Global Partners (NYSE:GLP) Upgraded at Zacks Research

Zacks Research upgraded shares of Global Partners (NYSE:GLP) from a strong sell rating to a hold rating in a research note published on Tuesday,Zacks.com reports.

A number of other research firms have also recently issued reports on GLP. Weiss Ratings reiterated a “hold (c)” rating on shares of Global Partners in a report on Monday, December 29th. Wall Street Zen lowered Global Partners from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Stifel Nicolaus dropped their price target on shares of Global Partners from $53.00 to $45.00 and set a “hold” rating for the company in a research report on Tuesday, November 11th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Global Partners currently has a consensus rating of “Hold” and a consensus target price of $45.00.

Global Partners Trading Up 6.1%

Shares of Global Partners stock opened at $42.00 on Tuesday. The company’s 50-day moving average price is $43.08 and its 200-day moving average price is $47.65. The company has a market cap of $1.43 billion, a price-to-earnings ratio of 20.10 and a beta of 0.95. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 2.75. Global Partners has a 12-month low of $39.58 and a 12-month high of $60.00.

Global Partners (NYSE:GLP) last issued its quarterly earnings data on Friday, November 7th. The energy company reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.43). Global Partners had a return on equity of 15.54% and a net margin of 0.53%.The business had revenue of $4.69 billion during the quarter, compared to analysts’ expectations of $7.21 billion. On average, equities analysts expect that Global Partners will post 2.13 earnings per share for the current fiscal year.

Global Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Monday, November 10th were issued a dividend of $0.755 per share. This is an increase from Global Partners’s previous quarterly dividend of $0.75. This represents a $3.02 annualized dividend and a dividend yield of 7.2%. The ex-dividend date was Monday, November 10th. Global Partners’s dividend payout ratio (DPR) is currently 144.50%.

Institutional Investors Weigh In On Global Partners

Hedge funds have recently added to or reduced their stakes in the company. Kingstone Capital Partners Texas LLC bought a new position in shares of Global Partners in the 2nd quarter worth $178,723,000. Alps Advisors Inc. increased its holdings in Global Partners by 5.1% during the 3rd quarter. Alps Advisors Inc. now owns 5,721,969 shares of the energy company’s stock worth $274,655,000 after purchasing an additional 275,906 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Global Partners by 37.0% in the second quarter. JPMorgan Chase & Co. now owns 333,973 shares of the energy company’s stock valued at $17,610,000 after purchasing an additional 90,169 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Global Partners by 4.6% during 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 in the last quarter. Finally, UBS Group AG grew its stake in shares of Global Partners by 26.6% in 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 in the last quarter. Institutional investors and hedge funds own 38.12% of the company’s stock.

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.