Global Partners (NYSE:GLP) Downgraded to "Hold" Rating by Zacks Research

Key Points

• Global Partners was downgraded from a "strong-buy" to a "hold" rating by Zacks Research, impacting investor sentiment.
• The company reported earnings of $0.55 per share, missing estimates by $0.05, amid a revenue of $4.63 billion, significantly below the consensus estimate of $5.98 billion.
• Insider activity shows COO Mark Romaine sold 9,000 shares, diminishing his stock position by 6.45%, raising concerns about insider sentiment regarding the company's outlook.

Global Partners (NYSE:GLP - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Monday,Zacks.com reports.

Separately, Weiss Ratings restated a "buy (b-)" rating on shares of Global Partners in a research note on Saturday, September 27th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $56.00.

Global Partners Price Performance

Shares of GLP opened at $46.21 on Monday. Global Partners has a 12-month low of $43.20 and a 12-month high of $60.00. The business's fifty day moving average is $50.64 and its 200 day moving average is $51.28. The company has a quick ratio of 0.70, a current ratio of 1.18 and a debt-to-equity ratio of 2.74. The stock has a market cap of $1.57 billion, a P/E ratio of 17.77 and a beta of 0.95.

Global Partners (NYSE:GLP - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The energy company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.05). Global Partners had a net margin of 0.64% and a return on equity of 17.95%. The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $5.98 billion. Sell-side analysts anticipate that Global Partners will post 2.13 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Mark Romaine sold 9,000 shares of the firm's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $51.44, for a total transaction of $462,960.00. Following the completion of the sale, the chief operating officer directly owned 130,531 shares of the company's stock, valued at $6,714,514.64. This trade represents a 6.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 27,000 shares of company stock worth $1,378,652. Company insiders own 41.50% of the company's stock.

Institutional Investors Weigh In On Global Partners

Several large investors have recently made changes to their positions in the business. Cetera Investment Advisers boosted its position in shares of Global Partners by 1.1% during the 1st quarter. Cetera Investment Advisers now owns 17,692 shares of the energy company's stock valued at $944,000 after acquiring an additional 196 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in shares of Global Partners by 0.8% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 31,230 shares of the energy company's stock valued at $1,667,000 after acquiring an additional 259 shares during the last quarter. US Bancorp DE boosted its position in shares of Global Partners by 42.9% during 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 boosted its position in shares of Global Partners by 1.5% during the 2nd quarter. NBW Capital LLC now owns 79,794 shares of the energy company's stock valued at $4,208,000 after acquiring an additional 1,181 shares during the last quarter. Finally, Bank of America Corp DE boosted 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 acquiring an additional 1,227 shares during the last quarter. 38.12% of the stock is owned by hedge funds and other institutional investors.

About Global Partners

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.

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