Global Partners (NYSE:GLP) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Global Partners (NYSE:GLP) from a buy rating to a strong-buy rating in a report released on Sunday.

Several other research analysts also recently commented on GLP. Weiss Ratings raised shares of Global Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. Zacks Research cut shares of Global Partners from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $46.00.

Global Partners Stock Performance

Global Partners stock opened at $50.62 on Friday. Global Partners has a twelve month low of $39.58 and a twelve month high of $53.25. The company has a quick ratio of 0.71, a current ratio of 1.19 and a debt-to-equity ratio of 2.44. The firm has a fifty day simple moving average of $47.93 and a two-hundred day simple moving average of $47.61. The company has a market capitalization of $1.72 billion, a PE ratio of 10.31 and a beta of 1.01.

Global Partners (NYSE:GLP) last issued its earnings results on Friday, August 7th. The energy company reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.24 by $0.62. The company had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $7.51 billion. Global Partners had a return on equity of 30.87% and a net margin of 0.91%. Research analysts expect that Global Partners will post 5.87 EPS for the current year.

Global Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Monday, August 10th were issued a dividend of $0.78 per share. The ex-dividend date was Monday, August 10th. This represents a $3.12 dividend on an annualized basis and a yield of 6.2%. This is a boost from Global Partners’s previous quarterly dividend of $0.77. Global Partners’s dividend payout ratio (DPR) is presently 63.54%.

Institutional Investors Weigh In On Global Partners

Institutional investors and hedge funds have recently bought and sold shares of the business. Alps Advisors Inc. increased 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 valued at $251,093,000 after buying an additional 277,875 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Global Partners by 4.6% during the third 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. BlackRock Inc. purchased a new stake in Global Partners in the second quarter worth $4,789,000. Goldman Sachs Group Inc. lifted its stake in Global Partners by 12.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 608,283 shares of the energy company’s stock worth $25,457,000 after acquiring an additional 67,337 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in Global Partners by 13.1% in the fourth quarter. JPMorgan Chase & Co. now owns 440,167 shares of the energy company’s stock valued at $18,421,000 after acquiring an additional 50,890 shares in the last quarter. Hedge funds and other institutional investors 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.