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

Zacks Research downgraded shares of Global Partners (NYSE:GLP) from a strong-buy rating to a hold rating in a report published on Tuesday morning,Zacks.com reports.

Other research analysts also recently issued reports about the company. Weiss Ratings upgraded Global Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. Wall Street Zen upgraded shares of Global Partners from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 13th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Global Partners presently has an average rating of “Hold” and a consensus target price of $46.00.

Global Partners Trading Up 1.5%

Global Partners stock opened at $49.20 on Tuesday. The company has a market cap of $1.67 billion, a price-to-earnings ratio of 13.67 and a beta of 1.02. The firm has a 50-day moving average of $47.69 and a 200-day moving average of $46.42. The company has a debt-to-equity ratio of 2.58, a current ratio of 1.12 and a quick ratio of 0.64. Global Partners has a one year low of $39.58 and a one year high of $53.25.

Global Partners (NYSE:GLP) last released its earnings results on Friday, May 8th. The energy company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $1.52. The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $6.98 billion. Global Partners had a return on equity of 24.23% and a net margin of 0.77%. On average, equities analysts expect that Global Partners will post 4.71 earnings per share for the current fiscal year.

Global Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 11th were given a $0.765 dividend. This is a boost from Global Partners’s previous quarterly dividend of $0.76. This represents a $3.06 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date was Monday, May 11th. Global Partners’s dividend payout ratio (DPR) is presently 85.00%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Alps Advisors Inc. grew its stake in shares of Global Partners by 4.9% during the fourth quarter. Alps Advisors Inc. now owns 5,999,844 shares of the energy company’s stock worth $251,093,000 after buying an additional 277,875 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Global Partners by 4.6% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,937,895 shares of the energy company’s stock valued at $93,019,000 after acquiring an additional 85,347 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Global Partners by 12.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 608,283 shares of the energy company’s stock valued at $25,457,000 after acquiring an additional 67,337 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Global Partners by 16.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 389,277 shares of the energy company’s stock valued at $18,685,000 after acquiring an additional 55,304 shares in the last quarter. Finally, UBS Group AG grew its position in Global Partners by 26.6% during the 3rd quarter. UBS Group AG now owns 235,024 shares of the energy company’s stock worth $11,281,000 after acquiring an additional 49,319 shares during the last quarter. Institutional investors own 38.12% of the company’s stock.

Global Partners Company Profile

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.