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

Key Points

• Wall Street Zen downgraded Global Partners from “strong-buy” to “buy,” while the broader analyst consensus is “hold” with a $46 price target.
• GLP shares rose 3.3% and opened at $50.12, near the upper end of their 52-week range of $39.58 to $53.25.
• Global Partners reported quarterly EPS of $1.86, beating expectations of $1.24, though revenue of $6.79 billion fell short of the $7.51 billion estimate; institutional investors own 38.12% of the stock.

Global Partners (NYSE:GLP - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a note issued to investors on Saturday.

Several other equities analysts have also recently issued reports on the stock. Zacks Research cut shares of Global Partners from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Weiss Ratings raised shares of 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 given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $46.00.

Global Partners Stock Up 3.3%

Shares of GLP stock opened at $50.12 on Friday. The stock has a 50 day moving average of $47.70 and a 200 day moving average of $47.32. 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 stock has a market cap of $1.70 billion, a P/E ratio of 13.92 and a beta of 1.01. Global Partners has a twelve month low of $39.58 and a twelve month high of $53.25.

Global Partners (NYSE:GLP - Get Free Report) last released its quarterly earnings data on Friday, August 7th. The energy company reported $1.86 EPS for the quarter, topping the consensus estimate of $1.24 by $0.62. The business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $7.51 billion. Global Partners had a return on equity of 24.23% and a net margin of 0.77%. As a group, sell-side analysts expect that Global Partners will post 4.71 EPS for the current year.

Institutional Investors Weigh In On Global Partners

Several large investors have recently bought and sold shares of GLP. McMillan Office Inc. purchased a new position in shares of Global Partners in the fourth quarter valued at approximately $29,000. Garton & Associates Financial Advisors LLC purchased a new stake in shares of Global Partners during the fourth quarter worth approximately $29,000. International Assets Investment Management LLC purchased a new stake in shares of Global Partners during the fourth quarter worth approximately $41,000. PNC Financial Services Group Inc. acquired a new position in Global Partners in the 3rd quarter valued at $48,000. Finally, Global Retirement Partners LLC acquired a new position in Global Partners in the 2nd quarter valued at $60,000. 38.12% of the stock is currently owned by hedge funds and other institutional investors.

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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