Global Partners (NYSE:GLP) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Global Partners from “buy” to “strong-buy,” although the broader analyst consensus remains “hold” with a $46 target price.
• Global Partners reported quarterly EPS of $1.86, beating estimates of $1.24, while revenue of $6.79 billion fell short of the $7.51 billion consensus forecast.
• GLP shares opened at $50.66, near their 12-month high of $53.25, and institutional investors own approximately 38.12% of the company.

Global Partners (NYSE:GLP - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research note issued on Sunday.

GLP has been the topic of a number of other research reports. Zacks Research lowered shares of Global Partners from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. Weiss Ratings upgraded shares of Global Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, May 26th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Global Partners currently has a consensus rating of "Hold" and a consensus target price of $46.00.

Global Partners Stock Performance

NYSE GLP opened at $50.66 on Friday. The company has a quick ratio of 0.64, a current ratio of 1.19 and a debt-to-equity ratio of 2.44. The stock has a fifty day simple moving average of $47.84 and a 200 day simple moving average of $47.52. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of 10.32 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 announced its earnings results on Friday, August 7th. The energy company reported $1.86 earnings per share for the quarter, beating analysts' consensus estimates of $1.24 by $0.62. Global Partners had a net margin of 0.91% and a return on equity of 30.87%. The business had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $7.51 billion. Sell-side analysts expect that Global Partners will post 5.87 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GLP. Jane Street Group LLC purchased a new position in shares of Global Partners during the first quarter worth approximately $862,000. Bank of America Corp DE grew its holdings 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 purchasing an additional 1,227 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Global Partners by 89.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 4,245 shares of the energy company's stock valued at $224,000 after purchasing an additional 2,000 shares during the last quarter. PNC Financial Services Group Inc. purchased a new position in Global Partners in the 3rd quarter worth $48,000. Finally, BNP Paribas Financial Markets boosted its position in Global Partners by 15.8% during the third quarter. BNP Paribas Financial Markets now owns 21,073 shares of the energy company's stock valued at $1,012,000 after buying an additional 2,877 shares during the period. 38.12% of the stock is currently owned by 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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