Global Partners (NYSE:GLP) Rating Lowered to “Hold” at Zacks Research

Global Partners (NYSE:GLP) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

Other equities research analysts have also issued research reports about the stock. Wall Street Zen raised shares of Global Partners from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 13th. Weiss Ratings upgraded Global Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Global Partners presently has an average rating of “Hold” and an average price target of $46.00.

Global Partners Price Performance

GLP stock opened at $49.20 on Tuesday. Global Partners has a 1 year low of $39.58 and a 1 year high of $53.25. The company has a debt-to-equity ratio of 2.58, a current ratio of 1.12 and a quick ratio of 0.64. The firm has a market capitalization of $1.67 billion, a PE ratio of 13.67 and a beta of 1.02. The business has a 50 day simple moving average of $47.69 and a 200-day simple moving average of $46.42.

Global Partners (NYSE:GLP) last announced its quarterly earnings data on Friday, May 8th. The energy company reported $1.85 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $1.52. The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $6.98 billion. Global Partners had a return on equity of 24.23% and a net margin of 0.77%. Equities research analysts anticipate that Global Partners will post 4.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Global Partners

Several institutional investors have recently bought and sold shares of the company. GSA Capital Partners LLP lifted its stake in shares of Global Partners by 185.9% in the 4th quarter. GSA Capital Partners LLP now owns 30,850 shares of the energy company’s stock worth $1,291,000 after acquiring an additional 20,060 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Global Partners by 16.6% during the third quarter. JPMorgan Chase & Co. now owns 389,277 shares of the energy company’s stock worth $18,685,000 after acquiring an additional 55,304 shares during the period. Alps Advisors Inc. raised its holdings in Global Partners by 4.9% during the fourth quarter. Alps Advisors Inc. now owns 5,999,844 shares of the energy company’s stock worth $251,093,000 after purchasing an additional 277,875 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in Global Partners by 89.1% in the second quarter. Geneos Wealth Management Inc. now owns 4,245 shares of the energy company’s stock valued at $224,000 after purchasing an additional 2,000 shares during the period. Finally, Osaic Holdings Inc. boosted its holdings in Global Partners by 63.1% in the 4th quarter. Osaic Holdings Inc. now owns 9,788 shares of the energy company’s stock valued at $410,000 after purchasing an additional 3,788 shares in the last quarter. 38.12% of the stock is owned by institutional investors and hedge funds.

About Global Partners

Global Partners LP is a publicly traded master limited partnership engaged in the wholesale distribution and retail marketing of petroleum products. The company sources refined petroleum products from major refineries and suppliers and transports them through an integrated network of pipelines, terminals and storage facilities. Global Partners focuses on delivering fuel and related services to commercial, industrial and residential customers, positioning itself as a key midstream and downstream energy operator in its core markets.

Through its extensive terminal network in the northeastern United States and eastern Canada, Global Partners supplies gasoline, diesel, home heating oil, kerosene, propane and biofuels to a broad customer base.