Zacks Investment Research lowered shares of Global Partners LP (NYSE:GLP) from a hold rating to a sell rating in a report published on Monday morning.
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. “
Separately, Barclays PLC upped their price objective on Global Partners from $14.00 to $16.00 and gave the company an equal weight rating in a report on Tuesday, August 16th. Two investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Global Partners currently has a consensus rating of Hold and an average target price of $20.33.
Global Partners (NYSE:GLP) opened at 16.10 on Monday. The stock’s market cap is $539.66 million. The stock has a 50 day moving average price of $15.63 and a 200-day moving average price of $14.08. Global Partners has a 12 month low of $12.28 and a 12 month high of $35.00.
Global Partners (NYSE:GLP) last announced its quarterly earnings data on Monday, August 8th. The company reported ($0.22) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by $0.04. The firm earned $2.10 billion during the quarter, compared to analyst estimates of $2.18 billion. The firm’s revenue for the quarter was down 19.9% on a year-over-year basis. During the same period last year, the business posted $0.15 EPS. On average, analysts expect that Global Partners will post ($0.55) EPS for the current year.
Several large investors have recently made changes to their positions in the company. Global X Management Co. LLC raised its stake in shares of Global Partners by 3.1% in the second quarter. Global X Management Co. LLC now owns 8,338 shares of the company’s stock worth $114,000 after buying an additional 254 shares during the period. Youngs Advisory Group Inc. raised its stake in shares of Global Partners by 11.4% in the second quarter. Youngs Advisory Group Inc. now owns 13,335 shares of the company’s stock worth $183,000 after buying an additional 1,363 shares during the period. Creative Planning raised its stake in shares of Global Partners by 110.5% in the second quarter. Creative Planning now owns 15,000 shares of the company’s stock worth $206,000 after buying an additional 7,875 shares during the period. Texas Yale Capital Corp. bought a new stake in shares of Global Partners during the second quarter worth about $235,000. Finally, Winslow Evans & Crocker Inc. raised its stake in shares of Global Partners by 9.7% in the second quarter. Winslow Evans & Crocker Inc. now owns 20,528 shares of the company’s stock worth $281,000 after buying an additional 1,822 shares during the period.
Global Partners Company Profile
Global Partners LP is a midstream logistics and marketing company. The Company is engaged in the purchasing, selling and logistics of transporting petroleum and related products, including domestic and Canadian crude oil, gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, natural gas and propane.