According to Zacks, “Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. Global Partners owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. Global Partners is one of the largest wholesale distributors of distillates such as home heating oil, diesel and kerosene, gasoline, and residual oil and bunker fuel to wholesalers, retailers and commercial customers in New England. “
Separately, Barclays PLC lifted their price objective on Global Partners from $14.00 to $16.00 and gave the stock an equal weight rating in a research report on Tuesday, August 16th. Two investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $20.33.
Shares of Global Partners (NYSE:GLP) opened at 15.85 on Monday. Global Partners has a 12-month low of $12.28 and a 12-month high of $35.00. The stock’s market cap is $531.28 million. The stock’s 50 day moving average is $15.59 and its 200-day moving average is $14.06.
Global Partners (NYSE:GLP) last posted its quarterly earnings data on Monday, August 8th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by $0.04. The company earned $2.10 billion during the quarter, compared to analysts’ expectations of $2.18 billion. The company’s quarterly revenue was down 19.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.15 EPS. Equities analysts anticipate that Global Partners will post ($0.55) EPS for the current fiscal year.
A number of hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its stake in Global Partners by 0.3% in the first quarter. JPMorgan Chase & Co. now owns 425,867 shares of the company’s stock valued at $5,749,000 after buying an additional 1,338 shares during the period. ING Groep NV acquired a new stake in Global Partners during the first quarter valued at approximately $4,210,000. State Street Corp boosted its stake in Global Partners by 3.9% in the first quarter. State Street Corp now owns 25,573 shares of the company’s stock valued at $345,000 after buying an additional 958 shares during the period. Rafferty Asset Management LLC raised its position in Global Partners by 61.0% in the first quarter. Rafferty Asset Management LLC now owns 115,739 shares of the company’s stock valued at $1,562,000 after buying an additional 43,853 shares in the last quarter. Finally, Creative Planning raised its position in Global Partners by 110.5% in the second quarter. Creative Planning now owns 15,000 shares of the company’s stock valued at $206,000 after buying an additional 7,875 shares in the last quarter.
Global Partners Company Profile
Global Partners LP is a midstream logistics and marketing company. The Company is engaged in the purchasing, selling and logistics of transporting petroleum and related products, including domestic and Canadian crude oil, gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, natural gas and propane.
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