Zacks: Analysts Expect Global Partners LP (GLP) Will Post Quarterly Sales of $2.28 Billion
Wall Street brokerages expect Global Partners LP (NYSE:GLP) to announce $2.28 billion in sales for the current quarter, Zacks reports. Two analysts have made estimates for Global Partners’ earnings. The lowest sales estimate is $2.21 billion and the highest is $2.34 billion. Global Partners posted sales of $2.03 billion in the same quarter last year, which suggests a positive year over year growth rate of 12.3%. The company is scheduled to report its next quarterly earnings report on Monday, November 6th.
According to Zacks, analysts expect that Global Partners will report full-year sales of $2.28 billion for the current fiscal year, with estimates ranging from $8.36 billion to $9.31 billion. For the next year, analysts forecast that the firm will report sales of $9.19 billion per share, with estimates ranging from $8.15 billion to $10.29 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Global Partners.
Global Partners (NYSE:GLP) last posted its earnings results on Wednesday, August 9th. The energy company reported $0.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.02. Global Partners had a negative net margin of 1.83% and a positive return on equity of 0.21%. The firm had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.15 billion. During the same period last year, the firm posted ($0.22) EPS. The firm’s revenue for the quarter was down 2.6% on a year-over-year basis.
Several equities research analysts recently weighed in on GLP shares. Stifel Nicolaus reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Global Partners in a report on Friday, July 28th. Zacks Investment Research raised shares of Global Partners from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a report on Monday, July 17th. Janney Montgomery Scott started coverage on shares of Global Partners in a report on Friday, June 23rd. They issued a “neutral” rating and a $18.00 price objective for the company. Finally, BidaskClub raised shares of Global Partners from a “strong sell” rating to a “sell” rating in a report on Friday, August 4th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $18.40.
Global Partners (GLP) traded down 1.17% during trading on Friday, reaching $16.90. 14,127 shares of the company’s stock traded hands. Global Partners has a 12 month low of $14.53 and a 12 month high of $21.95. The company has a 50-day moving average of $17.21 and a 200 day moving average of $18.33. The stock’s market capitalization is $567.06 million.
The firm also recently declared a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Wednesday, August 9th were issued a $0.463 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 10.96%. The ex-dividend date of this dividend was Monday, August 7th. Global Partners’s payout ratio is -39.11%.
A number of hedge funds and other institutional investors have recently modified their holdings of GLP. Morgan Stanley lifted its holdings in Global Partners by 13.6% in the 1st quarter. Morgan Stanley now owns 2,859,113 shares of the energy company’s stock valued at $55,754,000 after acquiring an additional 341,554 shares during the last quarter. OppenheimerFunds Inc. lifted its holdings in Global Partners by 5.2% in the 1st quarter. OppenheimerFunds Inc. now owns 4,062,473 shares of the energy company’s stock valued at $79,218,000 after acquiring an additional 201,405 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Global Partners by 20.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 951,845 shares of the energy company’s stock valued at $17,181,000 after acquiring an additional 159,895 shares during the last quarter. Kayne Anderson Capital Advisors LP lifted its holdings in Global Partners by 3.0% in the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 1,820,223 shares of the energy company’s stock valued at $32,851,000 after acquiring an additional 53,700 shares during the last quarter. Finally, GSA Capital Partners LLP lifted its holdings in Global Partners by 267.8% in the 2nd quarter. GSA Capital Partners LLP now owns 48,556 shares of the energy company’s stock valued at $876,000 after acquiring an additional 35,356 shares during the last quarter. 39.85% of the stock is owned by institutional investors.
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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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