Wells Fargo & Company MN Has $337,000 Position in Global Partners LP (GLP)

Wells Fargo & Company MN reduced its position in shares of Global Partners LP (NYSE:GLP) by 55.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,258 shares of the energy company’s stock after selling 21,849 shares during the period. Wells Fargo & Company MN owned about 0.05% of Global Partners worth $337,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Spirit of America Management Corp NY raised its stake in shares of Global Partners by 63.2% in the first quarter. Spirit of America Management Corp NY now owns 118,012 shares of the energy company’s stock worth $2,302,000 after buying an additional 45,700 shares in the last quarter. HITE Hedge Asset Management LLC raised its stake in shares of Global Partners by 3.5% in the fourth quarter. HITE Hedge Asset Management LLC now owns 599,216 shares of the energy company’s stock worth $11,655,000 after buying an additional 20,200 shares in the last quarter. Winslow Evans & Crocker Inc. raised its stake in shares of Global Partners by 55.0% in the first quarter. Winslow Evans & Crocker Inc. now owns 31,474 shares of the energy company’s stock worth $614,000 after buying an additional 11,172 shares in the last quarter. Finally, Creative Planning raised its stake in shares of Global Partners by 54.3% in the first quarter. Creative Planning now owns 15,297 shares of the energy company’s stock worth $298,000 after buying an additional 5,383 shares in the last quarter. 47.60% of the stock is currently owned by institutional investors.

Shares of Global Partners LP (NYSE:GLP) opened at 18.10 on Tuesday. The stock’s market cap is $607.33 million. Global Partners LP has a 52 week low of $13.00 and a 52 week high of $21.95. The stock’s 50 day moving average price is $18.58 and its 200 day moving average price is $19.06.

Global Partners (NYSE:GLP) last posted its quarterly earnings data on Tuesday, May 9th. The energy company reported $0.33 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.36. Global Partners had a negative net margin of 1.93% and a negative return on equity of 1.83%. The business had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.23 billion. During the same quarter last year, the business earned ($0.21) earnings per share. The business’s revenue for the quarter was up 29.7% on a year-over-year basis. Equities research analysts anticipate that Global Partners LP will post $1.17 EPS for the current fiscal year.

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A number of equities research analysts have weighed in on GLP shares. Zacks Investment Research lowered Global Partners from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 9th. Janney Montgomery Scott started coverage on Global Partners in a report on Friday, June 23rd. They issued a “neutral” rating and a $18.00 price objective on the stock. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Global Partners in a report on Friday, June 23rd. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $18.60.

About Global Partners

Global Partners LP is a midstream logistics and marketing company. It is engaged in the purchasing, selling, storing and logistics of transporting petroleum and related products, including gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, natural gas and propane.

Institutional Ownership by Quarter for Global Partners (NYSE:GLP)

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