachs Group Inc. raised its position in Global Partners by 9.8% in the first quarter. Goldman Sachs Group Inc. now owns 791,950 shares of the energy company’s stock worth $15,443,000 after buying an additional 70,756 shares during the period. 47.27% of the stock is owned by institutional investors.
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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