Global Partners (NYSE:GLP) Cut to Buy at Wall Street Zen

Wall Street Zen downgraded shares of Global Partners (NYSE:GLP) from a strong-buy rating to a buy rating in a research note published on Saturday morning.

GLP has been the topic of a number of other research reports. Weiss Ratings raised shares of Global Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. Zacks Research cut shares of Global Partners from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $46.00.

Global Partners Trading Down 1.1%

Shares of Global Partners stock opened at $49.62 on Friday. Global Partners has a fifty-two week low of $39.58 and a fifty-two week high of $53.25. The business’s fifty day moving average is $47.73 and its two-hundred day moving average is $47.38. The company has a quick ratio of 0.64, a current ratio of 1.12 and a debt-to-equity ratio of 2.58. The firm has a market cap of $1.69 billion, a PE ratio of 10.11 and a beta of 1.01.

Global Partners (NYSE:GLP) last released its earnings results on Friday, August 7th. The energy company reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.62. The firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $7.51 billion. Global Partners had a return on equity of 31.60% and a net margin of 0.91%. Analysts anticipate that Global Partners will post 4.71 earnings per share for the current year.

Global Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, August 10th will be issued a $0.78 dividend. The ex-dividend date is Monday, August 10th. This represents a $3.12 dividend on an annualized basis and a yield of 6.3%. This is a boost from Global Partners’s previous quarterly dividend of $0.77. Global Partners’s dividend payout ratio (DPR) is currently 62.32%.

Institutional Trading of Global Partners

A number of hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Global Partners during the second quarter worth $4,789,000. Deutsche Bank AG acquired a new stake in Global Partners during the 2nd quarter valued at $119,000. Perigon Wealth Management LLC acquired a new stake in Global Partners during the 2nd quarter valued at $165,000. Global Retirement Partners LLC purchased a new stake in Global Partners during the 2nd quarter worth $60,000. Finally, GSA Capital Partners LLP purchased a new stake in Global Partners during the 2nd quarter worth $379,000. Hedge funds and other institutional investors own 38.12% of the company’s stock.

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.