Zacks Investment Research upgraded shares of Global Partners (NYSE:GLP) from a sell rating to a hold rating in a research report report published on Tuesday.
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 firms also recently issued reports on GLP. Stifel Nicolaus downgraded shares of Global Partners from a buy rating to a hold rating in a research note on Tuesday. TheStreet raised shares of Global Partners from a d+ rating to a c rating in a research note on Thursday, November 30th. JPMorgan Chase & Co. reissued a neutral rating on shares of Global Partners in a research note on Tuesday, November 21st. Finally, Barclays reissued an equal weight rating and issued a $18.00 price target (down from $19.00) on shares of Global Partners in a research note on Monday. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $19.00.
Global Partners (NYSE:GLP) last posted its earnings results on Thursday, March 8th. The energy company reported $0.20 earnings per share for the quarter, meeting the consensus estimate of $0.20. The company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.35 billion. Global Partners had a net margin of 0.66% and a return on equity of 8.88%. equities research analysts predict that Global Partners will post 0.55 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Friday, February 9th were paid a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 10.63%. The ex-dividend date of this dividend was Thursday, February 8th. Global Partners’s dividend payout ratio (DPR) is 106.32%.
Several institutional investors have recently added to or reduced their stakes in the company. Fort Point Capital Partners LLC purchased a new stake in Global Partners during the 4th quarter worth approximately $225,000. Commonwealth Equity Services Inc increased its stake in Global Partners by 28.9% during the 3rd quarter. Commonwealth Equity Services Inc now owns 16,171 shares of the energy company’s stock worth $281,000 after buying an additional 3,624 shares during the period. Wells Fargo & Company MN increased its stake in Global Partners by 0.9% during the 2nd quarter. Wells Fargo & Company MN now owns 17,412 shares of the energy company’s stock worth $314,000 after buying an additional 154 shares during the period. Penbrook Management LLC purchased a new stake in Global Partners during the 4th quarter worth approximately $451,000. Finally, Acadian Asset Management LLC increased its stake in Global Partners by 263.2% during the 4th quarter. Acadian Asset Management LLC now owns 41,437 shares of the energy company’s stock worth $693,000 after buying an additional 30,029 shares during the period. 41.58% of the stock is currently owned by institutional investors and hedge funds.
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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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