Zacks Investment Research Upgrades Global Partners LP (NYSE:GLP) to “Strong-Buy”
Zacks Investment Research upgraded shares of Global Partners LP (NYSE:GLP) from a hold rating to a strong-buy rating in a research report released on Tuesday morning. Zacks Investment Research currently has $20.00 target price on the energy company’s stock.
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. “
A number of other research analysts have also recently commented on the stock. Stifel Nicolaus reissued a buy rating and issued a $21.00 target price on shares of Global Partners in a report on Friday, June 23rd. BidaskClub cut shares of Global Partners from a sell rating to a strong sell rating in a report on Tuesday. Finally, 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 target price for the company. Three analysts have rated the stock with a sell rating, two have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Global Partners has a consensus rating of Hold and an average price target of $18.60.
Global Partners (GLP) traded up 0.85% during midday trading on Tuesday, reaching $17.70. 40,833 shares of the company’s stock traded hands. The stock has a 50-day moving average of $17.79 and a 200 day moving average of $19.07. The company’s market cap is $593.91 million. Global Partners has a 52-week low of $13.03 and a 52-week high of $21.95.
Global Partners (NYSE:GLP) last posted its quarterly earnings data on Tuesday, May 9th. The energy company reported $0.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.36. Global Partners had a negative net margin of 1.93% and a negative return on equity of 1.83%. The business had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.23 billion. During the same quarter in the prior year, the business posted ($0.21) earnings per share. Global Partners’s revenue was up 29.7% compared to the same quarter last year. On average, analysts anticipate that Global Partners will post $1.11 earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently bought and sold shares of GLP. Morgan Stanley boosted its position in Global Partners by 13.6% in the first quarter. Morgan Stanley now owns 2,859,113 shares of the energy company’s stock worth $55,754,000 after buying an additional 341,554 shares during the period. OppenheimerFunds Inc. boosted its position in Global Partners by 5.2% in the first quarter. OppenheimerFunds Inc. now owns 4,062,473 shares of the energy company’s stock worth $79,218,000 after buying an additional 201,405 shares during the period. Goldman Sachs Group Inc. boosted 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. Spirit of America Management Corp NY boosted its position in Global Partners by 63.2% in the first quarter. Spirit of America Management Corp NY now owns 118,012 shares of the energy company’s stock worth $2,302,000 after buying an additional 45,700 shares during the period. Finally, Winslow Evans & Crocker Inc. boosted 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. 47.64% 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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