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

Wall Street Zen cut shares of Global Partners (NYSE:GLP) from a strong-buy rating to a buy rating in a research report report published on Saturday,Wall Street Zen reports.

Separately, Weiss Ratings raised shares of Global Partners from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, September 28th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $46.00.

Global Partners Stock Down 7.4%

Shares of GLP opened at $41.70 on Friday. The company has a market capitalization of $1.42 billion, a P/E ratio of 8.85 and a beta of 1.10. The company has a debt-to-equity ratio of 2.44, a current ratio of 1.19 and a quick ratio of 0.71. Global Partners has a one year low of $39.58 and a one year high of $54.29. The business’s 50 day simple moving average is $48.69 and its 200-day simple moving average is $47.95.

Global Partners (NYSE:GLP) last released its quarterly earnings results on Friday, November 6th. The energy company reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.61 by ($0.35). Global Partners had a return on equity of 30.87% and a net margin of 0.91%. The business had revenue of $6.68 billion for the quarter, compared to the consensus estimate of $7.41 billion. As a group, sell-side analysts predict that Global Partners will post 6.02 EPS for the current fiscal year.

Global Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Monday, November 9th will be given a $0.7850 dividend. This represents a $3.14 dividend on an annualized basis and a yield of 7.5%. The ex-dividend date is Monday, November 9th. This is a positive change from Global Partners’s previous quarterly dividend of $0.78. Global Partners’s dividend payout ratio is 56.62%.

Institutional Investors Weigh In On Global Partners

Several hedge funds and other institutional investors have recently made changes to their positions in GLP. Alps Advisors Inc. raised its holdings in Global Partners by 3.4% during the 3rd quarter. Alps Advisors Inc. now owns 6,045,690 shares of the energy company’s stock worth $279,915,000 after purchasing an additional 201,591 shares during the last quarter. BlackRock Inc. bought a new position in Global Partners in the second quarter valued at approximately $4,789,000. Infrastructure Capital Advisors LLC grew its holdings in Global Partners by 2.3% during the 1st quarter. Infrastructure Capital Advisors LLC now owns 110,208 shares of the energy company’s stock worth $4,640,000 after acquiring an additional 2,527 shares during the period. Waverly Advisors LLC grew its holdings in Global Partners by 42.9% during the 2nd quarter. Waverly Advisors LLC now owns 82,816 shares of the energy company’s stock worth $3,858,000 after acquiring an additional 24,868 shares during the period. Finally, Heartland Advisors Inc. acquired a new stake in Global Partners during the 2nd quarter worth $2,952,000. 38.12% of the stock is owned by institutional investors and hedge funds.

About Global Partners

Global Partners LP is an energy company that purchases, stores, transports and markets petroleum products and renewable fuels. Its products include gasoline, diesel and other distillates, residual fuel oil, and biofuels.

The company operates an integrated network of fuel terminals, storage facilities and transportation assets, including pipelines and marine and truck transport capabilities. It also owns and operates gas stations and convenience stores, primarily in the northeastern United States.

Global Partners traces its roots to a fuel business established in 1933 and is headquartered in Waltham, Massachusetts.