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

Key Points

• Zacks Research downgraded Global Partners (NYSE:GLP) from a strong-buy rating to a hold rating, while the broader analyst view remains cautious with a consensus rating of hold and a $46.00 price target.
• The stock was trading at $49.20 when the article was published, above the consensus price target, with a 52-week range of $39.58 to $53.25.
• Global Partners reported mixed quarterly results, posting $1.85 EPS versus a $0.33 estimate, but revenue of $5.32 billion fell short of expectations for $6.98 billion.

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

Several other equities research analysts also recently weighed in on the company. Wall Street Zen raised Global Partners from a "buy" rating to a "strong-buy" rating in a research report on Saturday, June 13th. Weiss Ratings raised Global Partners from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, May 26th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $46.00.

Global Partners Price Performance

Shares of NYSE:GLP opened at $49.20 on Tuesday. Global Partners has a twelve month low of $39.58 and a twelve month high of $53.25. The company has a current ratio of 1.12, a quick ratio of 0.64 and a debt-to-equity ratio of 2.58. The company has a market cap of $1.67 billion, a PE ratio of 13.67 and a beta of 1.02. The company's 50 day moving average is $47.69 and its 200 day moving average is $46.42.

Global Partners (NYSE:GLP - Get Free Report) last announced its quarterly earnings data on Friday, May 8th. The energy company reported $1.85 EPS for the quarter, beating the consensus estimate of $0.33 by $1.52. The business had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $6.98 billion. Global Partners had a net margin of 0.77% and a return on equity of 24.23%. On average, sell-side analysts forecast that Global Partners will post 4.71 EPS for the current year.

Hedge Funds Weigh In On Global Partners

A number of hedge funds have recently made changes to their positions in GLP. Infrastructure Capital Advisors LLC lifted its position in shares of Global Partners by 2.3% in the first quarter. Infrastructure Capital Advisors LLC now owns 110,208 shares of the energy company's stock valued at $4,640,000 after acquiring an additional 2,527 shares in the last quarter. Cetera Investment Advisers raised its stake in Global Partners by 2.5% in the 1st quarter. Cetera Investment Advisers now owns 54,743 shares of the energy company's stock valued at $2,305,000 after purchasing an additional 1,337 shares during the last quarter. First Trust Advisors LP raised its stake in Global Partners by 0.8% in the 1st quarter. First Trust Advisors LP now owns 55,496 shares of the energy company's stock valued at $2,336,000 after purchasing an additional 463 shares during the last quarter. Kestra Advisory Services LLC lifted its holdings in Global Partners by 46.9% in the 1st quarter. Kestra Advisory Services LLC now owns 8,147 shares of the energy company's stock valued at $343,000 after purchasing an additional 2,602 shares in the last quarter. Finally, Spinnaker Trust boosted its stake in Global Partners by 6.1% during the 1st quarter. Spinnaker Trust now owns 12,146 shares of the energy company's stock worth $511,000 after purchasing an additional 700 shares during the last quarter. Institutional investors and hedge funds 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.

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