Wall Street Zen upgraded shares of Global Partners (NYSE:GLP – Free Report) from a buy rating to a strong-buy rating in a research note published on Sunday.
GLP has been the topic of a number of other reports. Weiss Ratings upgraded shares of Global Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. Zacks Research lowered shares of Global Partners from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Global Partners has a consensus rating of “Hold” and a consensus target price of $46.00.
View Our Latest Report on Global Partners
Global Partners Stock Down 0.3%
Global Partners (NYSE:GLP – Get Free Report) last released its quarterly 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. Global Partners had a return on equity of 30.87% and a net margin of 0.91%.The company had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $7.51 billion. Equities analysts expect that Global Partners will post 5.87 earnings per share for the current fiscal year.
Global Partners Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 10th were issued a $0.78 dividend. This is a positive change from Global Partners’s previous quarterly dividend of $0.77. The ex-dividend date was Monday, August 10th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.2%. Global Partners’s dividend payout ratio (DPR) is 63.54%.
Institutional Trading of Global Partners
Institutional investors have recently modified their holdings of the company. Ancora Advisors LLC purchased a new stake in shares of Global Partners during the 2nd quarter worth about $156,000. Bard Associates Inc. acquired a new position in Global Partners during the second quarter valued at approximately $936,000. Ieq Capital LLC acquired a new position in Global Partners during the second quarter valued at approximately $117,000. Heartland Advisors Inc. purchased a new stake in Global Partners during the second quarter worth approximately $2,952,000. Finally, BlackRock Inc. acquired a new stake in shares of Global Partners in the second quarter worth $4,789,000. Hedge funds and other institutional investors own 38.12% of the company’s stock.
Global Partners Company Profile
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.
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