Global Partners (NYSE:GLP) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen lowered shares of Global Partners (NYSE:GLP) from a buy rating to a hold rating in a research note issued to investors on Saturday morning.

A number of other equities research analysts have also weighed in on GLP. Zacks Research lowered shares of Global Partners from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Weiss Ratings restated a “buy (b-)” rating on shares of Global Partners in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $56.00.

Global Partners Stock Performance

Global Partners stock opened at $42.24 on Friday. The firm has a market capitalization of $1.44 billion, a PE ratio of 16.25 and a beta of 0.98. Global Partners has a one year low of $39.70 and a one year high of $60.00. The stock’s 50 day moving average price is $47.85 and its 200 day moving average price is $50.38. The company has a debt-to-equity ratio of 2.74, a quick ratio of 0.70 and a current ratio of 1.18.

Global Partners (NYSE:GLP) last issued its quarterly earnings data on Friday, November 7th. The energy company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.43). Global Partners had a net margin of 0.64% and a return on equity of 17.95%. The firm had revenue of $4.69 billion during the quarter, compared to analyst estimates of $7.21 billion. As a group, sell-side analysts expect that Global Partners will post 2.13 EPS for the current fiscal year.

Global Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Monday, November 10th will be paid a dividend of $0.755 per share. This is a positive change from Global Partners’s previous quarterly dividend of $0.75. The ex-dividend date is Monday, November 10th. This represents a $3.02 dividend on an annualized basis and a yield of 7.2%. Global Partners’s payout ratio is currently 116.15%.

Insider Buying and Selling at Global Partners

In other news, COO Mark Romaine sold 9,000 shares of the business’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $51.44, for a total value of $462,960.00. Following the completion of the sale, the chief operating officer owned 130,531 shares of the company’s stock, valued at approximately $6,714,514.64. The trade was a 6.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 41.50% of the company’s stock.

Hedge Funds Weigh In On Global Partners

A number of hedge funds have recently bought and sold shares of the company. Cetera Investment Advisers raised its stake in Global Partners by 1.1% during the first quarter. Cetera Investment Advisers now owns 17,692 shares of the energy company’s stock valued at $944,000 after buying an additional 196 shares in the last quarter. Inspire Advisors LLC acquired a new position in shares of Global Partners in the 1st quarter worth approximately $216,000. US Bancorp DE increased its holdings in shares of Global Partners by 42.9% in the 1st quarter. US Bancorp DE now owns 2,037 shares of the energy company’s stock valued at $109,000 after acquiring an additional 612 shares during the last quarter. NBW Capital LLC raised its position in shares of Global Partners by 50.5% during the 1st quarter. NBW Capital LLC now owns 78,613 shares of the energy company’s stock valued at $4,196,000 after acquiring an additional 26,388 shares in the last quarter. Finally, HighTower Advisors LLC raised its position in shares of Global Partners by 22.3% during the 1st quarter. HighTower Advisors LLC now owns 15,144 shares of the energy company’s stock valued at $808,000 after acquiring an additional 2,760 shares in the last quarter. 38.12% of the stock is currently owned by institutional investors and hedge funds.

Global Partners Company Profile

Global Partners LP engages in the purchasing, selling, gathering, blending, storing, and logistics of transporting gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, and propane to wholesalers, retailers, and commercial customers. The company operates through three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.