Global Partners (NYSE:GLP) Stock Rating Lowered by Zacks Research

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

GLP has been the topic of several other research reports. Wall Street Zen raised Global Partners from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 13th. Weiss Ratings upgraded shares of 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 issued a Hold rating to the company’s stock. According to MarketBeat.com, Global Partners has an average rating of “Hold” and an average price target of $46.00.

Global Partners Stock Performance

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

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 during the quarter, compared to analyst estimates of $6.98 billion. Global Partners had a return on equity of 24.23% and a net margin of 0.77%. Research analysts predict that Global Partners will post 4.71 EPS for the current fiscal year.

Institutional Trading of Global Partners

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Jane Street Group LLC purchased a new position in shares of Global Partners in the 1st quarter worth about $862,000. Bank of America Corp DE increased its position in shares of Global Partners by 0.9% during the 2nd quarter. Bank of America Corp DE now owns 137,822 shares of the energy company’s stock valued at $7,267,000 after purchasing an additional 1,227 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in Global Partners by 89.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 4,245 shares of the energy company’s stock valued at $224,000 after acquiring an additional 2,000 shares during the period. PNC Financial Services Group Inc. purchased a new stake in Global Partners in the 3rd quarter worth approximately $48,000. Finally, BNP Paribas Financial Markets lifted its position in Global Partners by 15.8% during the third quarter. BNP Paribas Financial Markets now owns 21,073 shares of the energy company’s stock valued at $1,012,000 after buying an additional 2,877 shares during the period. 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.