Brokerages Set Global Partners (GLP) Target Price at $17.67

Global Partners (NYSE:GLP) has earned an average rating of “Hold” from the eight analysts that are currently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating and five have issued a hold rating on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $17.67.

A number of analysts recently commented on GLP shares. Barclays dropped their price target on shares of Global Partners from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 17th. Stifel Nicolaus cut shares of Global Partners from a “buy” rating to a “hold” rating and set a $18.00 price target on the stock. in a research note on Tuesday, March 13th. Zacks Investment Research cut shares of Global Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, January 23rd. Finally, ValuEngine cut shares of Global Partners from a “hold” rating to a “sell” rating in a research note on Monday, April 2nd.

Shares of GLP stock opened at $17.20 on Tuesday. The company has a market cap of $583.02 million, a P/E ratio of 18.25 and a beta of 0.85. The company has a debt-to-equity ratio of 2.65, a quick ratio of 0.79 and a current ratio of 1.41. Global Partners has a 12 month low of $17.05 and a 12 month high of $17.10.

Global Partners (NYSE:GLP) last announced its quarterly earnings results on Wednesday, May 9th. The energy company reported $1.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.17 by $1.56. The company had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.35 billion. Global Partners had a net margin of 1.00% and a return on equity of 8.03%. research analysts forecast that Global Partners will post 0.49 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 15th. Investors of record on Thursday, May 10th were issued a dividend of $0.463 per share. This represents a $1.85 dividend on an annualized basis and a yield of 10.77%. The ex-dividend date was Wednesday, May 9th. This is a positive change from Global Partners’s previous quarterly dividend of $0.46. Global Partners’s dividend payout ratio is 133.09%.

Institutional investors have recently bought and sold shares of the stock. Fort Point Capital Partners LLC bought a new stake in Global Partners during the 4th quarter worth approximately $225,000. Wells Fargo & Company MN increased its holdings in Global Partners by 28.7% during the 4th quarter. Wells Fargo & Company MN now owns 23,517 shares of the energy company’s stock worth $393,000 after acquiring an additional 5,245 shares during the period. Penbrook Management LLC bought a new stake in Global Partners during the 4th quarter worth approximately $451,000. Acadian Asset Management LLC increased its holdings 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 acquiring an additional 30,029 shares during the period. Finally, Geode Capital Management LLC bought a new stake in Global Partners during the 4th quarter worth approximately $973,000. 43.17% of the stock is currently owned by institutional investors and hedge funds.

About Global Partners

Global Partners LP, a midstream logistics and marketing company, distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers in the New England states and New York. It operates in three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.

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