ValuEngine Lowers Global Partners (NYSE:GLP) to Sell

ValuEngine cut shares of Global Partners (NYSE:GLP) from a hold rating to a sell rating in a research report report published on Thursday morning, ValuEngine reports.

Other analysts have also issued research reports about the stock. Zacks Investment Research lowered shares of Global Partners from a buy rating to a hold rating in a research report on Wednesday, July 24th. Barclays lowered shares of Global Partners from an equal weight rating to an underweight rating and lowered their price target for the company from $19.00 to $18.00 in a research report on Tuesday, April 16th. Three research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $20.00.

GLP traded up $0.22 during midday trading on Thursday, reaching $20.13. The company had a trading volume of 63,969 shares, compared to its average volume of 83,173. The company has a current ratio of 1.29, a quick ratio of 0.70 and a debt-to-equity ratio of 3.53. The company has a market capitalization of $676.85 million, a PE ratio of 11.64 and a beta of 0.87. Global Partners has a 12-month low of $13.63 and a 12-month high of $21.62. The business’s 50-day moving average price is $20.07.

Global Partners (NYSE:GLP) last posted its quarterly earnings results on Thursday, May 9th. The energy company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.04. Global Partners had a net margin of 0.40% and a return on equity of 12.35%. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.08 billion. Analysts anticipate that Global Partners will post 0.43 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Friday, August 9th will be given a $0.515 dividend. The ex-dividend date is Thursday, August 8th. This represents a $2.06 annualized dividend and a dividend yield of 10.23%. This is a positive change from Global Partners’s previous quarterly dividend of $0.51. Global Partners’s payout ratio is 117.92%.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Raymond James & Associates increased its holdings in Global Partners by 4.3% during the 4th quarter. Raymond James & Associates now owns 13,285 shares of the energy company’s stock worth $217,000 after acquiring an additional 550 shares during the period. Commonwealth Equity Services LLC increased its holdings in Global Partners by 4.1% during the 2nd quarter. Commonwealth Equity Services LLC now owns 23,612 shares of the energy company’s stock worth $470,000 after acquiring an additional 923 shares during the period. Marshall Wace North America L.P. bought a new stake in Global Partners during the 1st quarter worth approximately $99,000. Barclays PLC bought a new stake in Global Partners during the 4th quarter worth approximately $116,000. Finally, Moors & Cabot Inc. increased its holdings in Global Partners by 82.8% during the 2nd quarter. Moors & Cabot Inc. now owns 20,089 shares of the energy company’s stock worth $401,000 after acquiring an additional 9,101 shares during the period. 39.51% of the stock is currently owned by 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 in the New England states and New York.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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